When launching a product to a new market, think of your company as a stranger entering into a strange world, talking to other strangers about strange things. In short, you have a lot to learn.
Sean Sheppard, Founder of GrowthX and GrowthX Academy, has over 20 years of experience bringing new products to market, and has started and sold 5 businesses. Through his work with GrowthX, Sean helps entrepreneurs find product-market fit and grow a profitable business.
The “build it and they will come” mentality to launching into a new market is a surefire way to set yourself up for failure. Sean shares that 70% of new product introductions fail, and most of this is because the company lacks a culture and framework for innovation. Companies often fail to listen and partner with early customers to better understand how the product will be used, if the features are correct, the UI experience, messaging, and a host of other valuable pieces of information to make the product successful in the long-run.
Sean breaks down a multi-step approach to finding market-fit, with rapid iteration and KPIs at the heart of the process. We discuss the role that marketing plays during this phase, and how early customer stories become the backbone of product launch content.
We also touch on different ways that marketers can hone messaging and spot topical trends through AI-powered technology – all of which can help you work smarter, not harder to connect with your target personas and gain traction in search. (See the resources section below for specific recommendations by Sean).
One thing stands out from this episode most: find customer partners and listen. My favorite phrase from the episode: pattern recognition.