but not for long. Think through the idea, plan it and then
launch it. Do not undertake massive surveys and
market studies. They can be misleading, and the market is
changing rapidly. Do not fall into the 'paralysis by analysis' trap
where nothing is done for months except studies and spreadsheets.
Test market the idea with some
customers or in a chosen region. Do it for real but on a small
Call it a 'pilot'.
It is often easier to get permission and budget for a 'pilot' than
major new initiative, so call it a
customer reactions and
feedback. Adapt and improve the idea.
Don't get overexcited and don't
bet the farm on the new idea – even if initial reactions are good.
Always have a fallback plan. If it does not work cut your losses.
Learn the lessons and move on. Don't flog the idea to death trying
to force it to work. Try
New Product Development:
10 Best Practices