Research, research, research. For those of us who aren’t a huge conglomerate (or who aren’t in the pharmaceutical industry), research is the holy grail. We’d love to do it, but rarely have the funds to do so – properly, at least.
I saw an interesting article recently on Business Insider titled “15 Overhyped Products that Completely Flopped This Decade“.
Athough I’ve never heard of many of these products, some of them, from their descriptions, actually seem like a great idea (the Sony Mylo, for one). However, the companies behind them either didn’t do their research up front to determine whether or not there was a market, or they weren’t fully prepared to support the product. Of course, I can’t speak for some (most) of the other products, which make you wonder what was going on behind closed doors for the greenlight okay (Jimmy Dean Chocolate Chip Pancake-wrapped Sausage on a Stick, or how about the Heinz purple and green squeezable ketchup).
What’s the takeaway? Do some research. Do as much as you can afford, and do it properly. It’ll save money, and embarassment, in the long run.