Is Being Too Early The Same As Being Wrong?
When is the best time to launch a new product? Launch before PRODUCT is ready (MVP launch) or following complete readiness?
The optimal time to introduce a new product is dependent upon a variety of factors, and there is no one right answer. The following are a few factors to take into account in order to assist in the decision-making process:
Market Readiness
Prior to the Product's Full Completion (MVP Launch): Launching with a Minimum Viable Product (MVP) might be advantageous if you desire to assess the market, collect user feedback, and rapidly iterate. This strategy is especially valuable in technology and startup settings, where rapidity and flexibility are vital.
Following complete readiness: In the event of a highly competitive market or a product that must fulfil elevated customer expectations from the outset (such as healthcare or financial products), having a completely prepared product may be crucial in establishing confidence and preventing unfavourable initial impressions.
Competitive Landscape
In the event that a competitor is on the point of introducing a comparable product, initiating an early launch (even if the product is not yet fully ready) could assist in seizing market share and establishing a presence.
If there is no urgency or urgent competition, allocating additional time to enhance the product could result in a more robust market introduction.
Customer Expectations
Launching early with a Minimum Viable Product (MVP) might be a beneficial option if your intended audience consists of early adopters who are more tolerant of problems and enthusiastic about experimenting with novel offerings.
If your product is targeted towards a broad and popular audience that anticipates a polished and seamless experience, it would be advisable to postpone its release until it is more extensively developed.
Resource Availability
If resources (time, budget, manpower) are limited, an MVP launch might be necessary to start generating revenue or attract investment.
If you have the resources to fully develop the product without rushing, a more polished launch can create a stronger impact.
Feedback Loop
Launching early allows you to collect genuine user feedback, which holds immense value in enhancing the product. This technique frequently corresponds with Agile and Lean methodologies.
Delaying the introduction of the product until it is completely prepared enables more comprehensive testing, hence minimising the likelihood of encountering problems after its release. However, this approach may result in the loss of the chance to integrate early feedback from actual users.
Time to Market Pressures
Being the first to enter rapidly changing markets can offer a substantial competitive edge. In this scenario, an earlier release, even if the product is not perfect, could be crucial.
If the market is not experiencing rapid movement, it may be more prudent to proceed at a deliberate pace and ensure that the product conforms to high quality requirements.
Early launch strategy is useful when you want to validate the market, collect feedback, or outpace competitors in entering the market. This is a common occurrence in technology companies, where the ability to iterate quickly is crucial. Launch When Ready approach is suggested when there are high product quality standards, a strong brand reputation, and high market expectations. It is also suitable when the potential risks of launching too early outweigh the potential benefits.
The most effective strategy usually requires a delicate balance between these factors. This may involve a phased release, which involves introducing an MVP to a limited audience and subsequently expanding as the product is further refined.