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Why "Good" Is the New "Great" for Food Businesses: A Guide to Product Launch

product launch product strategy strategy Aug 10, 2023

Why "Good" Is the New "Great" for Food Businesses: A Guide to Product Launch

Launching a product, especially in the competitive food industry, is both exciting and nerve-wracking. The burning question often is: "Is my product perfect enough?" But what if aiming for perfection is not the answer? At The Food Business Builder, we believe in launching a 'good' product over waiting endlessly for a perceived 'perfect' one. Here's why.

The Illusion of Perfection

Perfection is subjective. What seems perfect to you might merely be 'good' to another, or even 'average' to someone else. The search for perfection can lead to prolonged development times, increased costs, and missed market opportunities. And in the dynamic food industry, timing can be everything.

The Cost of Waiting for 'Great'

The journey from a 'good' product to a 'great' one can span months, if not years. But what's the tangible benefit?

  1. Development Time: Refining a product over extended periods could mean your competitors get a head start.

  2. Financial Implications: Incremental improvements might come with exorbitant costs. Sometimes, these enhancements, while improving the product, don’t necessarily guarantee a proportionate increase in sales or market acceptance.

The Undervalued Power of 'Good'

Here’s the truth: consumers often can’t discern the intricate nuances between 'good' and 'great.' What matters to them is value, consistency, and how the product caters to their needs.

  1. Faster Time to Market: Launching a good product ensures you get to the market faster, allowing for real-world testing and feedback.

  2. Flexibility and Adaptability: Once in the market, you can continuously refine based on real customer feedback rather than hypothetical scenarios.

  3. Cost Efficiency: The saved costs from not pursuing elusive perfection can be funnelled into marketing, promotions, or further product development.

Customer Feedback: Your Goldmine

Rather than spending time and resources in isolation, striving for perfection, let your customers guide you. Their feedback is invaluable.

  1. Direct Insight: Who better to tell you about your product than the people consuming it? Customer feedback provides direct insights into what's working and what isn't.

  2. Builds Loyalty: When customers see their feedback being acknowledged and implemented, it fosters loyalty. They feel part of the brand’s journey.

  3. Continuous Improvement: The food industry evolves rapidly. Regular feedback ensures that you’re always updated and in line with market demands.

Practical Steps Forward

So, how does one embrace 'good' and forgo the chase for perfection?

  1. Market Research: Before launching, ensure your product meets the industry standards and caters to your target demographic's preferences.

  2. Feedback Channels: Establish robust channels for feedback. This could be through surveys, feedback forms, or even direct interactions.

  3. Iterate: Use the feedback to make data-driven decisions. Regularly update your product based on what you learn.

  4. Communicate: Inform your customers about changes made based on their feedback. This transparent communication builds trust and brand credibility.

In Conclusion

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Perfection, while an admirable pursuit, might not always be the most strategic or cost-effective goal in the fast-paced food industry. Launching a 'good' product and then refining it based on real-world feedback ensures that you remain agile, cost-effective, and in tune with your customers' needs. Remember, the journey from 'good' to 'great' is a collaborative process, with your consumers as co-pilots.

So, next time you’re on the verge of launching a product, ask yourself: "Is it good and does it add value?" If the answer is yes, take the plunge and let the real-world market guide your next steps.

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