One thing that seems to be consistent in business—regardless of industry, size of the business, or market share—is that the first attempt at something may not always work as planned. From my experience, what happens next is what separates the purpose-driven business from those that are just developing a product and trying to force it down customers’ throats.
More and more, I see companies building products without taking into consideration who will buy them or what pain point they will alleviate. Then when the products don’t sell or aren’t in demand, the companies simply give up, as opposed to listening to the market to determine how to improve them. In my experience, I’ve found that a simple reevaluation and tweak of the initial product will often lead to fulfillment of the original sales goal. It’s also my experience that those businesses that have the ability and fortitude to improve the initial offering are those that are ultimately more successful and are the type of company I would want to partner and do business with.
The quicker an organization realizes that its first attempt failed or was inadequate, the sooner it gets to the answer. It’s important to be fast at failing so you can get on to success.
Steve Jones General Manager and Vice-President of the CodecSys Division Broadcast International Salt Lake City