"Egg, Chick and Adult" organization failed to identify
Sibesh Giri
Head - Retail Merchant at eSewa Limited | Business Development | Marketing | Leadership
As you embark on your journey of bringing your product to the market, it is essential to understand the three stages that every successful product goes through. These stages are introduction, fulfilment, and revenue generation. Knowing where your product stands in these stages is crucial in developing a strategy for its success.
The first stage, introduction, is when your product is first introduced to the market. During this stage, your primary goal is to create awareness about your product and generate interest from potential customers. This is a critical time for laying the foundation for success by building brand recognition and establishing your product's unique value proposition.
The second stage, fulfilment, is where you must fulfil the promises you made about your product during the introduction stage. This is where your customers will decide if your product meets their expectations or not. It is crucial to listen to customer feedback and continuously improve your product to ensure customer satisfaction.
Finally, the third stage, revenue generation, is where you will reap the benefits of all your hard work. Loyal customers will be the driving force behind your revenue, and it is essential to keep them happy by providing excellent customer service and consistently enhancing your product.
It is common for businesses to struggle in identifying which stage their product is in, but this should not discourage you. Remember, every successful business started somewhere, and it takes time and effort to build a loyal customer base. Keep pushing forward, and you will eventually see the results you desire.
To sum up, it is important to identify which stage the product is in to develop a strategy for its success. Embrace the challenges of each stage, listen to customer feedback, and continuously improve your product.