innovate arkansas

At Innovate Arkansas, we preach that clients should be smart about commercialization and think carefully about the way to market and sell your product or service before you spend the money on the advertising, sales personnel or other marketing costs associated with entering the market. 

However, with fast moving innovation and scarce financial resources for product or service validation, IA has been increasingly advising entrepreneurs to get their product in the market as soon as possible.  

Why get in the market fast? We have summarized three key reasons:

1. The pace of innovation. 

If your idea is novel, speed to market is critical because the market is moving rapidly. We have seen several IA clients abandon their initial idea because someone got there first or essentially is already doing it. 

Some entrepreneurs think that they are not ready to go to market until the product is fully developed, when our experience has demonstrated that excess development and planning for market entry can waste significant time and expense if there is too much market theory and not enough market interaction.

2. Business model adjustments.

It's important to understand the "pain point" in the market that your product or service is addressing. But the real way to address that problem will likely need some fine tuning that can only be felt with real customer interaction. 

The product or service offering often needs pricing, sales channel and other adjustments once the "real" demands of the customer are dealt with. Most successful entrepreneurs would tell you that the business model that worked in the market was not what was drawn up in the original business plan.

3. Proof of concept.

Investors in this economic environment like to see capital used efficiently and market risk reduced where possible. The best way to reduce market risk is to convince investors that your product or service is beyond the "proof of concept" stage, i.e., that it works in the hands of customers that will use it. 

IA has several client companies that have soft launches and beta customers planned as a way to test initial market entry. IA utilizes the Riggins Group for marketing advice that can help you plan your go to market strategy.  Let us know if we can help.