As entrepreneurs, we want to see our ideas flourish and become the most raved about solutions! We want to see our product, invention, app and idea catch the eye of investors and reach as many people locally and internationally as possible.
In our mind’s eye, everything happens quicker. The reality is that product and app launches come with many layers of red tape and potential pitfalls. To make that a little less overwhelming for you, we share our insights on what project management strategies can help a project flow smoothly and take less time in the long run.
Top Six Savvy Project Management Strategies
We encourage you to apply this information to your business today and every day systematically. Let’s get your idea rolling!
Strategy 1: Be Realistic About Timelines
It typically takes three to four years for an entrepreneur to get a product or app to a point where it can launch. The world’s biggest companies have enormous budgets and teams who usually start working on a product 2 years before the planned launch. At IdeaPros, we go from idea to the first stages of a launch, which is our LaunchPad, in roughly 12 to 18 months. To succeed in any venture, it’s important to be patient. Forget about the plans to rule the world overnight.
Strategy 2: Keep an Eye on Your Competitors
If there are 14 products like yours on the market already, how is yours different and why are people going to choose your product? Do research on 1-star reviews that your competitors are getting to see if you can find your uniqueness there. Don’t just do this in the research phase of your product, though. Keep your eye on the competition because the competitive landscape can change very quickly.
“If you have a product that there are no competitors for, that means you’re probably not understanding what a competitor is or you’ve got a crappy product.” Fred Cary
Strategy 3: Connect with your Target Audience
Conduct focus groups and surveys to continually check in with your target audience. Make sure that your market assumptions are correct and people actually WANT what you are creating. If you aren’t solving a problem then you aren’t going to sell anything.
Strategy 4: Be Willing to Pivot
The results from a focus group or a survey are often hard to read but are very indicative of the audience’s willingness to buy. A strategist like IdeaPros helps partners to figure out if a pivot is necessary.
Strategy 5: Choose Your Name Wisely
Naming is a critical part of the positioning of your product and your organization. Only when you have done the research and understood the marketplace then you can use all the information you’ve gathered to start the naming process.
Strategy 6: Build Your Community and Put Aside Some Money for the Marketing
Don’t launch before you have a base of people waiting to buy your product. Be ready to invest in marketing once your product is in the market. Be smart. Don’t launch until you’re ready.
IdeaPros is a Super Venture Partner™ who has the resources, experience, and tools to help you succeed at this step or any step in the entrepreneurial journey.
We partner with entrepreneurs at any stage and who are ready to invest in the success of their idea. Apply for an interview and let’s explore partnering together.
Want to see products we have launched? Check out IdeaPros Launchpad!