According to Harvard Business School professor Clayton Christensen, there are over 30,000 new products introduced every year, and 95 percent fail (inc.com)
So how and which companies keep growing? The ones that they develop their products like startups.
Well, I agree that startups also fail. But in the end they succeed. let’s reverse engineer to see what they are doing.
They have failed a couple of times
Well, in the above statistics that 95% of products fail belong even successful companies that they think that their products didn’t fail. This is the difference between successful products and unsuccessful. The successful ones acknowledge that their products have failed and they take corrective action, either by fixing their Marketing, operations, IT. Some of them don’t accept that they have failed to move forward. This is the difference between Silicon Valley startups and Europeans. Traditionally European startups were risk-averse because of smaller funding. A mistake for them will cause them a lot of money, but on the contrary, the American ones didn’t care that much if they will fail and they were taking risks, they were falling fast and take corrective actions fast.
They co-create their products
It is clear nowadays that the product is not created behind closed doors of big corporations. An example is Clickfunnels. It is an Amercan startup company founded by Russell Brunson in 2014 which solves the biggest problem of online selling – to find prospects. His solution was software which is following your prospect in every step in the sales funnel. Today the company worths 360 million.
How he did it, he co-created the software with his users. You can easily understand what I am saying if you subscribe to one of his landing pages https://www.clickfunnels.com/
But let’s see one of his emails that I got in 2017, when I first learned about his business:
According to the email, Russell is personally inviting you to share your personal story about your online entrepreneurial journey. He is just asking you 10 mins of your time to do that. And in the end, he is giving as a present which is his mastermind which costs 2500$ for free in exchange for your time.
All of that with his personal invitation. Today Clickfunnels and Russell Brunson boast one of the most active Facebook groups of Online entrepreneurs who share their achievements with more than 250k users In this group there are not only clickfunnel users but most of the people are prospects. By seeing the trust and achievements of the other people, solving each others problems, they will all soon become customers of clickfunnels.
Until today I am receiving his personalized email nearly every day and he is adding value every single time.