Bringing a new product to market can prove to be a difficult exercise. However, a business owner shares how she brought a new product to market and ended up with a massive international deal.
While successful businesses may appear to have it easy, the reality is a lot of hard work goes into building up that success. Even longstanding businesses can have issues in bringing a new product to market.
Pulse Australasia and its founder Sue Jauncey did not just instantly win a contract with the UK’s National Health Service, as there was a lot of hesitation towards Pulse and their culture surrounding improvement of products as their products had not been seen before and initial prospective clients did not want to take a gamble on something unknown.
“You go and see clients for business development, and you would logically lay out the value proposition [of] Pulse and what it would do – you could show them the evidence, you'd show them why it works, and you know what, people would still say no,” Sue says.
“People are not inclined to take on new products and services unless they know everyone else that has done it before them, and everyone else is saying, ‘This is a good thing to do’, which makes it very hard to bring in a new product to the market because people get very familiar and want to stay with what they've always done, even when it's not working.”
At the time when Pulse Australasia was trying to find clients, Sue was talking to a marketer, who told her, “He, who has the biggest story, wins.” From then on, Sue incorporated her story with Pulse Australasia and instead of targeting everyone, she made sure to specifically target “early adaptors”.
“Now [people are] saying, 'You are onto something here,' and 'Why didn’t his come out years ago?' when years ago people weren't listening because they're scared of new things and change,” Sue says.
“It is a difficult challenge, bringing a new product or service to market. You certainly need the persistence and the resilience to hang in there with it.”