19 April 2006

Don't reject products without doing some research first

In an earlier post, I said that fortunes had been built on direct mail. The same is true for product selection.

I can get elitist when making judgements about new products - fortunately, Chris and Phil are good at keeping my feet on the ground. A case in point took place today. We were talking about a series of products which could be sold straight from a website. I was initially cautious because I wasn't sure that the products were very interesting (I wouldn't buy them myself). Chris and Phil pointed out that I was just making a snap judgement and we need to do some real research before making a decision.

We have set up a simple model with criteria for success. Providing we manage costs carefully this could work. If the first stage experiment delivers a positive result then it could be expanded. Better, we are sharing the risks and some of the labour with a colleague - Paul, so this could be the beginning an interesting experiment.


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