Faster to Market is Better than Quality of Product to Market
Don’t build the perfect product just build one good and make adjustments are you go. This is a common theme in Silicon Valley and the Lean Startup world. It has a lot of real world testing and validation with companies like Dropbox and Welathfront using it to grow and be very successful. One of the biggest concepts of Lean Startup are to be faster than your competitors to market so you can test your product first and iterate, pivot, and profit first. For Example if the average time for new product development is 1 year in your industry then doing a new product every 11 months is an advantage because after 12 years you have essentially iterated 1 whole extra year. There is a similar concept in the military world called Boyd’s Law. Boyd’s law says that if you can make decisions and changes faster than your opponent you will win a majority of the time. This was first applied to fighter aircraft where inferior aircraft would win dog fights because they had tighter turning radii. Boyd’s Law has what’s called the OODA loop. It stands for Observe, Orient, Decide, Act. The faster you go through this cycle the more of chance you have to beat your opponent. This is similar to the PDSA or PDCA cycles where you plan do study act or plan do check act.
This can also apply to business improvements. If you’re doing more improvements in a year than the competition then you have a higher chance you will be more efficient and a better bottom line. Do you focus more on speed or quality? How do you balance the two?
If you want to learn more about Boyd’s Law or how to get product and services faster to market apply for a discovery call now and we can do a deep dive discovery of your situation at no cost if you qualify.