Warning: Don’t Let a Hot Product Kill Your Business

Table of contents

Nobody sets out to be a one-hit wonder. But too much focus on a hot product can distract a company from building the culture, operations and strategy it needs for long-term success and sustainability.

When you stop and think about it, nearly every sustainable company is about more than a product or two. For example, , Apple has proven that it knows how to evolve, successfully shifting from personal computers to content distribution to phones that have disrupted the cellphone industry.

Certainly, the majority of Apple’s sales come from iPhones today, but the tech giant has also become a leader in smartwatches over the past year. Built around reinventing itself, Apple is bigger than any one product. And that’s a good thing, because when you bet your company’s future on just one product’s explosive success, that doesn’t automatically translate to long-term growth.

In fact, just the opposite often happens: Innovation is stifled.

Related: 

If there’s too much hubris related to a single offering — too much belief that the future will look like the present — your company will eventually hit a wall.

Too hot to handle

Hot products can lead to unwise financial decisions. Riding the wave of a single product’s success too far and too fast can result in excess inventory or unsustainable infrastructure expansion.

Many times, when a new company looks up from its product’s success, it finds itself out of money. of failed startups in one study blamed their respective failures on money and the effort to determine how it should be spent. Successful companies know they can’t rest on a product’s success even for a moment; they keep looking ahead.

Of course, that’s not easy: Making the most of a hot commodity while basing strategic decisions on your company’s future can be a sweat-inducing situation. So, to help you keep a cool head, consider these three secrets to sustaining your success in the long term.

1. Make it your mission to deliver on a bigger vision. 

Our company delivers high-quality performance-marketing programs each day. But we also strive to keep a broader, more aspirational focus. Given our vision of driving digital marketing to be performance-based, and changing the work-life paradigm, we’ve forged a mission that focuses on leading through innovation, exceptional client service and superior results. In other words, no single offering can achieve our vision.

Homing-in on the right forward-thinking vision is challenging but critical. So, if this is your aim, too, start by identifying your company’s core values and aligning them with current offerings. But don’t stop with solving today’s needs; figure out how to keep your values and products aligned as the market evolves. Look ahead five or 10 years, and map a vision aimed at solving target customers’ future problems.

Establishing a clear vision and tying strategy decisions directly to it will help reinforce your efforts to build a whole business, not just a product. What’s more, a strong vision will directly improve your bottom line. When employees feel that their company’s vision is meaningful, their engagement level tends to exceed the average by a remarkable .

Related: 

2. Commit to R&D from the get-go. 

When a product is at the height of its success, the company that created it typically finds it easy to believe that demand and growth will continue at that momentary peak — which is never the case. That’s why great companies, from their inception, commit to investing a percentage of revenue into ongoing research and development.

For example,  about staying ahead of changes that it was willing to make its own product obsolete. Back in 2007, when its DVD-by-mail business was doing well, the company focused on building a stand-alone streaming service — even though the internet was far from ready for it. Instead of being remembered for delivering DVDs in bright red envelopes, Netflix is now a leader in creating the future of streaming video.

No matter how hot a product is, the most successful companies think about the long term. At my company, constant R&D keeps us looking forward and reminds us to always assume our ecosystem and partners will change.

And if staying ahead of market opportunities isn’t enough incentive to commit to R&D, younger companies also have a financial one: As of 2015,  allows R&D spend to offset a portion of payroll taxes for companies that have been in business five years or less and make less than $5 million in annual revenue.

3. Don’t overlook operations. 

Even though finance, HR and operations are a little less exciting than sales and marketing, they’re also key to long-term success.

Too many Silicon Valley entrepreneurs, for example, , focusing more on product development or customers. Our company has found that consciously giving equal attention to operational excellence, especially hiring practices and company culture, can help transform good products and services into profits.

Hiring smart and building an  that inspires innovation doesn’t just happen; it requires listening to employees about what’s working and where they see opportunities for improvement. From there, focus on offering tools and resources to help employees stay sharp and grow in their careers. Work with HR to create a culture that attracts, motivates and manages in step with your company’s vision.

Related: 

So, for the last time: Are you a one-trick pony? A good test is to ask whether people know the name of the company that makes a particular product. If consumers don’t know your company name but do know your hottest product, you may be a one-hit wonder.

Developing a product that taps into a market need is a great thing — a true game changer. But, building a successful business around it means making sure people know your brand and what you stand for, not just its most famous product.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with My Homework Geeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
AllEscort
Live ChatWhatsApp
AllEscort