In my previous post, “Are you a Launchaholic?” we discussed the importance of focusing on the products and services you’ve already created and making those successful before moving on to a new venture. But sometimes, even after all of that effort, a new product or service still doesn’t work. When this happens you have two distinct opportunities: you can learn from the mistakes or you can move on.

Learn from Your Mistakes

First of all, you should know that there isn’t an entrepreneur on the planet who hasn’t faced some amount of failure. It’s the nature of the beast and something we all must learn to live with. But you can reduce the risk of failure by finding the lessons when something doesn’t go according to plan.

For example, a friend of mine launched a new coaching program. It included an extensive amount of information, was packaged into a four month program, and it had a lofty price tag. He put forth the effort to promote it extensively to his networks, and spent several months trying to build momentum. But despite his best efforts, nobody was buying.

I suggested that he evaluate what wasn’t working by reaching out to his target audience and asking questions. He conducted surveys around what his audience needed, what price they were willing to pay, and what amount of time they were willing to invest.

Bingo! He got the answers he needed. It turned out that he had made the program way too big. People felt intimidated by a four-month commitment. They wanted to start out small. The lessons he learned helped him develop a more reasonable month-to-month plan and guess what? He began generating sales immediately.

Whether you need to survey your audience (which I would suggest is something you should do before you create something new), look closely at your marketing efforts, evaluate your target audience, or adjust your price point, don’t miss the opportunity to learn from what didn’t work. Without these lessons you can end up launching new products and services blindly, and limit the chance for success.

The Art of Letting Go

Sometimes a new product or service just doesn’t work, no matter how much effort you put into it. Remember when Coca Cola changed its formula and tried to introduce new Coke? It practically caused an uprising; people hated it. Ultimately, it was pulled from shelves and never seen again.

At some point you have to decide when to let go and move on, otherwise you can end up wasting energy, time, and resources. And the sooner you make the decision, the sooner you can take the lessons you’ve learned and focus on more profitable ventures.