Creating a new product is a complex, multi-stage process that requires a combination of analytical thinking and entrepreneurial flexibility. According to CB Insights (2023), more than 40% of new ventures fail due to a lack of market demand, and 20% — due to go-to-market strategy errors. Erik Avetisyan’s experience, rooted in a background in architecture and design along with entrepreneurial practice in the FMCG and retail sectors, demonstrates that success is built upon a systematic approach. Every stage — from idea to scaling — demands attention to detail, strategic planning, and innovation.
Every product begins with understanding the target audience. Insufficient attention to this stage often leads to costly mistakes.
Key tasks at this stage:
Analyzing consumer trends
Identifying unmet needs
Assessing the competitive landscape
According to McKinsey (2024), companies that invest in research and analytics at early stages increase their chances of a successful launch by 30%.
Stage 2: Idea Generation and Concept Development
Following market analysis, a pool of ideas is formed. Based on identified needs, a concept is selected that holds commercialization potential.
Experience shows that a successful concept must meet three criteria:
Relevance to the customer
Scalability
Alignment with the business’s long-term strategy
In Erik Avetisyan’s entrepreneurial practice, this stage was crucial in creating proprietary FMCG brands and bringing them to national retail chains.
Stage 3: Prototyping and Testing
One of the most common mistakes companies make is launching a product without validating hypotheses. Applying lean startup principles helps minimize risks.
This stage includes:
Creating a prototype or pilot version
Conducting a limited launch in test segments
Gathering and analyzing feedback
According to Deloitte (2024), companies that implement early-stage testing reduce their likelihood of failure by 35%.
Stage 4: Go-to-Market Strategy Development
Even a high-quality product requires a well-designed go-to-market strategy.
Core components of the strategy:
Defining the target audience
Selecting sales channels (offline, e-commerce, DTC)
Developing marketing tools
PwC (2023) notes that companies leveraging data-driven and personalized marketing grow 25% faster than their competitors.
Stage 5: Scaling and Product Support
After the product enters the market, it’s essential to focus on expansion and strengthening market positions.
Scaling tools include:
Expanding the product range
Entering new regions and international markets
Developing additional services and ecosystems
Erik Avetisyan emphasizes that product support requires continuous updates — from packaging to communications. Success is driven by flexibility and the ability to adapt to changing conditions.
International Context
Global practice confirms the importance of a phased approach. According to Statista (2024), global R&D spending in the consumer goods sector exceeds $300 billion annually. Companies that pay attention to each stage of the product lifecycle demonstrate greater resilience and growth.
Conclusion
Creating a successful product is impossible without a systematic approach. Erik Avetisyan’s experience demonstrates that:
Market research
Concept development
Prototyping and testing
Go-to-market strategy
Scaling and support
— are the key stages that form the foundation of sustainable entrepreneurship.
In a globally competitive environment, the winning companies are those that can not only create products but integrate them into an ecosystem, build long-term value, and earn consumer trust.
Sources
CB Insights. The Top 20 Reasons Startups Fail. (2023)
McKinsey & Company. The State of Consumer Goods 2024
Deloitte. Global Powers of Retailing. (2024)
PwC. Future of Retail and E-commerce. (2023)
Statista. R&D Spending in Consumer Goods, 2024