If you have an idea that you want to unleash onto the world you have two options:
1) Get the idea to market as a saleable product/service ASAP or,
2) Perfect your idea until you are 100% happy then release it to the market.
Now if you have read the “22 Immutable Laws of Marketing” which happens to be my business bible you will know that the first option is the best. The second option will lead you to failure.
The immutable law “The law of the mind” states that to have market dominance you must be first in the mind of your customer. Because when you are first in the mind its bloody hard as a competitor to dislodge it.
Look at Coca Cola versus Pepsi – even if the rumours are true that Pepsi is better tasting than Coca Cola this is irrelevant because Coke Cola was first in the mind of the customer and is still number 1. Burger King’s burgers might be 1000-times better than “Big Mac” but who came first and who remains first?
Now you don’t have to be first to market to be first in the mind of the customer BUT it does help because if you are the only business in your category then you are naturally first in the mind.
If you attempt to perfect your idea until you are 100% sure its right then its more than likely someone will beat you to market and end up, by default, being first in the mind even if their product is crap compared to yours.
But here is the brilliant part about being first in the mind – if your product/service is not as good as the competitors but you are first in the mind then the only path for you is to get better and better!
Think about it – any improvement is a bonus and reinforces your “dominance” in your category. Customers see your product constantly improving. The perfectionist not only has to attempt the impossible by trying to remove you from the customers mind but since their product is 100% perfect how can they improve and at what cost to them?
This is a fundamental rule that is broken by many and in my opinion dooms all businesses to failure if they choose perfection over speed to market.