I’ve met a lot of entrepreneurs who believe their idea will be the next iMac. Optimism is good, but the reality is that 30,000+ new products are launched each year—and approximately 80% fail. How can you beat the statistics? Here’s the secret: strategy. The vast majority of product launches don’t follow a strategic approach.

Below is the process we’ve used to launch several products that brought in seven figures in sales within their first year with a low five figures in capital.

Explore the market.