Launching a new product is not a walk in the park, no matter how big the brand already is. There are only two possible outcomes, it either fails or becomes a success in the market. Companies have launched products that eventually became their major product to date.
While you have the advantage of being an already existing business working for you, in that you have other products and services to offer and an existing customer base, launching a new product is not one to be done anyhow. So here are five things to do before introducing that product to the market.
Market research -before even sitting down to discuss product design, you need to understand the market. And research should continue all through the design and production stage.
Marketing and sales plan -outline how you intend to create awareness and convince people to buy your product. And this should act as a map once you launch.
Delivery chain -how will your product reach the end users/consumers? While this largely depends on the product type, you must have it figured out before launching. For physical goods, you would want to market them to a major distributor, sort logistics and factor the expenses into the pricing.
Sample tryout -give a few people your finished product to use for free or at a discounted price so you can gather feedback on the product. It also helps you see any missed errors or shortcomings of the product. Finally, it gives you a little idea of what reaction your product will generate in the market.
The right partners -for marketing, distribution or effective service delivery, find the right partners your product needs to do better in the market.
Your idea might be great, but what people will pay for is a product that serves their needs, a product they know about, and a product that is available in the market. Get it right before putting it out.
