New Product Launch: Strike the Right Chord!
Any new product goes through an entire cycle of sales and profits, known as product life-cycle and passes through stages like development, introduction, growth, maturity and decline. Companies want to maximize their profits during this life cycle, so as to cover all the costs and risks undertaken to launch it. If you are an owner of a small business or entrepreneur, you must be fully aware of your market and business objectives to successfully launch your products. Launching a new product can be confusing at times and enough time needs to be spent on gathering the required information. In this article, we’re going to talk about how you should go about a product launch be successful. In parallel, this course on can give you some major insights into launching your product online.
There are lots of scenarios that lead to the launching of a new product by a business. Every business owner desires a good exposure and customer attention for their products and services. To do so, one needs to launch the product in a strategic manner so that it eventually develops into a sustainable business. New product launch can be much more complex than it really seems to be. We will touch the essentials of a new product launch such as how you need to prepare for it, what are the things to be done and those to be avoided, how to avail the benefits of additional resources and so on.
How to Prepare for a New Product Launch?
Any small business finds it essential to launch a new product to reach out to new markets and strengthen its business. This could be a bit daunting, especially if it’s your first time, or you’re launching a relatively new product or a new category. Before launching a new product, the following things need to be kept in mind:
- Match the capabilities of the product with the market – Business owners and entrepreneurs come with new ideas of launching products all the time. This is somewhat different from determining whether the product survives in the market or not. You can aim to produce the best product by asking the customers about their requirements. You can design a successful product by identifying the problems that your customers face with the existing product. If your new product meets these requirements, then you will be able to deliver exactly what the market seems to be missing. In a nutshell, make sure your product is positioned correctly to address the market need. Take this course to help you master positioning.
- Perfect promotion – Before launching a product, you need to get the word around in the market. Check out our course on how to hack PR and promote your product in a smart way. Prepare a press release to create a buzz, avoid hyperbole and be specific about the features of your product to get the required customer attention. As a part of your marketing strategy, consider different ways to attract customers, such as digital influencer, sharable content, giveaways and so on.
- Set clear launch goals – Business owners can gain a substantial amount of insight about the product’s potential by releasing limited products ahead of the widespread availability. This can help to refine the product before its actual launch. Once you are ready with the launching goals, you need to consider what the acceptance rate is. Besides this, the time of the launch should be in such a way that it maximizes the sales. You can think of launching the product during a trade show or any other major event to not only attract attention but also get help in spreading the message around.
How to Create a Successful Product and Price it Correctly?
To increase the odds of successfully launching your new product, you need to analyse the market and your business history. Determine the target audience who will receive your product well. Here are some tips on creating a unique and successful product:
- You can create a unique product by considering the customer experience, design, packing, technology and other attributes. Understand how these ideas can fit into your product development and marketing strategy and skills. Make sure to have essential resources that can be devoted to development. Take this course to help better plan, and create, a successful product.
- Plan a critical path by identifying which activities must happen first and which can be done in parallel. Design the product by considering the purchase requirements, production and marketing techniques available.
- Set time scales, objectives and budget, and access them regularly during the product development stage.
- Define the basic specifications of the product and convert specific features into the requirement. You should identify the key selling points and continue to monitor different phases and look for opportunities to add additional features into it.
Product pricing is one of the most important considerations. You can know about the pricing structure by analyzing the competitive products and services and look to make the price attractive enough for your target audience. For example, while launching a luxury product, the price must be kept high so that a higher perceived value is created in the minds of the consumer. The best option that leads to a successful product is to attract the customers into buying the product. Even for a luxury product, it is always smarter to start with a lower price but make sure that the perceived value is higher than the cost price. Once the demand has been established, you can increase the price of the product in stages. Find out more on how to price your product with this course.
How to Launch a New Product
Every day dozens of products and services are conceived, but very few get to see the light of day due to improper product launch. The launching of a new product is the perfect opportunity to grab the attention of millions of customers as well as corporate buyers who in turn are instrumental in informing other people about your business. Therefore, your product launch should not only be exciting but also informative. Here are a few tips on how to launch a new product without any failures:
- Know your target audience – Building a target audience is like trying out a new pair of shoes. If you are not sure about what your customer wants, then you may trip and fall. Know your buyers and interview them, watch the market on a regular basis and know what exactly your customer needs.
- Make use of social network to do research – Most of the small business owners skip this important step of testing the markets. By doing this, you get to test your buyer persona in your product launch process and you will be able to narrow down your marketing strategy in such a way that it resonates with the audience and avoids any failure at the launch.
- Create web content to explain your product – Creating online content is a critical step. Buyers want to know about the features of your product and how they can get benefitted from it with the ease of the internet and social media.
- Make sure that the launch is focused on the target audience – The biggest mistake that most of the small businesses do is to launch the product in front of the wrong audience. Before launching a product, do a test-run in front of the team members or the whole company and take their feedback.
- Make use of case studies – You can even attach the product launch to a bigger story. Take necessary steps that make a big impact on the way people think.
Managing Customers and Sales after Launch
Your work doesn’t get over with the launch. Managing your customers and sales after a launch is as important as the product launch itself – especially for repeat sales and word of mouth publicity. Your sales team will be the face of your business, so you need to involve them before the launch takes place. Start the training a few weeks before the product comes into the market, so that they can effectively manage the customers and sales. Buyers want to know what makes your product different from other similar products available in the market.
- Create videos, info graphics, web pages, etc. that explain your product to the people on the internet.
- Run a sales test and learn from the experiences of your sales team to find out what tools they would need to sell effectively.
- Train the sales team to the least possible denominator and capture the star performers so as to incorporate them into your training program.
Businesses must conduct a thorough analysis of the sales, costs and profit projections for a new product before they launch it, to understand whether they are in line with the company’s objectives. You need to do your homework well before introducing a new product into the market and analyse how well it’s received by the target customers. If you want to launch a new product, this course sums it all up in a simple and proven blueprint to take your product from idea to launch!
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