How to Successfully Launch a New Product
Do you have a fantastic idea for a new product? If so, you are probably keen to get it launched and on-sell but may be unsure how to transform your initial idea into a successful product. Everyone has heard the doom and gloom stories of how many new products fail, but that does not mean that yours will suffer the same fate. To give your product idea the very best chance of success, it is essential to prepare as best as possible before you go ahead with the launch. Carrying out plenty of research will help you avoid many of the potential pitfalls involved in successfully getting a product to market and selling well. Here are the tips that you need to help you successfully launch your new product:
Know Your Target Market
To sell your product, you need to understand precisely who your customers will be, so identifying your target audience is essential. This can be achieved by determining the problems that your product solves and who would gain the most benefit from your product’s features. Once you have identified your target market, you will need to carry out research to decide on the best ways to market your product to your target audience and to make it appeal to them. This research will include looking into the best channels to use to promote it and the most suitable outlets to stock your product.
Research Your Competitors
As well as identifying your target market, you will also need to familiarise yourself with your competitors. Researching competing products is vital to understand how your product compares with similar products already on the market. Once you have identified these products, you will be able to determine how to differentiate your product from your competitor’s to establish its unique selling proposition (USP) to help it stand out from the crowd.
It is also crucial to understand the price points used by competing brands so that you can work out the best market position for your product.
Before your product goes into mass production, you need to Predict demand as this will have a large impact on the success of your launch. Manufacturing too many units will see you incur high costs with minimal profits, yet not producing enough will be a missed opportunity. To help your product realize its full potential, you need to forecast demand as accurately as possible by taking a research-based approach.
Even if you have just designed a revolutionary, life-changing product, you still won’t sell many units unless you make people aware of its existence. In marketing terms, brand awareness is the process of generating interest in a product and making people aware of it and its features. Many tactics can be used to build brand awareness, but your starting point should be building a website and gaining an online presence. Tailoring your online marketing activity to your target audience will give your product the best chance of getting noticed by your intended customers.