This knowledge is brought to you by small business expert Louis White, just one of the thousands of top consultants on Expert360. Sign up free to hire freelancers here, or apply to become an Expert360 consultant here.
The idea is sound, the product has been tested and you’re confident with your focus group research that consumers are ready. So, what is the best way to launch your new product? This is a very good question and one that the serial entrepreneur right through to multi-billion dollar, multi-national companies get wrong. What is the secret to new product success? While it is different for every product, here are some basic tips for getting your product launch right.
Timing is everything for a product launch. There are certain times and days to avoid such as Christmas or New Year’s Eve for example, but perhaps more relevant is to look at both the macro and micro-economic factors around your industry and the broader market before launching.
Many a product has failed because the pricing strategy has been wrong. Whether you want to be a luxury product or you are launching a product priced slightly below your competitor’s, make sure you undertake thorough research to ensure consumers will be willing to pay the price you are asking.
Packaging comes in many different forms and whether it is a consumer good designed for the shelf of a retailer or a new app that you have just finished designing, it needs to be attractive and welcoming to the human eye. Do your research on what colours people like and are receptive to.
4. Your new product's name
While it is good to be different, don’t make the name so cumbersome people can’t pronounce it or too similar to an existing product, so the consumer gets confused. By all accounts make it simple and original like Google for example that will leave a lasting impact upon the consumer.
You can have the best product in the world but if no-one knows about it, how will they be able to purchase it? Understand the variety of marketing channels available to you to promote your product and do your research as to which channels will work best. A mixture of at least two different mediums will be required.
6. Know your target market
You should definitely be aware of what your intended audience like and don’t like. There should be no guesswork going into your marketing campaign. Thorough market research should be undertaken so your target market will respond positively to your product launch.
7. Know your competition
Equally important is to be aware of your competition’s marketing strategies and range of products. You don’t want to launch only to find out that your competitor is bringing out a newer, cheaper (or more prestigious/expensive) product the next day.
8. Test your new product repeatedly
You really need to have done this several times beforehand. Nothing will kill your product launch quicker than launching to market with something that doesn’t work properly or breaks upon opening. Don’t frustrate your target audience with something that should be 100% error-free upon launch.
9. Seek reviews
In today’s consumer-led world, it is important to get reviews – positive ones will always work in your favour – but equally important is to find out what can be improved. It may be something you need to slightly tweak that will make all the difference to it being successful or not.
10. Be strategic and patient
Not every product flies off the shelf immediately. You may need to re-work your marketing strategy, alter your price or even re-launch because of a change in circumstances. Having a strategic and flexible marketing strategy will enable you to successfully keep changing tack slightly if need be to ensure the ultimate product success.