So you’ve decided your business is ready to introduce a new product or service – you know exactly what you want to launch, but how should you go about it?
This quick step-by-step guide, covering everything from market research to sense-checking costs, will help you get your new product or service off to a strong start.
1. Do your market research
The first step is to gain up-to-date and relevant insight into the market. Market research helps you to get a clear, well-informed idea of what price to set, the distribution channels to use, which features to keep, and which to ditch.
2. Identify the perfect audience
Thorough market research also helps to paint a picture of your perfect customer, allowing you to focus your launch on the people who are most likely to purchase your new product or service. Maybe they already buy a competitor’s product and will enjoy the features of your new-and-improved version.
3. Understand the competition
Put yourself in your customers’ shoes. If they’re looking for something similar to your new product or service, which companies are they likely to approach? Make a list of competitors and work out how they advertise, where they advertise, and how your product marketing material compares.
4. Establish the level of demand
Gauging customer demand can be tricky – take supermarkets, for example, which often waste food when they order more than they are able to sell. However, there are some key indicators of demand, including the level of competition, customer demographics and, for certain products and services, the time of year.
5. Review your costs
It’s important to make sure your product’s promotional budget is accurate. There can be hidden costs when launching a new product or service, so consider drafting in the help of an accountant or an industry insider like a wholesaler or manufacturer. Their knowledge could help you make big savings when it comes to your marketing strategy.
6. Speak with existing customers
Ask your current clients what they think about your new product. They’re bound to have an opinion, and as your current customers, their feedback is very valuable. Incentives are helpful when your clients need a little encouragement to share their opinions.
And finally, good luck!
