Are you launching a new product, but you are not sure how to get started? Product launches can be bustling and go haywire if you do not plan them properly.
Ultimately, starting a new service must make your job easier or something new and exciting for your customers – and you should make money in the process. Most trending services that appear to be in high demand can lead to poor additions to your service lineup if products are expensive or the time required will eliminate other, higher-margin services. Hence, there are a few things you need to consider before launching your product in 2021.
1. Perfect Timing
Timing for a product launch is everything. There are certain days and months to avoid Christmas or New Year’s Eve, but perhaps more relevant is to look at the macro and microeconomic factors surrounding your industry and the broader market before launch.
2. Consider licensing vs. venturing
These are two main ways of bringing a product to market. If you are invested in launching a new product in the market, you can build it and handle all the details yourself; from raising money to managing employees. Get experience first, as most businesses fail due to lack of experience. Today there are more places than ever to sell products, but you still need to create demand.
Many creative people choose the licensing route instead because starting a business is unnecessary, and the financial risk is relatively low. Licensing your invention to a market leader is the best protection you can get. It is usually a quicker way to market, which is essential when selling first and selling the fastest cases.
3. Choose a product that has an easily reachable market
You need to choose a product that has a readily available market. Perhaps you may be thinking, “Everyone across worldwide can use my product. The age, location, gender, occupation, or income of the customer never matters!”.
Perhaps you are thinking, “if only 1% of people buy my product, that would mean 100 million units and $10 billion in revenue”. Such a statement is a big red flag for investors from which they flee as soon as possible. So please do not say anything like that.
It will always be easier to sell your product to 10% of people in a group of 100,000 than to 1% of a group of 100,000 people. You are better off focusing on a niche product, or at least, a niche product that has a market that you can reach. It is the reason for this expression “the riches are in niches.”
4. Look At Your Old Ideas
Pay attention to any old ideas you have written or that you can remember. It is possible that when you thought of this idea, you mistook it, but now this idea may not look so bad. It can be remarkable!
5. Be realistic about what product development is.
Three goals should not be attempted at the same time: great, fast, and cheap.
Be Realistic: Excellent product development takes time and money. Trying to get a great product fast and cheaply can lead to a compromised product that is ineffective in solving any customer problem in the market. So keep patience and be realistic.
6. Understand Patent Search
You must understand the importance of the patent search. A patent search will tell you what’s out there, already patented and similar to what you think. If you search ahead of time to see if your invention already exists, you can waste your time and money on the entire project. Pay a professional firm to complete the ‘search’ for you accurately and completely, or do it yourself.
7. Research Your Target Consumers Base
Before planning your product launch, you need to understand your audience. Conduct thorough market research to gain valuable insight into who your target customers are and what they want.
This will form the foundation of all other steps in your product launch plan, including your marketing strategy. It should help you answer the following questions:
- How should you price your product? What is your target consumer income demographic? Will they find the product too expensive? What kind of adjustments can you make to fit their budget?
- How should you position your product? Find out what does your target audience wants and what is the value? What are the ways to position your product in a way that will resonate with them?
- Know about where and how should you market your product? Which social media platforms do your target customers use? What tones should you use in your product launch marketing materials? Should you pay attention to the logic or feelings of your audience?
- Where should you distribute your product? Which distribution channels would be most convenient for your audience? Will they buy your product online or go to a store.
8. Analyze your cost per service
The cost per service, or CPS, represents the total cost of all products used to make a single appointment. The cost per service is essential because the prices of the products are constantly changing, and if you do not change with them, you will be working for least as time goes on.
Brand representatives are an excellent source for this information because the brand itself determines the CPS before deciding to market a product or service. In addition to just the product used, also consider your overhead and the cost of training. If a service costs you more than what you earn, you should pass.
9. Leverage Social media
Social media is one of the most widespread advertising mediums and is the most comprehensive advertising platform globally. Spread the word on Facebook, Twitter, etc., and create a buzz within the audience. If possible, allow pre-ordering across all social media channels of your product/service to your customers.
Social media is the most effective and most accessible platform for advertising and is getting the word out for your big reveal. Create a page or account specifically for your company or your product on Facebook, Twitter, Instagram, etc., and discuss it worldwide. When people like what they see, they will pass on information that is an effective word-of-mouth advertisement and quite effective.
10. Common pitfalls of innovation
Everyone faces pitfalls in their lives; below are some pitfalls you should try to avoid when trying to execute your idea:
- Loss of interest
- Valuing only a few opinions
- Underestimated it in terms of time and money
- Lack of balance
- Insufficient insight
- Failing to evaluate ideas before making a decision
- Lack of resources
- Weak innovation processes
- Prioritizing short term results
One should try to avoid these pitfalls through adequate planning, correct assessment, and hard work. It is also essential to be open-minded and enthusiastic about your idea.
Finally, it is essential to remember that it is not about the idea but what you do with it. An idea that is nurtured and implemented correctly can be a huge success. The innovation of an idea does not happen overnight and requires appropriate planning, time, and resources. Keep an open mind and embrace failure. As the famous Steve Jobs once said, “innovation differentiates a leader and a follower.”
If you have a plan and are looking for an affordable digital marketing agency in India to diversify your reach, contact us. Our experts will give you a free consultation regarding your queries and doubts. Call now!