Some people say that properly launching your product is just as important as the product itself, if not more. A proper launch depends on many things that must considered such as marketing, costs, resources, et cetera. Since launching a product is such a difficult task there are many necessary steps, but here are five tips to help in the process.
- Research: As with most things in life, research is extremely important. In this case, you need to research the industry your product falls into as well as your competitors. Academia recommends uses the SWOT analysis tool, which means determining your strengths and weaknesses and determining outside opportunities and threats. This requires a great deal of research to get an accurate picture of your product and competitive outlook.
- Planning: You should also do careful planning for everything. This means you should create a timeline that details where you need to be at this time and where you expect to be at other times. This will include manufacturing milestones (depending on the product), launch date, breakeven date and so on.
- Marketing: Consider the ways you plan to market such as “word of mouth,” online, television, print, et cetera. This is critical because the mechanisms you use to launch your product should be aimed towards your target market. You should know who your target market is after extensive research and it should be obvious at this point because you designed your product for a particular market.
- Partners: Consider if you want to undertake all of these functions yourself or do you want to hire outside firms such as public relations, online marketing and so on. Hiring other firms will make things easier on you or your own company, but that comes at a large cost. In addition, you need to determine if you or your company has the skills to perform these function alone, otherwise you do not have much of a choice unless you want a poor product launch.
- Testing: Since many product launches fall it might be worth it to test. There are a few ways to test your market concept and strategy such as asking your business contacts or a consumer focus group. Another possibility is using crowd sourcing to see how much attention your product creates.