Designing and launching a new product is an important time in any business’ life. It might be a physical product that needs to be engineered, prototyped and then mass produced, or it might be a financial or software solution. A product is, broadly speaking, anything you’d ask a customer or client to pay money for, so you can think outside the box when you’re devising one.
Today we’re taking a look at the whole process, to help you find new product success!
The failure of a product launch can be costly for a business, and not just financially! A public failure can do real harm to your credibility, and to the brand that you’ve spent so long building up. While there are no guarantees in business, you can certainly give yourself a better chance by informing your new product development process with accurate data and insights.
Working with a market research company can tell you what your customers want to spend their money on, and how much they want to pay, allowing you to optimise your new offering to meet the demand, rather than force your marketing to work too hard at conjuring demand into life.
It’s vital to test out the concepts you’re working with for your new product as you go. If you can’t communicate what this product is to customers, and why they should want it simply and comprehensibly, your chances at selling it when launch day comes are slim.
Find outsiders to your development process, whether they come from elsewhere in the company, or are drawn from the ranks of your friends and family and describe your new product to them. If they can grasp it, with no more insight into what they are than the average consumer, and see the value in the proposition, you’re another step on the road to new product success.
The launch day for your project is the most important one in its life. While a good product will provide revenue for many years, you shouldn’t underestimate the power of sheer novelty as a driver of sales. Harnessing this effectively takes good marketing, to find the people who are most likely to be interested in this product, whatever it is, and communicate to them exactly why they should spend money on it.
Partnering with a marketing agency, even if you don’t usually use one gives you access to superior targeting power to ensure your adverts are going to the right market for this product, ensuring a greater return on investment and boosting profits for this key launch period!