Whether you run your own business and regularly release new and innovative products, or else have a very original idea and want to transform that idea into a financially viable reality – then you have certainly come to the right place!
Here, you can look at our comprehensive guide to launching a new product.
Survey the market
Assessing the current market and exploring the niche in which you hope your new product will fill, is crucial to ensuring the success of your project.
Essentially, you should approach your market research with two central questions in mind:
- Why would somebody want to buy this product?
- What is the product worth to the customer?
Be aware of your competitors
You may be fortunate enough to have developed a unique commodity. But if there are rival goods on the market currently that even come close to your new innovative product, it is essential to make yourself aware of the competition.
There is a whole host of ways to keep up with your rivals in the business, including, but not limited to, the following:
- Target new markets
- Expand your promotions and offers
- Get to know your customers
- Find out everything you possibly can about rival companies
- Update your brand image and identity
- Engage in proper social media management
Implement pre-marketing
These days, the new product market is positively saturated, and as a result, it is becoming harder and harder to make your new commodity stand out from the crowd. It is for this reason that initiating pre-marketing is a fantastic idea when it comes to a new product launch. You’re more likely to be the center of attention by following these steps:
- Create a snazzy landing website page to create a ‘buzz.’
- Start an email campaign that encourages people to sign up to find out more
- Contact journalists, industry influencers, and bloggers to create tempting content
- Speak to your company’s PR representative
Make sure you are 100% legal
Another essential thing to remember when launching a new product is to ensure that you are 100% legal in every aspect of your business and core commodity.
It is strongly advisable, therefore, to contact a reputable and renowned product licensing lawyer, such as Hankin Patent Lawyers. They will ensure that every box is ticked and no stone left unturned when it comes to licensing further down the launch line.
Ask potential customers for feedback
Hopefully, you will already have realized the absolute necessity of creating various test products and using them in the same way and at the same time as your marketing and advertising campaigns suggest.
It would also be a good move to send out your test products to a handful of random customers to garner honest and unbiased feedback about everything relating to the product – how well it works, whether it’s aesthetically pleasing, and how likely they would be to invest in one themselves…
