10 Things You Must Know When Launching A New Product - Deepstash

Bite‑sized knowledge

to upgrade

your career

Ideas from books, articles & podcasts.

published 11 ideas

Some important basic things you should have in mind when creating the strategy for a product launch, whether you own a company or you have the power to take important decisions. These are also important topics you may be asked in job interviews for management positions.

10 Things You Must Know When Launching A New Product

expert360.com

First steps in launching a product

The idea is sound, the product has been tested and you’re confident with your focus group research that consumers are ready. So, what is the best way to launch your new product? This is a very good question and one that the serial entrepreneur right through to multi-billion dollar, multi-national...

1

STASHED IN:

3

Timing

Timing is everything for a product launch. There are certain times and days to avoid such as Christmas or New Year’s Eve for example, but perhaps more relevant is to look at both the macro and micro-economic factors around your industry and the broader market before launching.

1

STASHED IN:

2

Price

Many a product has failed because the pricing strategy has been wrong. Whether you want to be a luxury product or you are launching a product priced slightly below your competitor’s, make sure you undertake thorough research to ensure consumers will be willing to pay the price you are ask...

1

STASHED IN:

2

Packaging

Packaging comes in many different forms and whether it is a consumer good designed for the shelf of a retailer or a new app that you have just finished designing, it needs to be attractive and welcoming to the human eye. Do your research on what colors people like and are recepti...

1

STASHED IN:

2

Your new product's name

While it is good to be different, don’t make the name so cumbersome people can’t pronounce it or too similar to an existing product, so the consumer gets confused. By all accounts make it simple and original like Google for example that will leave a lasting impact upon the consum...

1

STASHED IN:

2

Promotion

You can have the best product in the world but if no-one knows about it, how will they be able to purchase it? Understand the variety of marketing channels available to you to promote your product and do your research as to which channels will work best. A mixture of at least two...

1

STASHED IN:

2

Know your target market

You should definitely be aware of what your intended audience like and don’t like. There should be no guesswork going into your marketing campaign. Thorough market research should be undertaken so your target market will respond positively to your product launch.

1

STASHED IN:

2

Test your new product repeatedly

You really need to have done this several times beforehand. Nothing will kill your product launch quicker than launching to market with something that doesn’t work properly or breaks upon opening. Don’t frustrate your target audience with something that should be 100% error-free upon laun...

1

STASHED IN:

2

Know your competition

Equally important is to be aware of your competition’s marketing strategies and range of products. You don’t want to launch only to find out that your competitor is bringing out a newer, cheaper (or more prestigious/expensive) product the next day.

1

STASHED IN:

2

Seek reviews

In today’s consumer-led world, it is important to get reviews – positive ones will always work in your favor – but equally important is to find out what can be improved. It may be something you need to slightly tweak that will make all the difference to it being successful or not.

1

STASHED IN:

2

Be strategic and patient

Not every product flies off the shelf immediately. You may need to re-work your marketing strategy, alter your price or even re-launch because of a change in circumstances. Having a strategic and flexible marketing strategy will enable you to successfully keep changing tack sligh...

1

STASHED IN:

2

0 Comments

Discover and save more ideas by creating a

FREE

Deepstash account.

Develop a

reading habit

, save

time

and create an amazing

knowledge library

.

GET THE APP: