Your new product's name - Deepstash
Your new product's name

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 consumer.

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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.

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MORE IDEAS FROM 10 Things You Must Know When Launching A New Product

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.

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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.

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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 companies get wrong. What is the secret to new product success? While it is different for every product, here are some basic tips for getting your product launch right. 

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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 launch.

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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 asking.

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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 different mediums will be required.

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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.

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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.

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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 receptive to.

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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 slightly if need be to ensure the ultimate product success.

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RELATED IDEA

Designing A Successful Product Marketing Strategy

For any business to sell its products, it requires having a unique product marketing strategy. The success of any product in the market is directly linked to the product marketing strategy used. With the right product marketing strategy, a company can know its product’s place in the market.

A product marketing strategy is simply a plan followed by a business to move a product and create visibility in the market. Without this plan, it is almost impossible for a product to enjoy success. A product marketing strategy ensures that the consumer does not forget the product.

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Get Your Product Out There

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A new era of consumer research

PepsiCo uses a tool called Tastewise, which deploys algorithms to uncover what people are eating and why. The AI-driven tool analyzes massive quantities of food data online.

AI collects data that consumers don't report in focus groups.

Through findings from the tool, PepsiCo incorporated seaweed into a flavored savory snack. It's been a top seller since it was brought to the market.

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Make sure your product is ready

Make sure that the item itself is ready to go to market. It’s no use approaching buyers if there are issues with durability or design which need fixing before production can begin in earnest.

Conduct testing which usually happens in various stages and typically involves:

  • Design testing and quality control checks to ensure that the product is fit for purpose and works as intended
  • Trials to see how well the target market responds to your idea
  • Customer surveys focus groups and blind testing
  • Production testing to make sure there are no issues with the manufacturing processes or supply line

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