To launch a product to the market successfully you must choose the right moment. You may feel that it is urgent to introduce your new product or service as soon as possible, but if you rush too much, the process will end in disaster.
When necessary, temporarily postponing your launch can mean the difference between failure or getting brilliant opinions on what you will sell.
Many entrepreneurs start selling their products ahead of time to beat their competition or coordinate them with a holiday.
If you are also in any of these situations, ask yourself before:
- Does my product comply with what it should do?
- Do I know that item that I am going to sell myself well?
- Do I have a strategy and the necessary materials to promote it?
- Have I developed a plan to measure the statistics and opinions of my buyers?
If you have answered “NO” to any of these questions, it is better to delay the release of your article a little.
Think of another date for this launch and, once you have decided when to do it, follow these 8 steps to successfully launch your product on the market.
1. Test your product
Testing your item or service before it goes on the market can help you verify that your product, business, and audience are ready for launch.
Ideally, you should test a prototype or your finished product to find out whether or not it could be well accepted by the general public.
In addition, this first step will also help you obtain important information from the opinions you collect and make the necessary modifications to improve your product.
How can you test your product without spending a single penny?
In our article How to know if your business idea will be profitable, you have seven different methods that you can put into practice to test your product and check whether it is viable or not.
2. Make a launch plan
Once you have tested your product with a small group of people, you should develop a launch plan that guides you to promote it correctly.
In this plan, you must specify what the characteristics of the product are, its price, the audience it will be directed to, where you will sell your item, what type of advertising you will make of it (and the channels through which you will promote it) and the sales that you estimate that will have.
To further elaborate this, you can create a small business plan to identify all of these points.
This step is essential for you to correctly organize the promotion of your product and start investigating how to advertise it through different channels.
Only then will you be able to attract customers who buy it once you have launched it on the market
3. Get familiar with your product
As you go through the process of launching your product to the market, you (and if you have a team, they too) will have to adjust to new processes, which can be difficult.
That’s why you should take the time and resources necessary to familiarize yourself both with your new product or service, and with the customer service protocols it involves.
This last point is essential since the doubts that your consumers have will not be the same if the product is a cell phone than if it is for example a garment.
That is why it is very important that before launching your product to the market you become familiar with it, since this way, once you start selling it, you will be able to solve any question that your clients ask you with ease and ease.
4. Prepare for increased sales
You may have to consider what will happen if your product fails and seldom sells; But have you thought about what will happen if it is very popular when it is launched?
A new item or service can bring you an unexpected increase in your sales.
Therefore, to avoid any failure, you must ensure that you are prepared for an increase in the volume of sales and in the complexity of the work that this can bring.
Analyze all these factors and plan in advance situations such as requesting more materials from your supplier to have enough stock of the product, or hiring more people to help you with sales in case you are the only member of your business.
5. Remember the core of your business
Focusing on launching a new product is an exciting experience, but remember that you shouldn’t neglect your current business.
If this is the first item you sell in your venture, you probably won’t find yourself in this type of situation.
But if you already have other products for sale at your company, it is easy for you to forget about them with the arrival of new merchandise at your business.
Maintain a balance between giving life and promotion to the new product, and sustaining your established company.
6. Launch your product
Once you have all of the above points ready, it ‘s time to launch your product to the market!
Put into practice what is established in your launch plan, such as the channels through which you will promote this new article, the audience to which it will be directed, the points where it will be distributed, etc.
7. Set metrics on the go
Launching your product and putting it up for sale is not the last step for you to be successful in the market: you must keep track of it so that your effort in the previous steps is worth it.
It is important that after the launch you establish relevant goals, such as starting to attract other customers, increase your sales, increase the popularity of the product itself …
But you should also regularly measure whether your product or service meets the expectations of those goals.
In extreme cases, do not be afraid to discard your product if you do not achieve the objectives that you have set for yourself.
Remember the principle of sunk cost : just because you have invested time and resources in developing a product does not mean that you should keep trying to sell it.
If profitability is uncertain at this point, all it will do is hinder the growth of your business.
8. Collect feedback after launch
Analyze the opinions of your consumers, then determine what changes you need to improve your product.
A clear example is in the world of telephony: brands, when they launch new smartphones, listen to the opinions of their customers, read the blogs in which they review the terminals, and write down everything they could improve for the next phone.
And you should do the same after launching your product to the market.
Check the opinions of your customers on your social networks, in the emails they send you as a contact or in any other communication platform you have, and note the improvements they suggest.
Remember that your customer is really the owner of your products and who can make you succeed, or fail miserably.
Now it’s your turn: leave me a comment below telling me your experience about launching a product on the market, what steps you have taken, or if you are about to do it and you are going to follow these 8 steps from here above.
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