Things To Consider When Launching A New Product

Launching a new product is an exciting time as a business and one you don’t want to take lightly. The way you handle the launch can be a big influence in how successful it all is and how many sales you make. If you are in the run up to launching a new product, we have put together some top things for you to consider to ensure it goes as well as possible. From the basic checks such as finding out how long international payments take, to quality control, you need to make sure everything is watertight. In this article we take a look at some top things to consider when launching a new product.

Do your market research

The first thing you need to do prior to your product launching is market research. You should identify and understand your ideal customer, marking out their demographic, preferences and things like age, geo location and why they will be interested in what you’re offering. Check if there are other products similar in the market and study the strengths of these, their weaknesses and identify what you can do better. You can validate your research and ensure its place in the market through things like surveys, focus groups and MVP (minimum viable product) testing.

Consider your marketing

Once you have your product, you need to think of how you will market it. You could have the best new product in the world, but if you don’t market it properly, it’s just not going to do well as it could or release its potential. Make sure you develop a strong brand identity, with an easily recognisable logo, beautiful packaging and strong messaging. In the lead up to the launch, use teasers and waitlists, collaborate with influencers and use PR to get the word out there that something exciting is coming. You want to build the buzz in the lead up! You could offer discounts or exclusive updates to those that sign up early.

Time your launch well

The timing of your launch is everything. Try and avoid launching anything during major holidays such as thanksgiving, black friday and Christmas as these times tend to see discounts and sales and a completely flooded market. Think about what the purpose of your product is and what time of year would suit it best. For example, a skincare product with a good SPF is best being released in time for the summer. These are all things to keep in mind.

These are just a few things for you to consider when launching a new product that are sure to make it a success. You want everything from the timing of its launch, to the product itself to be impeccable to ensure your reputation soars, you make plenty of sales and that you receive plenty of press. What are some top tips you have for launching a product to ensure it goes well? Let us know in the comments below, we’d love to hear from you.