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Magazine How to Launch a New Product Launching a new product can be an exciting time for any company.
Whether it is the first product the company has offered, or an addition to an already existing line, the enthusiasm and buzz in the air is contagious as dreams of instant success abound.
Before presenting your product to the masses, however, there are a few things that every company needs to do to prepare for the big reveal. Before sending out the press releases, spend some time doing a little introspective study.
Evaluate the readiness of your company before starting to publicize your new product. Can your company support fast, overnight growth? Do you have protocol for handling customer inquiries and needs in a customer service department? If the answer to any of these questions is no, delay the product launch until you have sufficient resources available.
At the very least, establish a plan for acquiring the needed resources as needed before going ahead with the product launch.
Evaluate the product itself When a company begins to prepare for launching a new product, there can be a tendency to sensationalize the product. Marketing personnel, ambitious sales personnel and even company executives can set their stakes on the wonderful new product they have.
Taking a realistic evaluation of the product before releasing it to the public is vital to the launch success.
Has the product been thoroughly tested? Does it deliver consistent results? Asking hard questions internally will not only help improve the product, but will help to ensure that the product is ready to be launched.
It may be tempting to overlook the negative responses, but doing so may be putting your product and your company in peril. Evaluate the market Most likely, there has been market research performed in preparation for the launch.
Take a close look at the results of the market research to make sure that there is a market for the product. If your product is a niche product, is there enough of a market to support the product?
Does the available market have a place for your product? Conducting market research can be time consuming, but can lead to vital information that will help direct the launch of your product. Identify the feasibility of the market to accept your product, as well as the specific market that your product will appeal to.
Market identification can help you to target that audience for your launch, increasing the chances for a successful launch. Research the competition During your market research, be sure that you are evaluating not only the potential market for your product, but thoroughly investigating the competition.
As you study the competition, look for some specific details that will help you not only shape your own product launch, but will give you essential information about the market that your product will be placed in.
Listing the top market competitors will help you study both their products and their marketing techniques. What service or product do they choose currently?
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