The Complete Guide To Launching A New Product
Entrepreneurs are always looking for ways to improve their business. They search long and hard for tips and hacks that will drive them forwards. Typically, everyone is after the answers to the same questions. How can I get more customers? How can I make more money? These are the two most asked questions by business owners for sure.
It’s natural, of course, why wouldn’t you want to have lots of customers and make lots of money? The problem is, people tend to think that there’s an easy answer to this question. A quick tip that they can read and suddenly become successful.
However, the truth is, all successful business owners have worked hard to get where they are today. They haven’t cut corners and tried to do things with minimum effort. They’ve put in hours and hours of dedication to get their business to the top of the table. And, if you ask any top business owner what the key to success is, they’ll all say the same thing. Every one of them will come back to you and say that quality makes you successful.
Selling quality products that people want to buy. If you sell the best products out there, then you’re going to find it much easier to be successful. You might have the best sales and marketing team out there, but if your products aren’t up to scratch, you’ll fail.
So, bearing that in mind, I thought I’d bring a guide to you all today. I know a lot of you have read the paragraph above and are now eager to know what makes a quality product?
Well, in this guide, I’ll talk you through everything you need to know about a product launch. From the idea stage, right the way through to when it’s selling out fast. By the time you’ve finished reading this piece, you’ll have all the knowledge to go out there and make a high-quality, fast selling, product!
The Idea Stage
It goes without saying that new products need to be thought through properly. You have to spend a lot of time coming up with a great idea that you know will be a hit. Get together with your product design team and start mulling things over.
The first thing you’ll want to do is conduct market research. Take a look at what types of product is selling well in the world today. This can help you understand the type of product to create. For example, technology is selling extremely well these days, especially smartphones.
So, it could be a great idea to think about designing some new and cool tech. It could be something that links to smartphones, or, a new phone itself! Of course, this is just one example out of many. By doing some research, it can help point you in the right direction.
I also recommend that you listen to other people’s ideas too. Get everyone together and have a big brainstorm. Then, you’ll be able to collect various ideas and narrow it down to the perfect one.
Your Target Market
Once you’ve come up with an idea for your product, you need to define your target market. Think about the type of people that will be interested in what you plan to create. To do this, you need to conduct extensive research. One idea is to draw up some questionnaires and ask people the questions.
You can do this by going out on the streets and talking to people, or, email questionnaires to people. It’s also worth having the questionnaire on your website, so people can fill it in when they’re on there. Also, share it on social media too. Another idea is to hold focus groups where you can talk about your new product.
What both these ideas will do is allow you to narrow down your target market. You can get info like age, gender, personal interests, etc. And, tell them about your idea and see if they like it.
Shortly, you should see a pattern appearing. People from the same age bracket, with similar interests, will like your idea. When you have your target market, it lets you understand things more clearly. You’ll be able to make a few changes to your product to help it appeal to them even more. Also, it gives you more ideas for the packaging design, as you want it to please your target market.
Creating Your Product
Now, you’re ready to think about creating your product. You have all the knowledge on hand to make it look and function as perfectly as possible. When coming up with the idea, you should have a team of designers making mock sketches for you.
Now, you have to pick the best one and start the manufacturing process. Think about what materials you’ll need, and where you can get them from. You may find that parts of your product have to be manufactured elsewhere. Then, you can bring everything together with your own manufacturing team.
Obviously, some things are going to be easier to make than others. For example, clothes are far easier and cheaper to make than anything tech-related. The important thing is that you get your product created, and make sure it functions properly. This means you have to spend a lot of time running tests to ensure everything is fine.
Even if you’re making clothes, you need to test that they don’t rip easily and don’t cause rashes, etc. Test your products before you finish the creation process.
Also, don’t forget about packaging. Your new product has to be packaged in one way or another. Think back to your target market, and create packaging that appeals to them. Use colors and designs that stand out, and will have people going crazy.
(Pic via: https://goo.gl/rcvTAU)
Marketing & Launching Your Product
So, you’ve got your new product created, now what do you do? Before you start selling it, you have to have a proper product launch. This means marketing it so as many people know about it as possible. To do this, you need a strong internet presence.
You need to get adverts created and plaster them around social media and other websites. Make the world know that you’re about to launch something great. You could do a launch countdown on social media too. Each day you count down to the release of the product. Perhaps you can post a blurred out photo of the product and reveal more of the image each day. This helps create hype and get everyone excited.
Of course, you need to think about your product launch too. How are you going to reveal it to the world? The best way to do this is by hosting an event. Rent out a large conference hall or hire a massive tent to host the event in. Gather the crowds and put on a proper show. Put on a proper show, with live entertainment and everything. You could even view The POET Companies website for more info on live entertainment product launches.
The aim is to get everyone excited and having a good time. Keep them happy, and then, when they’re at their peak level of excitement, you launch your product. The crowd will go crazy, social media will blow up, and everyone will be talking about it. Then, end the night with more entertainment, making it an event no one will forget. The next day, expect to see everyone going mental about your new product launch.
Selling Your Product
After creating so much hype, you should see impressive sales figures from the start. Of course, you need to think about how and where you’ll sell your product. Personally, e-commerce is the best idea; it can lead to more sales.
You should sell it directly from your business website, along with all of your other products. If this is the first product you’ve ever created, then you’ll need to set up an online store and start selling.
Also, it would be a good idea to contact other companies and come to a sales agreement with them. They can sell your products for you, and will pocket a percentage of each sale. Sure, you don’t get the full price for each sale, but you should see way more occurring. Especially if you work with a big company with a large customer base. You’re essentially using them to get more money.
Furthermore, you need to continue to focus on marketing, and to promote your product. Eventually, the hype is going to die down a bit. So, you need to ensure that people remain aware of your amazing product. And, if sales start to do poorly, you can consider some additional measures. For example, reduce the price for a limited time to see the sale figures spike again.
And there you have it; the complete guide to launching a new product. Hopefully, this has helped you figure out everything that needs doing.
Now, you can use this guide to help you design, create, and launch an incredible new product. Put in the hard work creating quality items, and the money will soon come in.