The release of a new product is a big moment in your company’s history. It could be a physical product on the shelf waiting to be picked up by customers or shipped to them across the world, a digital license, entitling them to use software you’ve designed in a specific way. Or, a package of your consulting experience and expertise – the definition of a product is broad. But, the day you launch it onto the marketplace could be the most important day of your brand’s history.
Unfortunately, it could be important for both good and bad reasons. A successful new product can bring in more revenue, attract new customers, boost your brand and make you more visible and attractive to customers for years to come. An unsuccessful product launch can have the opposite effect – you cannot recoup the money spent on research, development, manufacture, storage and marketing. And, your public demonstration that you don’t know what your customers want can deal a serious blow to your reputation.
One of the most common ways for a new product to go awry is a lack of early preparation and re-search. Successful new products have come out the inspired vision of one single creator. But, if you follow this route, you’re essentially gambling that your gut feeling about what people want happens to match reality perfectly.
You’re more likely to succeed if your concept development and testing process is infused with data. Before you produce your earliest prototype, partnering with a market research company can help you understand. What people want, how people use your existing products and. Therefore, how you can engineer a product that appeals to their needs and slots into an under-served gap in the market.
You can continue this approach to research and development as you start designing your new product. Testing each design – whether it’s a physical prototype or simply an explanation of what the product is and will do. With a representative sample of your audience lets you see whether your impulses about what people want in your products are reflected in reality. And, gives you ample time to course-correct before launch day. Feeding the results back into the next iteration of your design process means when launch day comes. You’re releasing a product that you can feel confident your customers will leap at!
Launching a Product Well
Picking the date of your launch is another way your new product can either succeed or fail. If you release on the wrong date, when your competitors are also launching new products, or people simply aren’t looking to spend money in your sector. It can result in your product becoming lost and squandering the boost that novelty gives you.
More market research can help you to identify the best time for you to schedule a product launch – even if it means waiting for some months with your product complete and ready to go for the right launch window when people have money to spend with you and your product has the space to shine!