When it comes to launching a new product or service, success isn’t defined by whether or not you launch “on time.” Many mistakes can be avoided by slowing down, thinking through the entire campaign strategically and ensuring all ducks are in a row before pontificating your news to the world.
Here are four key things to consider before your announcement which will help reduce the risk of failure on launch day:
Failure to test
Make sure you have a deep understanding of the challenge you’re looking to solve. From organized focus groups to simply testing it out with friends, family and colleagues, do your homework in advance to know that your launch will achieve the goals you’re expecting it to.
Know your competition
The last thing you want to be remembered for is a launch that may position your product as a “me too” version of that which already exists. Always offer something that’s new or different, which will lessen the chance of being seen as simply following a trend.
Develop a strategic plan for post-launch
From a thoughtful evaluation of the market in which you’re entering to a detailed SWOT analysis of the competition, do your homework in advance to help ensure success after launch day.
Start planning now for the next launch
Take careful note of what works and doesn’t work during this launch so you ‘ll be set up for another round of success when you launch version 2.0. Stay tuned into customer feedback in order to make any necessary adjustments the next time around.
Thinking of launching a product and want some advice? Drop us an email or comment below.
2 thoughts on “Four Actions To Take Before Launching A New Product”
Great advice, David – especially “know your competition.” Most folks don’t do their research beforehand and businesses who don’t pay the price afterwards.
Great advice David! I now just need to come up with my million (billion?) dollar idea.
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