Launching a new product may seem like one time event, but it has far-reaching effects on your company. A successful product launch requires great timing. Many companies launch products in urgency to capture market share, but rushing could spell doom.
Many startups launch their products too early to meet deadlines or to beat competition. A poor product launch could lead to fewer sales, frustrated customers and negative ROI. On the other hand, a well-planned product launch could lead to better sales, happy customers and a better outcome.
Here are the 5 key Steps for making your Product Launch a huge success.
Rigorous Testing before launch
In today’s ever-evolving consumer market, technology is the key to success. Customers have new touch points to evaluate your products. So, it is crucial for you to test your product thoroughly before launching. Moreover, Testing can help you identify glitches in your product. This will help you time to rectify errors in your product before launch.
Prepare your team
Before the launch, your teams will have to adjust to new processes, which can be difficult. It is necessary to give your team members adequate time and resources they need to acquaint themselves with the new product. Set realistic short term goals to motivate your staff. Moreover, a new product can bring a sudden increase in sales. Make sure that your team is well prepared for the increase in sales volume and complexity of work associated with it.
It is a well-known fact that an accurate launch calendar is crucial to a success of your new product. Decide a launch date and come up with a realistic timeline for all the teams involved. Your product launch schedule should cover each and every step that you need to take to achieve your goal. It is also important that your entire team should be aware of the launch schedule so they can prioritize tasks accordingly.
Don’t forget your core business
It is natural to shift focus onto an exciting new product but do not neglect your existing core business. There should be a balance between new product and sustaining your established core business. Set realistic goals, and regularly gauge how well your product meets those goals
Positioning your product
Trust is a critical factor in launching a new product. One of your prime objectives during a product launch is to establish trust in your market. Even if your company or brand is already an established one, you’ll still need to convince customers that your product is a solution to a known problem.
While there is no guarantee that a new product will become an instant hit among consumers, proper planning and timing your launch can make your product debut memorable among customers.