Running your own company is a tricky business. Which is why, when it comes to launching a new product, you’ve got to get things spot on if you want it to be a success. With so much to consider, you’re probably terrified of messing things up. However, fear not. Here is our guide to the six things your business simply has to get right when launching a new product – check it out!
First off, your company is going to need to ensure that your idea is a unique one. Unless you are purposely trying to dominate a crowded market space, your concept must be individual in order to succeed. The worst thing you can do is unknowingly launch a product that is almost identical to another and get sued for copying the original. Nobody wants an expensive and lengthy lawsuit on their hands! Avoid this mistake at all costs. Go back to the drawing board if you have discovered that your product is too similar to another. The most successful product launches come when a company introduces a product that is the first of its kind. One that has no competition or is class-leading. If you’re struggling to grasp what we mean, then think about when Apple first introduced the iPhone. It was a game-changer, and your concept needs to be exactly that!
Next up, you need to work out what target market you’re aiming to hit with your new product launch. There’s no good tailoring your product to match the desires of today’s youth if it’s going to be elderly people who are interested in it. Market research is, therefore, a crucial step that all companies must undertake when creating a new product. This doesn’t have to be a costly or lengthy process. Simply stand on the high street and survey people, or better, show them a couple of prototypes of the product that you are creating. Hopefully, you’ll receive some positive responses. Or, at least, some constructive criticism that will help you improve your concept. Knowing your target market is also going to affect how much consumers are willing to pay for your product. So, be sure to quiz your surveyees on how much they would expect to have to pay for your prospective product. This is a surefire to make sure that you don’t oversell or undersell your product. You want to hit that pricing sweet spot to ensure that your new product is flying off the shelves of retail stores nationwide!
Health & Safety
Next up, is an arduous inevitability. Nothing gets through trading standards these days without it being health and safety checked. So, spare your blushes by making sure that your product passes with flying colors! After all, you don’t want to have to recall an item because you have then discovered that it is unsafe after launching it. Go through a thorough testing process to ensure that no harm can be done to anybody using your product. If it makes use of electricity, ensure that you have a fuse on board to avoid any damage. Similarly, if your product has sharp edges, consider smoothing them during the manufacturing process. This will avoid harm to the user. See how your product stacks up against health and safety regulations online before submitting it for testing!
What’s in a name? Everything, some argue. There are a number of thoughts you should be having when choosing one. This website covers most of them – distributedmarketing.org/2013/09/16/whats-in-a-name-15-criteria-for-naming-a-brand-or-product. So, nailing the name of your product is vital to its business success. A name has got to do a lot of things, first off. It needs to give, at least, a vague description of what your product does. So, from instantly reading the name people have some idea of what that product might be able to do for them. Association is important within this tough business world. Secondly, a name needs to be catchy, memorable and must stand out on a store shelf. Don’t make it long and overcomplicated. A name must be easy to utter and hard to forget! So, a big brainstorming session is in order before launching this product of yours! If you’re launching your product worldwide, then your name also might need to be somewhat universal. Pick a global language such as English or Spanish to name your product with. This will help with sales worldwide, massively.
Next up, you’ll need to sort your packaging. This is a pivotal factor when ensuring a strong brand image across your product. On sites such as www.CLSmith.com, you’ll find a number of packaging solutions. There are a wide array of packaging companies out there, who all offer a variety of custom-designed packaging solutions. So, why not invest your time and money into the skills of a third-party packaging expert when designing your product? It only makes sense to get the best branding for your product. Great packaging makes a great product. It must be informative, yet clear, and vibrant, while standing out on the shelf. Your branding will need to incorporate your product name well, too. So, if you’ve gone for quite a sleek and professional name, you may opt for ‘quieter’ packaging. However, if you’ve gone for quite an abstract product name, then you may wish to package your item in something more colorful and alarming! Brand image is everything.
Finally, you need to get your launch campaign spot on if you wish to make this product a success. This largely comes down to your advertising and marketing plan. The first step you should do is use your business’ social media channels to build up a buzz or a hype surrounding your new product launch. This could create a global anticipation for what you are about to launch. Now that your product has gone through this rigorous checklist, it should massively deliver on the global stage! Make use of media advertising space to promote your product. TV ads, radio commercials, anything of that sort is all great publicity for your product.
Hopefully, this post has helped your business create an ingenious new product. If so, we hope it brings you every success.