When launching a brand new product in a small business, there are often two distinct paths this process can take. You might be very successful in selling the product, or it might fall flat. Fortunately, there are a few steps you can take to increase the chances of launching a successful product. Bert Seither, The Startup Expert™, explains:
1) An appropriate name is a must.
Selecting the right name for your new product is almost as significant as choosing a name for a newborn. While you may be able to change it in the future, a product’s name is often attached to it for a long time, especially if you trademark it. So tread carefully when deciding on the best terms to use. Make the name appropriate, creative, catchy, and short. These characteristics are integral for marketing, name recognition, and other purposes.
2) Define the product’s benefits.
Bert Seither, The Startup Expert™, says one of the most important aspects of launching a new product involves determining how it can benefit others. Make a list of every single benefit or positive aspect you can come up with. Share your product idea with others, and make notes of what benefits they think of. The primary selling point of any new product revolves around how it will help or bring joy to consumers. How it is unique from other items is certainly an important consideration as well.
3) Consider your market.
Think carefully about what your market actually is. Will this product benefit consumers of a certain age, demographic, or location? What is the socioeconomic status of your potential customers, and what is their buying power? In other words, how much do you think they’d be able to spend on your new item? On this front, it’s also wise to consider where you will sell this product – in a retail store, online, etc. This is a must so that you know what the most effective way is to put as many products as possible into the maximum number of eager hands.
4) Create prototypes and share them with others.
If it makes sense, consider creating prototypes of your product. You can do this by going to a manufacturer and giving them specifics on how to design your item. Give out these prototypes to family members, friends, acquaintances, and even potential customers you meet at trade shows. Have them test out the product and give you feedback on it. This is an excellent way to work out the kinks before having these items mass-produced.
5) Set a reasonable price.
You don’t want your product to be too cheap so that you get a low return on investment (ROI). At the same time, it shouldn’t be too expensive to the point where nobody is willing to buy it because of the cost. Account for any production/manufacturing costs. Compare it to any similar items on the market and what their prices are. There’s no magic formula for this because every item out there is different, but taking a reasonable approach is best.
6) Consider the best launching pad.
How are you going to launch your product? More specifically, how are you going to make others aware that it is available? Bert Seither, The Startup Expert™, says this generally ties into marketing. Are you going to post pictures of it on your website and social media pages? Are you going to launch a billboard with a model demonstrating the product? Will you buy ad time on TV for an infomercial? Define the best launching pad where you can reach your largest potential customer base. Then press “Go!”