You might be working on a product that you believe will be the next big thing in your particular industry. Congratulations! While you may have a great idea, you need more than that to be successful in a highly competitive marketplace. Therefore, here are six things to consider when launching your product:
1. Timing is everything
You want to start early preparing for a product launch, but also be careful about precisely when that launch will be. Analyze your market carefully to determine the right season to release your product to the public.
It sounds silly, but timing is everything. Think about when consumer companies announce a new product (like the iPhone). It’s usually before the Christmas rush, but in enough time for people to understand it and buy it.
2. Good branding is essential
Many consumers are highly visual people, which is why you want to ensure that your packaging and branding is appealing to the eye. Meanwhile, your product’s name should be catchy yet simple to promote good brand recognition.
3. Are you targeting the right consumer base?
Maybe you assumed your product would be best for a particular age group, but quickly discover it’s more well-suited for a different demographic. If this is the case, don’t force your product on a consumer base that doesn’t want or need your product. Roll with it and refocus.
4. How will you market it?
Maybe you will make use of social media marketing or prefer more traditional advertising approaches. Whatever the case, carefully strategize exactly how you plan to get word out about your product before the launch date draws near.
5. What about your competition?
You don’t want to release a product into an overcrowded marketplace unless you have something revolutionary to offer. Make sure you know what competition you’re up against and how you should best handle their competing sales.
6. Don’t forget to be patient
While you might be expecting a highly successful release, remain patient if this isn’t the case. Sometimes, good ideas and products take time to catch on and you need to remind yourself not to grow discouraged in the meantime.
Speaking … or writing … of new products. We know a lot about new products. This year, we’ve launched unified communications, our cloud communications offering called ReadyTalk Hosted Voice. We also launched our new replay feature with a platform, ReadyTalk Illuminate. FoxDen, a ReadyTalk product, continues to innovate and release new features. And we’re not slowing down. In following weeks, you can read from our product managers who make it all come to life. (They’re awesome.)