Releasing new products can be crucial to your business growth and market competitiveness. It’s becoming more important than ever to streamline the process. Having a simple and focused plan for your company can make it an easier and somewhat painless process each time a new product is launched. Here are the basic steps to follow when customizing your own product launch plan:
Ideas can come from anywhere – employees, current customers, competitors or market research. These ideas will guide the rest of the process, in a way making this the most important step. Think about what makes sense in the current market and what will be an agent of change and development for the company, moving it forward for long term growth. Remember during the brainstorming process no idea is a bad idea!
Now is the time to determine which is the best idea to pursue. Profitability, resource availability and feasibility can all be determining factors in this process. Some simple requirements can make it easy to filter out the “bad ideas” right away:
- How much is this production and launch going to cost the company?
- Is it worth the investment?
- Do people need the product?
Working through several different road-maps will help you determine which is the best product idea and plan for your company.
In order to determine if the product will be a success in the market it is important to start the screening process early. Testing the product in beta or with smaller test groups can give you an idea of how the market will react to your product. This soft launch will create buzz on it’s own and give you time to work out any bugs before mass release.
Product Development and Commercialization
This is where the marketing team gets involved with pricing, marketing and sales to really push the product release. Determining a specific launch plan can help you avoid headaches in the future. All of the market research and testing can lead toward an effective promotional campaign for your new product.
Over time your company will mold its own strategy for an effective product launch, but creating a basic process to follow will make for less stressful launches in the future.
Image: Courtesy of Chemists Corner