Successful new Product!
Step 1: Market study
Every day new products and services come to life but still many of them don’t work out and fail in the end and that is because the creators don’t know the market. Doing a market study can be the thing that will make your product successful, and it shouldn’t be ignored, it will help your product launch to hit “the right buttons” in the client and will make sure that it will satisfy the customers’ desire.
So before launching your new product, consider these 5 steps of market research:
1. You should know your market and your competition.
With a product launch you should know your competitors, and what products and services they are proposing. Though you might think there’s no competition for your new product, you need to think like the client and consider what they could buy instead of what you’re preparing to offer. Check your competitors’ marketing materials, and estimate how your new product will compare against what’s available. Where will you shine? Which companies or products are the biggest threat to an effective launch?
2. Target your customer.
To get the best results for your marketing with the minimal price, it’s vital to focus on those who are most likely to buy from you. Maybe they are at the moment thinking about buying a similar product and will appreciate your new product’s added features. The best clients realise they have a need for your product, have the capacity to buy it and have already shown a willingness to purchase (perhaps by buying from the competition). Usually, it is easier to fulfil an existing need than it is to create a new one.
3. Plan your unique value proposition.
What is the reason as to why people want to buy from you, compared with the competitors? What are you offering that makes you stand out? Not only does your new product or service have to be outstanding and meet your customers’ wishes and needs, but you must be able to explain why and how it does so. This is your Unique Value Proposition, and an easy way to find one is by talking with customers and see what they value and want.
4. Establish your marketing strategy.
At this point, you should already know your market and how you should sell your product or service.
What channels should you use — via retailers? Catalogues? Online? Using multiple channels is, as most marketers know, a crucial step. Nowadays, online marketing is one of the most popular ways to promote your product so make sure to be informed on that.
5. Finalize your marketing campaign.
When the day comes to launch, you should employ advertising and public relations to maximise the effect of your new product launch. Media relations, for example, can help you get articles and publicity. Just make sure that your product is completely ready for purchase — because if the product isn’t in stock when the publicity hits, you risk that consumers may be disappointed and lose them.
You shouldn’t forget about your market research, especially in the first few weeks, you’ll want to watch the results of your campaign and solve the problems of your strategy and focus on what works best.
Step 2: Create a product
The difference between successful and bad products happens during product development. Many inventors have great ideas, but the ability to transition those ideas to salable products, might be harder. You can master to create your product into something that will sell, arrange testing, and develop into a successful enterprise.
1. Design your new product.
To start off, you need to find out what you’ll produce and analyze what your customers will be needing in order for your product to not fail. What’s missing from the marketplace? What do people want?
2. Collaborate with designers and come up with multiple options.
It is already a good start to have your concept but you’ll need someone to help you with the design, depending on your skills you might need some help.
A good innovator fabricates a great product to satisfy a consumer’s need. A great innovator comes up with five options. Try to study the issue that you’re trying to fulfil from different directions, considering about as many alternative ways of solving the issue. Don’t be pleased with just a single model to work with, try to find more, in case a model should fail.
3. Create a prototype.
Once you’ve found some good ideas and collaborated on designs, get a working prototype together and start testing it out. Depending on the nature of the product, this might take some time, or maybe in the best case scenario it will be quickly.
Perhaps, you’ll also need to find funding for your prototype maybe by presenting the idea to investors.
When you have your prototype, you’re ready to start developing and testing.
4. Test your product in the market and your overall approach.
How will your product come off when your clients use it? In the end, the customer’s reaction will define which features to emphasise and which marketing approach to use, so product testing is vital. The most simple product test is to have a research participant try a single product and fill out a survey on the key performance indicators. Another test is to go into the various sensory qualities (appearance, flavour, etc.) and try sophisticated video recording and observational techniques.
Don’t forget to test your marketing message and marketing materials too. You’ll be spending a lot of money on advertising, so make sure your ads, publicity and packaging will be well-received by the customers. You might want to do traditional focus groups to small intercept studies or more importantly online research.
5. Check your product’s lifecycle.
Finally, if you’ll start to see points of diminishing return that means that you should start to change your marketing campaign, verify the packaging, modify the product itself, or even start thinking about what is in store for your next big idea.
#business #businessgrowth #strategy #entrepreneur #entrepreneurship #startup #businessowner #consulting #motivation #success #marketing #setup #structure #leadership #luxembourgbusiness
Step 1: Market study Every day new products and services come to life but still many of them don't work out and fail in the end and that is because the creators don't know the market. Doing a market study can be the thing that will make your product successful, and it shouldn't be ignored, it will help your product ...
Successful new Product!
Step 1: Market study
Every day new products and services come to life but still many of them don’t work out and fail in the end and that is because the creators don’t know the market. Doing a market study can be the thing that will make your product successful, and it shouldn’t be ignored, it will help your product launch to hit “the right buttons” in the client and will make sure that it will satisfy the customers’ desire.
So before launching your new product, consider these 5 steps of market research:
1. You should know your market and your competition.
With a product launch you should know your competitors, and what products and services they are proposing. Though you might think there’s no competition for your new product, you need to think like the client and consider what they could buy instead of what you’re preparing to offer. Check your competitors’ marketing materials, and estimate how your new product will compare against what’s available. Where will you shine? Which companies or products are the biggest threat to an effective launch?
2. Target your customer.
To get the best results for your marketing with the minimal price, it’s vital to focus on those who are most likely to buy from you. Maybe they are at the moment thinking about buying a similar product and will appreciate your new product’s added features. The best clients realise they have a need for your product, have the capacity to buy it and have already shown a willingness to purchase (perhaps by buying from the competition). Usually, it is easier to fulfil an existing need than it is to create a new one.
3. Plan your unique value proposition.
What is the reason as to why people want to buy from you, compared with the competitors? What are you offering that makes you stand out? Not only does your new product or service have to be outstanding and meet your customers’ wishes and needs, but you must be able to explain why and how it does so. This is your Unique Value Proposition, and an easy way to find one is by talking with customers and see what they value and want.
4. Establish your marketing strategy.
At this point, you should already know your market and how you should sell your product or service.
What channels should you use — via retailers? Catalogues? Online? Using multiple channels is, as most marketers know, a crucial step. Nowadays, online marketing is one of the most popular ways to promote your product so make sure to be informed on that.
5. Finalize your marketing campaign.
When the day comes to launch, you should employ advertising and public relations to maximise the effect of your new product launch. Media relations, for example, can help you get articles and publicity. Just make sure that your product is completely ready for purchase — because if the product isn’t in stock when the publicity hits, you risk that consumers may be disappointed and lose them.
You shouldn’t forget about your market research, especially in the first few weeks, you’ll want to watch the results of your campaign and solve the problems of your strategy and focus on what works best.
Step 2: Create a product
The difference between successful and bad products happens during product development. Many inventors have great ideas, but the ability to transition those ideas to salable products, might be harder. You can master to create your product into something that will sell, arrange testing, and develop into a successful enterprise.
1. Design your new product.
To start off, you need to find out what you’ll produce and analyze what your customers will be needing in order for your product to not fail. What’s missing from the marketplace? What do people want?
2. Collaborate with designers and come up with multiple options.
It is already a good start to have your concept but you’ll need someone to help you with the design, depending on your skills you might need some help.
A good innovator fabricates a great product to satisfy a consumer’s need. A great innovator comes up with five options. Try to study the issue that you’re trying to fulfil from different directions, considering about as many alternative ways of solving the issue. Don’t be pleased with just a single model to work with, try to find more, in case a model should fail.
3. Create a prototype.
Once you’ve found some good ideas and collaborated on designs, get a working prototype together and start testing it out. Depending on the nature of the product, this might take some time, or maybe in the best case scenario it will be quickly.
Perhaps, you’ll also need to find funding for your prototype maybe by presenting the idea to investors.
When you have your prototype, you’re ready to start developing and testing.
4. Test your product in the market and your overall approach.
How will your product come off when your clients use it? In the end, the customer’s reaction will define which features to emphasise and which marketing approach to use, so product testing is vital. The most simple product test is to have a research participant try a single product and fill out a survey on the key performance indicators. Another test is to go into the various sensory qualities (appearance, flavour, etc.) and try sophisticated video recording and observational techniques.
Don’t forget to test your marketing message and marketing materials too. You’ll be spending a lot of money on advertising, so make sure your ads, publicity and packaging will be well-received by the customers. You might want to do traditional focus groups to small intercept studies or more importantly online research.
5. Check your product’s lifecycle.
Finally, if you’ll start to see points of diminishing return that means that you should start to change your marketing campaign, verify the packaging, modify the product itself, or even start thinking about what is in store for your next big idea.
#business #businessgrowth #strategy #entrepreneur #entrepreneurship #startup #businessowner #consulting #motivation #success #marketing #setup #structure #leadership #luxembourgbusiness
