2014-07-17 00:00:00GeneralEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/product.jpghttps://quickbooks.intuit.com/in/resources/starting-a-business/are-you-ready-to-launch-a-new-product/Are you ready to launch a new product?

Are you ready to launch a new product?

2 min read

Launching a new product or service can be quite a daunting task. There is a lot of planning and strategizing involved, and what worked for an existing product may not work for a new product. This could be due to its target audience or the product features that need to be marketed differently. Here are a few points to consider when you’re preparing your company for a new product launch: 1. Be aware of your audience’s preferences: Knowing your audience is vital, and it is important to know exactly what their preferences, purchasing power, spending habits, location and more are in order to be able to provide a solution for their pain points through your new product. Spend time collecting data on them, analyzing and observing patterns in consumer behaviour in order to be able to make your product stand out as a must-have. 2. Marketing should be ongoing: Marketing is not a one-time investment. Focusing on marketing your product only when launching it is not enough. Continue to spread the word, run campaigns and invest in sales and marketing for your product even after its initial launch days. 3. Keep it precise: The information you provide about your new product must always be easy to understand and accurate. Don’t get too much into the nitty-gritty of your product when designing the catalogue or instructions. Keep it to the point, clear and concise so that any potential consumer understands what you offer as soon as they read about it. 4. Consider your competitors: Those in direct competition with you, or your potential competitors will definitely have a strategy in place to capture your market share and stay at the top. Visit their websites, find out how they woo potential customers, and learn from their trials and errors in order to perfect your own marketing strategies. This will help you gain an edge over them in terms of positioning your product. 5. Use the power of social media: Word-of-mouth is powerful and social media is a tool most marketing managers can’t afford to ignore. Get your marketing team to work on effective social media strategies for Twitter, Facebook and other social channels. These channels are hugely popular for creating pre-launch buzz, and shareable content will get your company and your product noticed. Starting out with a new product definitely brings challenges, and it can be difficult to gauge whether it will be well-received. However, if you follow the above steps and do your research in advance to anticipate the market reception of your product, it should be smooth sailing.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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