Launching a new product can be quite the challenge. It often comes with great trepidation. Will our product succeed in the marketplace? Will our customer's like it? Will they even know that it's there? You know the drill.
So what can you and your product launch team do to improve your firm's odds of success?
Here are 10 questions that you must answer to assure a great lift-off for your new product offering:
- What is "it"? Describe the product and determine its value proposition. Work to make it compelling. You want it to become indispensable in the hearts and mind of the consumer.
- What is the "right" name for it? Don't just shoot for "cute!" Be sure that the product name is memorable. Think Beetle, Big Mac and IPhone.
- What's the business model? How will you sell, distribute and service your products? Do you need agents, partners etc.?
- Can it be "modularized" in some way? Can it be customized? What comes with the base model? What are the options? Pricing? Ordering?
- What the online presence look like? Do we re-brand online offering or create a new product package for the online consumer? Will online be a place to order? Customize? Or just a sales brochure / information destination?
- What is our internal communication / marketing approach? How do we get the rest of our company aware of our new product or service? Town Hall meetings? Newsletter? All of the above?
- What is our go-to-market communication / marketing approach? You have to consider collateral and its requisite messaging. So, you need a plan that describes actions and timing. Also, consider the medium in which your marketing content will be delivered.
- Do we pilot before widely marketing the offering? This is an essential question. Do you need to test the product acceptance and gauge consumer reactions to it. If so, what's the plan?
- Who are our "pilot" targets? Even if it's deemed that testing isn't important or appropriate, go through the exercise of determining the answer to this question. It will make your launch stronger by forcing you to consider various reactions to this question. If you were to pilot.
- How do we price the offering? Yep, have to determine the pricing model. Include variations like volume discounting and other selling / pricing options. Veteran discount? Rebates? Initial offering pricing? Etc.
To close, you may like to consider these questions a checklist of sorts. You ask and answer these questions, folding the responses into a product launch plan that you execute accordingly.
I recognize that these are basic questions. However, the answers to them will forge a solid foundation for more sophisticated marketing and advertising plans. If you need someone to bounce some ideas off of, I'm always here! Feel free to reach-out directly. I'm happy to help you plan your next new product launch. And, best of luck!