Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author

How to successfully launch a new product or service

How to successfully launch a new product or service

Why launch a new offering from your company?
There are three principle reasons that new products are launched, they are as follows:

1. To satisfy additional customer demand.

2. Spotting an additional way of adding value to your existing portfolio, in a new or existing niche.

3. As a means of diversifying, to either grow the business, or to protect future earnings as a cash cow, reaches end of life.

If you have not already decided to add to your offering, it may be worth checking to see if any of the above criteria are applicable to your company.

So let's assume that you have decided to launch your new product or service, your first step is to examine, if the business case stands up in its own right.

This simply means that you need to write a business plan, as though you were launching a new company. The only key difference is that you will be able to factor in existing resources that you will use to make, market, sell and service your new offering. You should also look at the impact the new venture will have on your existing business.

I am assuming that you know how to write a successful business plan, if you need any help, you may wish to register for a free consultation.

The key market planning activities
Let us turn our focus on to the key marketing planning activities that you need to embark upon:

* Research your target market - You will need to gauge the size of the market, and their propensity to buy this new offering.
* Price your Product - A previous article, pricing for profit, will help you with this.
* Test your offering - This is absolutely vital, and the remainder of this article goes into detail, on how that should be done.
* Launch your Product - Your testing will have helped you create your marketing plan, and this is what you will now set into action.
* Sell and service your offering - finally you must ensure that you have capacity to meet demand. Nothing kills a new product's future success than potential customer's inability to get hold of the product.
* Testing your new Product or Service
* If possible the best group of people or companies to test a new product with is, your existing customers. If you have serviced them well in the past, they are far more likely to do you a favour, and give you honest feedback.

If the new offering is not applicable to your existing customer base, then pick a test group, as representative of your identified target market as possible. They should also if possible be conveniently located to you, so that you can respond rapidly to any teething issues that may arise.

Your test customers, not only help identify any issues, most importantly, they will provide you with testimonials, which demonstrate the following.

* Why they need or desire your offering in the first place?
* What is unique about your offering?
* What your offering enables them to do?
* How they put a value on it?
* Why they believe it is superior to doing it themselves or using a competitor?

Assuming your testing goes well and you decide to do a full blown product launch, you have now created the marketing message that you should use through the testimonial process.





How to successfully launch a new product or service - To learn more about this author, visit Peter Lawless's Website.

Like this article? Share it with your friends

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback
Staging Diva
Debra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website

Jay Kubassek
(Jay's Full Bio: EvanCarmichael.com/jaykubassek)  In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.

 

As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)

 

Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. 

 

Jay resides in NYC with his wife Jamie, son Milo and dog Cooper.  Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website


To learn more about the Evan Elite Author Program please contact us.

About The Author


Peter Lawless
(Visit Peter's Website) Peter Lawless is a renowned as public speaker, marketing consultant and coach and sales trainer in Ireland for people who want success. If you are reading this and decide to see great benefit from taking action on this article, how much more will you get if you just visit 3R for sales, training, marketing and coaching services?

Peter Lawless is a Platinum author on EvanCarmichael.com
About The Author

View Author Blog
View Author Blog

View Author Video
View Author Video

Free Downloads


Peter Lawless's

Complete
List Of
Marketing
Articles

Name
Email
If you enjoyed this article, get Peter Lawless's Complete List of Marketing Articles For FREE!

More Peter Lawless
Sales Process Repeat Success and Avoid Failure
Plan your sales cashcrop now
Even YOU could sell snow to the Eskimos
Why Conducting a customer survey could double your profits
The two greatest problems facing all small business are
10 musthaves for your website Avoid the mistakes 95 of business owners let their web designers away with
In 17 steps Create Marketing Messages that will Double your Sales
Extracting company profits to invest in property using your pension
Create Winning Adverts in 15 Minutes
How to price for optimum profit 5 steps
Free Downloads


 
 
 


Evan Elite Authors
Dianne Crampton  
Jay Kubassek  
John Alexander  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video

Business Opportunities
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"

How to Start An Online Business

Click Here To Learn More
Business Opportunities



Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Powerful Living Icon Powerful Living
Why Business Owners Quit Icon Why Business Owners Quit
Universal Search Icon Universal Search
Million $ Interview Icon Million $ Interview
Increase Performance Leadership Icon Increase Performance Leadership
Free Downloads - Complete List

Entrepreneur Tools and Guides
Write The Press Release
Write The PR
Press Release Builder
 
Top 50 Business Plan Blog Posts for 2008
Top 50 Business Plans
Top Business Plan Blogs
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
Irene Gakii Nairobi, Kenya,
Irene Gakii
Nairobi, Kenya
SEO For Africa

If I Were A Startup...
Razor Suleman, $143k to $5.4 Mil in 5 years
Razor Suleman
$143k to $5.4 Mil in 5 years
Stephen Pollack, $1.2 to $16.2 Mil in 3 Years
Stephen Pollack
$1.2 to $16.2 Mil in 3 Years
If I Were A Startup... - Complete List

Famous Entrepreneurs
George Foreman, George Foreman Grill
George Foreman
George Foreman Grill
Li Ka Shing, Hutchison Whampoa
Li Ka Shing
Hutchison Whampoa
Famous Entrepreneurs - Complete List

Entrepreneur Advice
Seth Godin, Ideavirus Author
Seth Godin
Ideavirus Author
David Allen, Getting Things Done
David Allen
Getting Things Done
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     Performance Coaching
By Hans-Peter Holzwarth
     Strategy and Selling – the winning approach
By Hans-Peter Holzwarth
     Customer relationship management (CRM) in medium-sized enterprises.
By Hans-Peter Holzwarth

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

More Evan Carmichael
More Information