How to successfully launch a new product or service
How to successfully launch a new product or service
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.
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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.
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Staging DivaDebra 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 |
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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 |
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