5 Most Important Things To Know When Launching A New Product

There are a lot of factors to consider when planning on launching a new product to the market. While you are considering all the needed aspects of the product itself, like where to manufacture it, what materials to use, and how to engineer it to solve the problem, don’t forget to take your potential customers into account from the very beginning.

1 | Target Audience Research

Before you start any new endeavor, you need to make sure you are figuring out who is going to buy your new product. Most entrepreneurs believe they have solved a problem – for people just like themselves. And most have taken the time to ask their family and friends if their idea is interesting. But you wont be successful if the only people willing to buy your product know you personally. You need to dig deeper, do the research and define who your target audience really is.  Their demographics, interests, where they live and work , where they play and what type of products they buy.

2 | Product Testing

After you figure out who is going to buy your product, you need to ensure that it actually solves their problem. This means making sure your product stands up to any claims it makes, and testing for durability, reliability and quality. Plus, you need to test for how your audience interacts with your product- and make improvements when needed.

3 | Branding & Packaging

Now that you know your audience, and have the product they have been dreaming of, you need to make sure you are attracting them – the best way to do that is to take everything you have learned about who your audience is and what they like, and create branding and packaging that appeals to them. Your brand needs to be clear and consistent and your packaging needs to work well with your product, work for the outlet that is selling it and be appealing to your audience.

4 | Timing

Launching a new product is exciting, and you will want to do it quickly because it is human nature to want to share your excitement with the world. But consider timing- be aware of if your product has a seasonal nature to it, and if you are selling via retail outlets what their buying patterns are like.

5 | Patience

Like above, you are excited, and you want to move quickly- but take your time, and consider the audience, and timing and be patient when it comes to launching your new product.  Be patient during the testing phases, and when working with professional agencies who are assisting you- taking your time and working through all of the hurdles will only make you more successful.

Taking each of these areas into account along with product development ensures a more successful launch- but it is just the beginning.  Once your product is introduced to the market there are a million more things to do.  Check out what’s next.