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Your guide to launching a new product in the market professionally
The process of launching a new product is one of the cornerstones of the success of any project, and it is on it that the speed of progress and reputation of your brand and its position in the competition market will be built. Therefore, you must devote sufficient time, effort and resources to plan well for this stage. This article will be of help to you in drawing a successful strategy when introducing a new product to the market.
Is the process of launching a new product really that important?
One of the questions on the minds of many new entrepreneurs is: Do I really need to have a plan or strategy in place when launching a business? Is not launching the same product and making it available in the market enough to reap success? Well it's like playing chess and you have all of your pieces on the board.
You own your product and the entire manufacturing or supply chain. However, if you start your journey moving your pieces left and right without a solid plan, you will end up with a huge loss. And vice versa, if you have a strong strategy and a coherent distribution and organization of the strengths and the elements of success in your hands, you will be assured of a certain victory.
Likewise, during the launch of a new product, it is an essential process that represents the basis for the success of your project. You should think of the product launch stage as a series of systematic processes and steps, and not just one stop when you announce your product and launch it on the market.
Reasons for failure of new products
According to Clayton Christensen, an economist and professor at Harvard Business School, approximately 30,000 products are launched annually, and 95% of them are doomed to failure. That is, only 5% of start-ups and newly launched products succeed in the labor market and make a name and place for them in the field of competition, so what is the reason for the high rate of failure in launching new products?
Of course, the main reason for this is the absence of a clear plan and strategy for the product launch process. There are a number of other reasons that we can summarize in the following points:
1. Failure to understand customer needs
Of course, the main objective and task of any product is to satisfy the customer's desires and aspirations and solve his problems. So, the loss of the product's real benefit or even its existence but not sufficiently means a clear deficiency in the core product's core purpose, which causes failure later on.
2. Non-targeted product
Before launching the product, you should study the objectives of this product, the problems it will solve, and the value it will provide to the customer. So, if you base your product on solving a problem that does not exist or is a secondary problem, you have already doomed your project to failure.
Imagine if you worked on designing and launching a product for ready-made coffee in a special packaging that the customer could heat up and eat directly without having to prepare it in traditional ways, isn't it a great idea?
Well think about it, the customer will of course need to heat the coffee and it is not possible to put the casing in the microwave to heat it, the solution is to pour the liquid coffee from the casing into a cup and heat it. Do you not notice that the effort that the customer will make in this method of preparation is comparable to the effort in the traditional method? So what problem did the product solve and what was so special about it?
3. Targeting the wrong audience base
In order to make profits and establish a good market share, you must get as many customers as possible who like the product. But how are you going to achieve that while targeting the wrong audience?
Will you be able to reap the expected profits from targeting the middle or low-income customer segment in products that provide luxury and expensive services? Of course not, such products must be directed marketing and informational to the segment of the rich customers or the business class.
4. Not providing an additional benefit that differentiates the product
In 2006, Microsoft released the Zune voice recorder and promised that it would perfectly emulate Apple's iPod counterpart with all its functions and features. But the company soon encountered a catastrophic failure for this product, what do you think is the reason?
Well the reason is simply because customers did not find a reason to replace their devices with one that does the same job and has the same features. So, before launching a new product, think about the features of your product and how you can outperform the competition and attract customers' attention.
This leads us to the importance of having a clear systematic plan and deliberate steps. Therefore, we have divided the process of launching a new product into three main stages, each stage containing a list of strategies and steps necessary to create the reasons for the success of your project.
First: The stage before launching a new product: How do you start?
There is a series of steps and stages that you must prepare well to secure a strong launch for your new product. This series includes five basic stations:
Strengths and Weaknesses Analysis (SWOT Analysis)
SWOT analysis is an analysis that refers to four basic points in a product or business project, which are: Strengths, Weaknesses, Opportunities, and Threats. The first letters of these words represent the famous term SWOT.
SWAT analysis is a neutral and transparent strategic planning method that companies use to identify their strengths and weaknesses in their current or future products. In addition to its role in identifying and seizing opportunities and facing potential challenges or threats to the product.
It is very important that you adopt a SWOT analysis before introducing a new product to the market in order to increase the chances of success and reduce any risk of failure you may encounter when launching your product. If you want to delve more into this topic, you can read more about SWOT analysis.
Conduct an initial survey
After preparing the basic designs for the new product, you have to identify a sample of the target customer segment to conduct an initial survey about the product. This includes digital and paper questionnaires and possibly some field interviews. In addition, the launch of a prototype of the product in limited and exclusive quantities.
Of course, it would be good to open up the space for customers to offer their opinions, criticisms and suggestions about the initial product. Here are the main benefits that you will gain from conducting the initial survey before launching a new product:
Benefit from customer feedback, opinions and ratings that will inevitably enrich the new product. There are plenty of cases where companies released an initial product for customers to try and ended up making substantial modifications to it after investigating and adding customers' desires to the product.
Bring professionalism to work and build trust with clients. Your company’s attention to the opinions of its customers and taking them into account when designing and modifying the product will leave a very positive impression on customers, and this in turn will help you to have a strong start to the final product.
Launching an initial product and surveying customers will help you estimate and measure the success of the product in the competitive market. If you notice a great demand for the initial product, this is definitely a strong indication of the future success of the product when the final design is released from it.
Define and review the target customer segment
You may have gone through this station earlier while setting up and designing your own products. However, re-planning and reconsideration of the target customer segment is very necessary at the stage before introducing a new product to the market. In this step, you will review the lists and categories of the target customers of the product, after conducting surveys and opinion polls and launching the initial product in the market.
After this step, the data and statistics will be in your hands, and you will be able to determine the accuracy of your choice of target customer segment. If, for example, you target two segments of customers, and one of them is much more popular than the other in the survey phase, this is a strong indication of the need to return some accounts about allocating money in marketing campaigns for that non-interactive segment.
At the same time, a customer segment may appear enthusiastic and interested in your initial product that you did not consider, and this will enable you to add another valuable customer segment to the target customer base from marketing campaigns before and during the launch of your product.
Marketing setup
Pre-product advertising campaigns are an absolutely indispensable step, as they will be the spark for a strong launchpad. How do you expect a massive appetite for your product at launch if no one even knows it exists? Even if your product is one of the finest and best products in terms of features and specifications, the absence of a good marketing campaign will destroy all the efforts made.
Therefore, you should plan well a fierce marketing campaign before launching your product and have distinctive marketing ideas, this will make your target customers ready and eagerly awaiting the arrival of the product launch date. The marketing campaign may result in queues of customers waiting for the new product to reach the stores and markets, just like what happens with Apple every time it launches a new phone in the market.
It will be very useful to take advantage of famous events or events to advertise your product and show off its features. This includes conferences, meetings and festivals related to the specialty of your new product, which expects a large presence of the target customer segment of the product.
Despite the importance of the marketing campaign before launching a new product, there are two things that you should beware of and avoid in your advertising campaign, namely:
Don't over-describe or list the product's features. Customers generally dislike companies that unreasonably or logically over-recommend their products.
Be careful not to mention or market features or specifications that are not present in your product or that you are not entirely sure of their effectiveness. And he remembered what happened with Samsung, which requested a lot for its new Note 7 phone and filled advertisements, referring to its specifications and battery efficiency in particular, only to be shocked by catastrophic malfunctions in the batteries of its devices and to withdraw it from the market completely.
Draw a comprehensive launch plan
After you have established your product pillars, marketing campaigns, and surveys, you will be on the verge of launching your product. But there is one last step that is essential and will be the basis for the success of all previous steps, which is to prepare well for the launch date of the product. How do you prepare for that?
There are three main points, plan them well and invest sufficient time and resources in them and you will have a smooth and successful launch of your new product, these three points are:
Marketing campaign planning
From defining e-marketing and traditional marketing plans to preparing people and programs for marketing campaigns, to evaluating the effectiveness of advertising campaigns, you must be sure of all the elements and stages of the marketing campaign that you will conduct at the launch of the product.
The process of distributing and selling products
If you expect a high demand for your new product, you should draw up a coherent plan for the process of distributing and selling these products so that you do not face hustle and resentment from customers waiting for their turn to get the product. Ensure that the distribution points and centers and the quantity of products are sufficient to meet the demand.
Setting up a good technical support system
When the product is launched, you will inevitably encounter errors or technical problems from customers, and this needs a professional technical support team to communicate with customers and address their problems. In addition to establishing a coherent returns system to ensure the satisfaction of customers who have encountered a technical malfunction with your product.
You will develop an action plan for these three points and will be put into action in the product launch phase. Therefore, your task in the pre-launch phase of a new product is good planning, but in the phase of launching the product, follow-up steps and continuous support will be the basis.
Second: New Product Launch Phase: Best Strategies
After completing the pre-production steps, you will move to the follow-up phase of the implementation of the plans that you previously established. In order to ensure the success of the product launch, you will need good strategies, and we have collected for you the most effective strategies that guarantee you unparalleled success:
Marketing launch
This strategy is based on exploiting a specific event, which may be a well-known international or local festival, gathering or conference in your new product niche. You have to seize those opportunities to distribute and sell your new product. We have previously mentioned the importance of taking advantage of these occasions in advance during the pre-product launch stage in marketing your new product by displaying features and announcing it to your followers and attendees.
quick response
When the product is launched, you will encounter complaints and possibly some criticism, which is inevitable. Therefore, it must be ready to receive customer requests and opinions, and this is one of the most important factors for the success of the new product.
perfect support
When launching a new product, there must be items in which customers encounter technical problems or difficulties, and here you will need an able support team to provide assistance to customers. In addition, allocate a space to receive customer opinions and suggestions about your product. You can set up a forum on your site for customers or an email where complaints and suggestions can be submitted.
Third: Post-launch stage: necessary steps
The journey of launching a new product does not end once it is presented to the market, and the product follows the needs of customers and how they use the product and develops it in line with customers' needs and requirements. There are three main channels through which you should follow your product:
1. Product improvement in line with customers' requirements
After launching the product in the market, you will have the opportunity to see the fruits of your efforts in action. Even with perfect designs and full production of the product, there may appear some deficiencies that your customers indicate through their experience, they may be technical errors, redundant features or deficiencies in the product.
Whatever type of defect the customer discovers, it should not stop only at acknowledging or justifying its existence, but should strive to address these problems or develop them in future versions of the product.
2. Support the success of the product in the media
When your product is successful, even if the numbers are not the same as the profits of the giant companies, you have the right to praise them. If you managed to sell a thousand pieces of the product, spread it through your company's page on social media, or if the users' experience of your product is distinctive, there is no harm in conducting some interviews with them and presenting their positive experiences to others. In other words, invest any success you achieve as a new marketing tool.
3. Providing technical support, maintenance and follow-up
The company's ability to continuously monitor its products and provide maintenance services and technical support is one of the most important aspects that customers care about and build their trust and brand loyalty standard on them. So make sure you have a team dedicated to maintaining the product or providing solutions to problems that customers encounter when using your product.
If you want a good start for your product, you need to prepare your winning cards at each step of launching a new product. Never hesitate to put in sufficient efforts and resources while studying and designing the product and analyzing your strengths and weaknesses.
Accurately estimate the market needs, customer needs, supply and demand, and make sure to use a clear marketing plan that a professional marketer puts for you on the Khamsat platform, in order to be able to enter the market forcefully, especially in light of the fierce competition in global and even local markets.
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