10 Steps From New Product Idea To Launch – New Product Launch
The new product launch: 10 Steps From New Product Idea To Launch is about how you can reach your target market and profit goals.
Even the best businesses have products that are carefully designed and strategically launched which don’t make the intended impact. Sometimes the nature of the market will fluctuate in ways that seem random and certainly are beyond predictability.
However, if you’re strategic in your new product launch, you’ll definitely increase your likelihood of a successful outcome. With that in mind, the following are ten steps to help the next product you launch to make it to the destination you’re aiming for.
Determine Costs And Necessary Profit Threshold/Timetable
You need to know what the price tag on your new product is, and how long it will take to see a profit on your investment. If you’re taking something from drawing board to market, you’ve got to design it, prototype it, test it, troubleshoot it, put it in front of people, get it reviewed, advertise, and then sell enough units to get your money back in terms of resources.
Something that takes six months to develop could take a year or more to turn a profit, and you want to be prepared for that by budgeting strategically from the start. Something you would be wise to incorporate into your strategy is flexibility which allows for the unexpected.
A great way to naturally acquire that flexibility is to “overshoot,” as it were. If you need X amount for a given venture, increase that requirement by 20% or so. Should you not spend the extra, you can apportion it elsewhere. If you go over a little, other aspects of operations won’t be impacted.
Figure Out What Competition Exists
Don’t let competition stop you; it never stopped Pepsi. Believe it or not, Pepsi is only really known in the U.S. It is in other countries, but it’s virtually unknown in them. Coke has the market worldwide. Still, Pepsi competes in America. How is it able to do this? There are a number of factors, including marketing and social impact.
How does this relate to you? Well, your new product may have an analog out there, but it doesn’t mean you aren’t offering something which has no marketable value. However, if you don’t account for impediments like competition, they’re likely to undermine you incidentally. Know your competitors, and have an action plan lined out to out-perform or sidestep them.
Check Into Legal Matters Pertaining To The Product
What legal exigencies silhouette your new product? Say your new product is an innovative service like cloud computing. In terms of healthcare, HIPAA stipulates something called shared liability wherein tech companies providing services for a healthcare institution are fined in addition to that healthcare institution should it be determined that technological compliance is not being achieved.
With your new products you need to know whether there are rules or regulations related to your industry, and if there are not which, ones could end up making a villainous cameo during your product’s run. Anticipating legal landmines can help you avoid them, and at the very least minimize damage.
Develop Multiple Product Ideas
Before you can initiate a new product launch, you need some new product ideas; and you need to see how viable they are, which is one question prototypes help to answer—3erp.com provides: “…rapid prototyping and precision CNC machining services [that] ensure your designs and ideas will make sense in the real world in just a few days…” The site goes on to point out that this allows you to: “…review the design and functionality of products before you have them mass-produced for the market.”
When you’re looking at a big product launch, you ideally want to couple it with multiple innovations. This may not be feasible for all product launches. However, it does make sense to present ideas in a multitude of ways before settling on the final product design. This helps you attain the best one.
Patent, Then Prototype Your Proof Of Concept/Cost Projection
Once you’ve settled on a specific product idea, you want to prototype it so that you can get it into the real world. Be sure patents have been taken care of before you send information to any third parties. Additionally, a prototype helps you get an idea of production cost per unit. You’ll likely refine prototype production protocols as you develop products further.
Begin A Marketing Campaign With Multiple Angles
Once proof of concept and prototyping have yielded a product which fits budgetary projections and seems like something that will actually work, your next step is to start marketing. SEO can be instrumental here, as it typically has a high quotient of ROI and is very effective. You do want to generate buzz about your new product as early as you can, but you don’t want to do that if you don’t have anything worth buzzing about.
Release The Product And Get Feedback From A Test Market
Once you’ve got a marketed product that seems viable, you need to release it to a test market, conduct focus groups, and determine whether anything unanticipated hampers intended product use, or may represent a danger to the public. There are issues that will remain invisible until a given product is put through its paces, making test markets essential to serious and competitive development. Product positioning is critical for success.
Fix Errors Discovered In Trial Run
Any errors discovered in your new product after prototyping and trial run need to be rectified before you crystalize the blueprints and begin mass production. Sometimes you won’t be able to apply a comprehensive fix because of the type of product you’re developing—this is often the case with software already in use, and being updated.
Perform A Final Testing Of Product After Trial Run
Accordingly, it becomes important to test your new product after you’ve fixed it to ensure your augmentations haven’t introduced additional errors into the system. Devoting proper time to testing, repair, and re-testing should be flexibly budgeted into your development strategy, again over-shooting the target to account for unexpected issues.
Launch Your NewProduct Officially
When it comes to your new product launch, there is again some good advice from 3erp.com, who points out: “Turning your vision into a reality is no simple feat. You need to entrust your ideas to a prototype company that will handle the manufacturing process swiftly and with the utmost professionalism.”
Faster prototypes mean faster product design from concept to market. You’ll need to send the new product through prototyping facilities for its final test prior unveiling. Then, when it’s ready, you can hit the “launch” key and watch that product rocket soar through the stratosphere to a planet called “success.”
This list of ten points pertaining to steps between new product idea and new product launch is by no means comprehensive, but it does represent some actionable things you would be wise to consider as you go about producing new products for your business.
Attention to detail is key in any launch. The more information you have, the better you’ll be enabled to succeed in the market. So consider your plan as it stands, and see where it would be appropriate to optimize.
Ashley Lipman, Content Marketing Specialist
Ashley is an award-winning writer who discovered her passion for providing creative solutions for building brands online. Since her first high school award in Creative Writing, she continues to deliver awesome content through various niches.