How to Successfully Launch a New Product

How to Successfully Launch a New Product

Successfully launching a product is a complex and often intense experience. There’s so much to plan, from your go to market strategy, to how you’re going to market your new item. The good news is that with the right team, and a little bit of planning you should be able to establish a launch that takes your company into the stratosphere.

Here, we’ll look at just some of the things you can do to make your launch easier to manage and mitigate risk.

1.     Understand your Audience

The first and most important step in planning any launch is knowing who you’re selling to. If you don’t already have a buyer persona in mind, now might be the time to get one. Think about what kind of demographic will be interested in your product. Are you planning to sell through distributors, or do you want to go straight to the supermarket shelves yourself?

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For some companies, the best way to make a profit will be to take your product international. This means thinking about things like exportation laws, international buying showcases, and more. Before you launch anything, ask yourself:

  • Where does my audience live?
  • How am I going to get my product to them?
  • What kind of features is my audience interested in?
  • Which problems can I solve for my customer?

2.     Test your Product

Before you launch a new product, it’s important to know that it’s going to have the right impact on your target audience. One way of testing the value of your product is to offer testers to people in your target demographic. You can attend various markets and fairs where you can offer individuals a free sample of your product in exchange for an honest review.

Alternatively, for businesses in the food and beverage industry, a retail market audit can be a powerful way to determine how much selling power your product has. An audit helps you to determine whether there’s a place for whatever you’re selling in the current market space.

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3.     Bring together the Right Team

A successful product launch is rarely something that a company can handle alone. As you move towards the release of your product, you’ll need to find the right help to ensure that you’re going to make a positive impact on the market. For instance, if you want to go to market through distributors, then you’ll need to find a food distribution team that has experience with the kind of product you’re going to sell.

The right distributor should have an in-depth knowledge of your niche, and the right partnerships to help you get on grocery store shelves. You can also partner with other experts in your industry, including account managers and export services.

4.     Know your USP

When you’re launching your product, you should also know which elements of your product to focus on to make it really stand out in the marketplace. This means examining your USP and finding out where you stack up against your competition. Analysing the marketplace will help you to get a stronger insight into what makes your product special, it could be:

  • A new flavour or ingredient
  • The lack of an ingredient (fat, calories, gluten)
  • Price
  • Quality
  • Packaging
  • Quantity

5.     Get Feedback

Finally, after you’ve launched your product, make sure that you gather as much information as possible about how people respond to the item. Tracking the progress of your launch will help you to understand what people like and dislike about both your offering and your brand. This will give you the background knowledge you need to make changes to your marketing plan and ensure stronger sales in the future.

To know more how to successfully launch a new product contact Dynamic Retail Solutions on  +61 424 503 837 today, and let’s get a dialog started.