When your business is ready to showcase a new product to the world, there are endless possibilities and outcomes. Any product strategy needs to consider multiple steps before it is ready for commercial purposes, and if any of these stages are overlooked, there is an increased risk of failure to make any profit at all. To avoid costly mistakes and a tarnished reputation, here are four things all companies should undertake before they give the green light to any new product.
Conduct Market Research
Market research comprises various strategies with the intention of discovering what the consumer wants. It is easier to make something where there is a noticeable gap in the market. However, for similar products, the need to surpass competitors becomes more prevalent. Focus groups, surveys, and studying commerce data analytics are three ways that companies improve their prospect of bringing something unique and desirable to potential customers. It’s not enough to have a niche; the niche needs to cooperate with consumer trends and commerce initiatives in order to find success in its delivery.
Implement a Media Strategy
After the market research stage has determined what the consumer needs, it’s time to tell them how you’re going to deliver. Every new item needs a multi-media content strategy to showcase what it does and how it’s a good choice to purchase. This is the time to utilize social media channels to create a buzz around the launch date and teaser trailers of what’s to come. Some companies also choose to implement billboard advertisements or traditional video-style TV adverts. While some consumer trends suggest people will buy things out of curiosity, it is more profitable in the long-term to have an informative campaign in the lead up and after launch.
Perform Quality Assurance Tests
No product is ever ready without quality assurance tests. These take many forms, but generally, a beta test on a smaller selection of potential customers through a free trial run is a reliable method of ascertaining the performance factors. Make sure all the safety standards are met and that all potential hazards are clearly displayed. Every country is different, so if you are planning on tackling the international market, verify all stipulations are catered for in this context too.
Product liability insurance is a must have, and it is more than worth devoting a portion of the budget too. You can read more about it here, but the key benefits are:
- Financial protection in case of a product fault causing returns or compensation claims.
- A superlative support system in case of injury, damage, or worse.
Generally, it is just a smart business move to ensure if anything is missed during the quality testing and production stages, you don’t lose all your profits and go under.
Any new product needs an intuitive team behind it to bring the idea to life. Success is found if all the plans are in place and every box has been ticked. When you cater to multiple eventualities, there is all the more chance that the product will hit its targets.