Many entrepreneurs have product development and manufacturing plans but do not have them for
their product launches. If you want a product launch to work, you must plan and prepare for it. Before
investing time and money into a launch, here are four tips to help with this process.
Do Thorough Research
One of the most important things to do before bringing a product to market is thorough research.
Market research should tell you everything you need to know about the target market and potential
customers.
It should also entail competitor research because you want to know what they are doing in the market,
any gaps they are leaving, and how you can outcompete them.
Once you complete the research, you should add all your data to your go-to-market plan. This plan is
a strategic roadmap that will guide your business as it enters a market. It includes all the data you
have collected and should be shared with relevant stakeholders.
Use a go to market plan template to make it easier to organize different parts of your product launch,
collect all the research data in one place, and ensure everyone on different teams is working off the
same playbook for a successful launch.
Test as Much as You Can
You should test your idea or concept to determine if there is a need for it and whether it can lead to
a return on your investment. In addition to data from your market research, you should also conduct
additional data using potential customer interviews and focus groups.
This process should take as long as necessary to collect enough data to help you make the best-informed decision. Use the feedback you receive to streamline the original product and ensure the
the best version goes to the market.
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Revise and Improve the Product
Your product should have undergone various iterations and changes before you released it into the
market. However, the market is much larger than the focus groups or the number of people involved
to get to the final product. Customers will provide additional feedback, so take it and use it to improve
the product.
It is also crucial to separate yourself emotionally from this process. It is understandable to be
emotional when you wonder why customers do not like everything about the product like you do.
Understanding the product is not for you but for them will help you remain grounded and give you
the presence of mind to improve the product so the second and subsequent versions are better
Preserve Your Marketing Budget Using Iterative Marketing
There is nothing wrong with running a huge marketing campaign if you have the budget. The reality,
however, is that many businesses do not have the budget to handle numerous marketing challenges.
Such businesses can benefit from iterative marketing.
This concept entails picking one or two marketing channels you know will work well for the business
and product. You then tweak your approach and strategies and perfect them before engaging other
marketing channels.
Iterative marketing also allows you to test new marketing channels and those competitors use. If they
do not work for you, you can drop them because you have not invested much and move on to ones
that might.
Bringing a product to market can be a long and involved process, however, it can be a fun and
profitable adventure if you plan and prepare for it properly.
