Launching a new product can be incredibly exciting – it doesn’t matter if you are a new business offering a single product line or an established business offering something new and fresh to customers. As a business, your product is everything – from inception to implementation to release on the market, you have to be calculated. Not only do you want to create an amazing product, but you also want to market the product and present the product so that it maximizes sales and appreciation. With the World Wide Web, there are a lot of critics out there, so your new product could either soar or fall flat. Here are five factors to consider when launching a new product.
- The demographic. One of the most important considerations you need to make is the demographic of the product. Is your product for everyone or just a select few? Some products may only be intended for a certain age group. Moreover, some products may be for men and others for women. Finding your demographic is critical because it will ultimately help you find your marketing pitch, and even what your point of sales will be.
- The packaging. Your product’s packaging is incredibly important – namely because it will be the one thing that sets your product apart from all the other products on the shelf. During the launch period, you may even want to have special product launch packaging – to declare that it is a new product. Oftentimes, the sheen of newness can give your product a tremendous competitive edge – everyone wants to try something new.
- The size of release. This is another imperative consideration. When you first launch a product, you may only want to launch it in a certain region. Offering a limited release can often build up the excitement for a product. It’s the reason why some studios release a movie in a major city before they give the movie a wider release. It can build buzz and it allows people the opportunity to feel a little jealous of the people who have already tried the product. When it finally does get a wide release, more people will be clamoring for it.
- The price point. When you launch a product, you want to be careful about how much it costs. In some markets, you could price out a large demographic of people and thus lose a lot of money. Ideally, you want to evaluate the marketplace before you place a price sticker on a new product. You could also offer the product at a higher price point at launch time and then drop the price later on.
- The availability. Where will the product be sold? Can you get it at the corner supermarket? Thinking about your point of sales is important, especially if you are offering a new product from a new business. If your product fits in multiple categories, you may have more options, but you don’t want to secure accounts with the wrong retailers. In the end, finding the right retailers will be the key to your product’s success.