Launching a New Product: 5 Things to Keep in Mind

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Once your business has a sound idea, you have done the research, and tested and manufactured the product, it is time to bring it to the market. However, it is not always easy to bring a product to market because there are so many things to keep in mind before doing so. The question about how and when to bring a product to market is asked by small and large businesses alike. Here are a few things you need to think about to get your product launch right.

Timing

Proper timing is crucial for product launches. There are some obvious dates you need to avoid such as New Year’s Day, Christmas, or other days when people’s attention would be drawn away from your product launch. It is also a good idea to look at the broader market to find the best time to launch as various economic, political, and social issues can all have an impact.

Pricing

There are so many products that have failed because of poor pricing strategies. It is important to do thorough research to find out how to price your product. Remember that the pricing will not only influence the attractiveness and appeal of your product, but will also help position your product. Your product will then be compared with similar products that are around the same price and this is where a poor pricing strategy can harm the product’s success.

Packaging

Your product’s packaging is likely the first thing people will see and know about your product before they pick it up or interact with it. Packaging comes in many forms and the packaging you choose will depend on the type of product you are bringing to the market.

Organize Your Supply Chain

Your supply chain is critical when launching a new product as it is the difference between your products reaching your customers and not doing so. To be able to track your products through the distribution process while providing traceability, it is important to have proper product identification procedures in place.

This often involves having identifiable labels, codes, and other marks on your products. To this end, it is important to find coding and labeling solutions that not only help ensure your products are identifiable but that these marks will survive the distribution process. The turnkey coding and labeling services are offered by businesses like Diagraph.com to fulfill all product identification and marking requirements and can be integrated into your existing processes. Services like these can also handle product changeovers for businesses that manufacture more than one product.

Marketing and Promotion

Marketing and promotion are so wide that there is no single way to go about it. However, some basic principles include: using sales and marketing channels that your target customers are likely to interact with, using as many marketing and promotion channels as is feasible, and always measuring your results so you can tweak your marketing strategy if required.

Launching a successful product can be incredibly challenging. However, doing things the right way will help ease this burden. The tips outlined above are a great place to start when crafting your product launch strategy.

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