Each year, there are more than 30K new products, and only 5% of those succeed, according to Harvard Business School professor Clayton Christensen. The data say a lot about the probability of failure for emerging businesses.
When you decide to introduce your product to the world, the intense game of survival in the market begins. People are always looking for solutions to their needs and problems, and if you find a way to do it, the chances are you’ll succeed. However, there are many more steps that have to do with the process of launching the product itself.
Satisfy users’ needs
The first and foremost step of successful product launch is understanding the users’ needs and determining the way to meet them. If you want your business to survive and prosper in the market, you should be able to deliver value to consumers. It’s also crucial to distinguish your product from the competitors and clearly communicate what it’s worth to your users. Given how vibrant and dynamic the market is nowadays, there are endless alternatives that make it more challenging to stand out. Early on, you should focus on emphasizing how your approach to meeting users’ needs is unique.
Define competitive advantage
Echoing the first step, defining competitive advantage is integral to successful product launch. You can either use your website or an app to showcase the said advantage, keeping in mind both direct and indirect competition.
Test your MVP
Without proper testing, it’s unlikely that you will set your foot in the market and ensure the success of your business. You need to create most valuable product (MVP) and test it prior to launching the actual product. This step can offer you feedback on what you can improve or change.
Make changes as you go
Finding ways to receive useful feedback is only a small component of the process. You need to act upon the feedback and make changes as you go. If your product reflects users’ preferences and expectations, it becomes more appealing to them.
Keep track of numbers
It’s natural to keep coming up with novel ideas and solutions for your business, but you’ve got to pay close attention to your spending as well as outcomes. In order to success, your business must be able to produce profits. If you don’t see this coming any time in the future, it’s crucial to act fast and review your strategy.
Implement pre-marketing
Most successful business owners know that building anticipation results in mind-blowing sales. It’s reasonable to make an announcement about the product launch, market its excellent features and benefits, and let future customers feel excited about purchasing it when it comes out.
Promote the product
Now that it’s time to launch your product, you should consider promoting it on the landing page of your website, in your email campaigns, and social media. Such an approach will attract more attention from the public and potentially bring new users.
Build a supply chain
If your product is tangible, you will need to create a solid supply chain and keep inventory. It’s important to be able to quantify your demand and ensure that you can meet it. You should aim to scale production, especially if your demand exceeds supply.
Take care of PR
Collaborating with the press after launching your product is a must. Assuming that users are happy, you should ask the press to make an update featuring the positive sentiment around your product.
Listen to public feedback
As for reviews themselves, it’s imperative that you closely read the reviews and evaluate the overall feedback on a regular basis. You should respond to all reviews, both positive and negative, and stay connected with your customers. This will increase their devotion and loyalty to your business.
