Full service product development coaching, manufacturing and retail sales corporation
When is it appropriate to introduce a new product or service? Well, like everything else in business, it is complicated. The answer will depend on who is asking and what type of business they are in, and can come with a slew of “ifs,” “ands,” and more than a few “buts.” Of course, the simplest answer would have to be “it depends.”
As soon as possible is usually the optimum time to launch. Trying to create a perfect product, according to Eric Ries’ Lean Startup methodology, is a fool’s errand that wastes valuable time. Instead, Ries recommends releasing the MVP (minimal viable product). Essentially, the product must function and that is all it has to do.
Bells and whistles, as well as other features, might be added later or incorporated in future product versions. All of the fine-tuning and tweaking that you might be tempted to do earlier can be done once it’s out there. This is cost-effective because it allows you to profit from your product before you begin modifying it, and it allows you to capitalize on the enthusiasm generated by your product to sell more refined versions later.
This is not to say that you should release something inferior to the public. It simply describes a different perspective on product development which is a never-ending process, a lifelong struggle for perfection that is never actually attained.
When you have a minimum viable product ready to go, the time of year, month, and even week you choose can make a difference. For example, most sales experts agree that launching a product on Monday is not a good idea. Consumers are too preoccupied with the upcoming week’s responsibilities and expenses to be in a purchasing mood. Fridays are also problematic. The weekend is approaching, and people are in social mode rather than consumption mode. As a result, the middle of the week, from Tuesday to Thursday, is statistically the best time. Consumers are in a buying mood, not as overwhelmed as on Monday, but also not as carefree as on Friday.
In business, certain conditions must be met in order for a product to be successfully launched. To begin, you must have established your brand’s credibility sufficiently to justify excitement for your new product. Have you advertised anywhere? Have you sent out emails? Have you held a webinar? If you haven’t already given your customer base a reason to trust you, now is the time to do so. As a result, more customers will be willing to gamble whatever your product’s price is on the certainty that it will meet their needs.
Second, ensure that your business infrastructure is ready for the increase in sales, or you risk the “catastrophic success” of having a large number of orders but not being able to fill them efficiently. Is your distribution system up and running? Is your payment system free of flaws? Do you have a team member on standby to provide customer service and technical support? If you expect success, you will get it.
Finally, consider how the launch will affect existing products and their performance. Is your product filling a gap in the market that the competition isn’t? Can it work in tandem with another good product to supplement it? Even the performance of your own product should be considered. The best time to launch a new product is when another product of yours is nearing the pinnacle of success, allowing you to ride that momentum into the next wave of sales.
Launching a product can be just as stressful as creating one. The best way to ensure a successful launch is, first and foremost, to have a unique and creative product to begin with. Beyond that, it’s all about communication. Maintain contact with your target audience. Use email and social media to generate interest in your product and be present when it hits the market.
Do you have a brand new product or service that you’d like to unleash on the public? Launching it the right way will be integral to its success. Whether you want it traditional or a big launch, we can help! Email us today at firstname.lastname@example.org or visit us at www.bigrocksengineering.com