Every product or service has a unique selling point (USP) – but only a successful product or service can convert prospects into buyers. Your product or service must first attract enough potential buyers to make it economically feasible. Also, it’s equally critical for your product or service to meet multiple customers’ multi-level needs including price, performance, and quality. In addition, you have to target a broad range of potential buyers with different buying objectives. This requires thorough market research to gain a comprehensive understanding of what buyers need and want.
Most companies develop new products or services on a trial basis before launching them with full force. They test various versions and track the results of each in turn. But most companies also do not invest in launching new products or services right from the get-go. Launching a new product or service requires considerable planning and research. The time to develop a new product or service is always after existing products or services have been launched.
Companies must therefore carefully consider whether they are ready to launch a new product or service before they develop new ones. If your company has launched an existing product or service and it’s working well, then there’s no need to develop a new product. However, if your products or services don’t generate substantial profits, or have minimal usage, you will need to launch a new product or service. Here are some of the things you may want to consider:
* Determine your target audience – Will your product or service launch online? Or will it launch predominantly through traditional channels such as print, TV, and radio? * What segments of the audience will you be targeting with your new product or service launch? Will your product or service launch on a specific segment of the population? Will it be limited to the more mature, more affluent, or more diverse segments of society?
* What sort of promotion or marketing will you use to get the word out about your new product or service? Will you rely heavily on traditional methods such as print ads, television commercials, radio announcements, or direct mail campaigns? Or will you go a different direction and develop a more creative way to reach the market?
* How will you measure the success of your marketing campaign? For example, will you track performance based on conversion rates? Or will you use customer satisfaction surveys and web-based questionnaires to determine the success of your launch? Knowing how you will measure success will help you build a better, more effective marketing campaign and ultimately increase the profitability of your launch.