The run up to a new product launch is one of the most exciting phases for any business. Yet, it is also pretty nerve-racking as well.
If you get this right then it could mark a fabulous new phase in your company’s history. However, what if it all goes wrong and you end up wasting a huge amount of time and money on doing this?
Well, rather than rushing into it or being paralysed by indecision you can make a smart decision by working out whether or not this is the perfect moment to go ahead.
Is the Product Really Ready?
It can be incredibly tempting to rush out a product that isn’t yet ready. This might seem like a smart idea to get it out there and earn some money but it could backfire badly instead.
What if problems with the product mean that it gets a poor reputation and turns people off it in the future? If it isn’t ready for sale then you could end up with huge problems – including legal issues – if you release it to the public too early.
Of course, if you end up with a product recall then this can be handled smoothly and professionally by the likes of Tactical Solutions. However, it is far better to avoid this issue in the first place.
Ideally, you will show patience and hold off until you are completely confident that you have a product that you can trust to impress everyone. If you do this then you can release it with a far higher level of hope and expectation.
Test the Waters in the Market
Is this the perfect time for your product to hit the market? No matter how good it is, you will want it to go on sale at a time when there is a need or a demand for something like this.
Clearly, this is one of the trickiest parts of the whole product launch process. This is particularly true if you are bringing out some sort of new, revolutionary product that people know nothing about yet.
This means that a smart move here is to carry out some market research with experts. In this way, you can find out whether people are ready for what you are going to be offering them.
To help with this you can also recruit the help of a specialist. They can help to show you how viable a product is by carrying out retail audits and other methods. Retail audits gather information on a brand’s sales volume, sales trends, stock levels and effectiveness of in-store display among other things.
Of course, a big part of this is in knowing who your target market is in the first place. If you ask the right people what they think about your product then you will get the answers that really matter to you.
If you ask the wrong people then it doesn’t really matter what answers they give you. Therefore, you need to know who is going to be likely to be interested in your product and can give you some useful feedback on your plans.
Consider Your Capacity for Meeting Demand
An issue that some businesses fail to take into account is around what they will do if the launch turns out to be a massive success. While this sounds like a great thing to happen, it could lead to some big problems if you aren’t ready for it.
For a start, what if you get caught unawares and can’t capitalise on the amazing demand for your product? This is an opportunity that sometimes only comes around once and if you don’t grab it then maybe someone else will.
It could be even worse if you rush out products to meet demand and don’t carry out stringent quality control on them. Just imagine the mayhem and the reputational damage if you release items that cause harm or simply don’t work in the way that they should do.
It is clear that some thought needs to be put into how you will handle it if there is a massive amount of initial demand. It is a nice problem to have but you need to know how you will deal with it in order for it to be of any use to you.
The question of when to time your product launch for is a burning issue that needs a lot of thought put into it. Get it wrong and even the best product in history could sink without trace for any one of a number of reasons.
Alternatively, by going about it in the right way you can make sure that you get a terrific launch that gets your product off to a strong start. This will give you a great deal of confidence going forward and leave you looking to carry on selling more and more each time.