So you’ve done the amazing. You’ve identified, invented, or re-spun a product that’s bound to be a success.
In an internet-driven era with perfect competition, everyone can always find “the best (product name) near me” with comparative pricing and reviews – so how will you set yourself apart? Launching a new product can be incredibly difficult, and embarrassing if the results don’t go as planned (see Facebook Home, Google Lively, Microsoft Zune or Amazon’s Fire Phone), but, as those failed products parent companies may illustrate, persistent innovation can yield positive results.
If you’re going to make it, here are some simple steps for your product development strategy that may increase your chances of succeeding:
1. Solve a Real Problem
There’s no use going to market with a product that’s just a duplicate of another – unless it offers something different. Will there be a tangible benefit to the solution you provide? Are you making life more convenient for your consumers? Faster, cheaper, stronger? Not only must your selling proposition be unique, it should also be useful.
2. Who’s buying? Find the right audience
You might have found the why, but have you found the who? The “who” can include but is certainly not limited to:
- Age & Gender
- Languages Spoken
- Profession & Income
- Rose, Buds & Thorns (their hobbies, goals and challenges)
- Family life (Single? Married? Children?)
- Their online navigation (where are they getting their news from? Which social media sites, if any, are they making use of?)
Identifying your (potential) customer profiles will help give you the edge in competitive marketing practices, from hyper-targeted social media marketing, to innovative search engine optimization practices. You’ll be able to see who your ideal customer is, and garner insight into what your competition currently is, and how you might convince the marketplace that yours is the better alternative. Perhaps you’ll employ a full-scope marketing funnel! All these will be questions to further consider under your overall product development methodology, or product development process.
3. Don’t Assume
When you assume… bad things can happen! As with steps 1 and 2 above, you want to make sure that you’re taking all appropriate considerations into account. Labor costs, legal requirements, manufacturing timelines, best price points, channels to target, possible hurdles to overcome… all factors, both supply and demand, must be considered to make sure when you’re coming out of those doors, the paparazzi is eagerly waiting.
4. Test, Test, Test!
Look, you might not have hit it out of the park with the first iteration, but perhaps you’re on the cusp of greatness! Get insight from the outside! Involve your audience if need be! Just listen to the founding of Life is Good and you may have a better idea as to how to persevere through the rough times.
5. Employ an Incredible Marketing Strategy
There are many fantastic marketing agencies out there that can help you with this 😉
When your product is finally ready for launch, you need to ensure that as many people as possible are hearing about it, seeing it, and yearning for it. Maybe you’re the next Tesla and you have no need for paid placement on TV – but then you’ll definitely have some influencers spreading the good word for you. Perhaps you’re an Apple and already have a loyal customer base. In that case, you may barely even need to showcase the wow factor – but then you must do more to illustrate why this is the year that Tim from Marketing switches from Android.
No matter which steps you choose to employ, and the order, advanced planning and agility is going to take you places.
Have any questions about product design, new product development, or launching a new product? Schedule a call with our team today!
Timothy McDermott – Noble House Media