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THE MOST IMPORTANT ELEMENT IN A NEW PRODUCT LAUNCH

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Putting forth a new product to the market can be risky if your company isn’t prepared. According to a leading market research firm, over half of consumer packaged goods and retail products fail to earn even $7.5 million during their first year. Start with the most important thing you can do for any product launch before the product is ready to roll out; Research.
Yes, research is the first and most important step of introducing a new product. You need to find if your product will play a relevant role in people’s life else-wise it may fail, no matter how many marketing dollars you put behind the launch. Ask objective questions in your market research but most importantly figure out who will buy/who does it benefit and at what price would they be willing to pay for it. Consider this for part of your research as well:
• Did you let consumers test the product? If they didn’t actual use the product they can only give hypothetical responses.
• Do consumers easily grasp how to utilize the product? If they don’t understand the product they will not see themselves as using it or buying it.
• Is your product completely ready to be put on the shelf? If the product isn’t ready consumers may be disappointed with a product that doesn’t work as well as expected or too long of a wait for a product.
Next on your research list you will need to size up the competition. How does your product compare to current products? What are the differences between your product and another? If the consumers don’t see the benefit of your product over the competitor they won’t be swayed to buy.
If you skip the research step you are hindering the entire process of the launch. How do you know which mix of marketing strategies to choose without the research of who your target audience is? Plans and strategies will come more easily to those who have researched well.

 

 

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