A Guide to Bringing a New Product to Market

As a small business, you may be planning to launch a new product. If so, read on to discover the steps to take to unleash your product with success.
Return on Investment
Launching a new product will require resources. There will be some financial costs involved in getting the product designed and manufactured. The amount will vary from product to product, business to business. Calculate how much it'll cost to get your product from design, prototype, and to a finished article. Factor suppliers' fees, materials, and such like into your calculations. Also don't forget time and man-hours required to get your product ready for launch. Unless your team are working voluntarily, a wage will be paid to get your product up and running. Multiply the number of hours spent by the number of employees involved. Once you have a true account of the costs, you will see how much of a financial investment you have made. To see a return on investment, you need to make a profit. Calculate how many units you need to sell to do this. And estimate how long you anticipate it taking to see a return.
Conduct a ‘Soft' Launch
 
Before unleashing a brand new product onto the market, it's sensible to gather a sample of people to try out your product first. You may have tested your product several times and be happy with its function and construction. However, you need to gauge the reaction of those new to your product. People who have never seen it before will provide feedback with fresh eyes. Take all comments on board and respond to them promptly. Make any adjustments necessary and don't be affronted by criticism. It's no good if only you love your product. For it to make you money, others have to love it too.
Put Measures in Place
A financial return on your initial investment is a sound basis for assessing the success of your product. However, there are other ways of measuring its impact than simply profit. Conversion Rate Optimisation (CRO) is a valuable technique. Implemented correctly, it will provide a true account of the success of a new product or service. There is lots of useful information about CRO available to guide you. So pick a conversion rate optimisation resource suited to your business. Put a programme in place for measuring intangible aspects of success too. Customer satisfaction, brand awareness, and increased reputation are just as valuable as profit.
Shout About Your Product
You're now completely satisfied with the final version and you have measures in place to test its impact on your business. Now it is the time to bring it to market. Decide which marketing tools you will employ to get people's attention. Consider your customer profile. Also, think about the impression you are trying to make, and the budget you have available.
Hold an event to demonstrate your product live to a captive audience. If the product is small, is it feasible to give away free samples? Invite members of the press to the launch to garner publicity. Gather industry contacts as advocates of your product. Invite family and friends for moral support and introduce your new product with confidence.
Taking the right steps will see your launch go off with a bang. Putting measures in place will reveal the extent of your product's impact. On the bottom line, and on your business's future.