Are you on the path to introducing a new product to the market? Chances are you’ve got quite a bit on your plate dealing with the logistics, marketing and getting partnerships in order. Nevertheless, when we take out the stress factor, launching a new product can be very exciting and fun.
But before you launch, and introduce a new product to market, you probably want to cover all your bases. And be sure that you’ve explored all the avenues open to you before launching to ensure your new product is success.
Below you’ll find five things you can do before launch to successfully introduce a new product to market.
1. Cooperation, Licensing & Alliances
If you’re a startup aiming to introduce your new product to market, you’re going to need to reach out for some outside help. Going at it alone is achievable, but the journey will be that much harder.
Aim to sign up partners who will help expand your reach and get your product in the hands of end users. Through licensing you can increase your market potential, by allowing original equipment manufacturer to use your product, while still retaining ownership and royalties.
2. Releasing Pre-Launch Information
This can be a key decision for your company – tell too much and your competition could copy you! Yet you need to release enough information to arouse curiosity.
Your suppliers, distribution network and the media are the ones you need to tell first before you launch.
Also don’t forget to reach out to influential bloggers and opinion leaders with information on your new product. And if you’re concerned about others copying your product, you can always put an embargo on the information and ask folks to sign a non-disclosure agreement.
3. Educating End Users
Staging events, such as workshops, certainly engages your target audience. And you can gather some insightful data on what people think and how they use your product.
The downside however is that it requires some time to organize and put everything together in order to pull it off successfully.
Startups might find this to be more of a burden – especially when funding needs securing and products need tweaking. You need to weigh the pros and cons on this one.
4. Distribution Agreements
Finally, make sure you have distribution channels set up and agreements signed to ensure your product finds its way to consumers’ hands.
This is a major part of establishing your credibility, especially if it’s your first product launch and you’re a young startup.
When announcing a new product to the public, it’s usually a smart move if you’re able to say when it’s available. It’s quite irritating when everyone is left guessing on potential release dates, since the first question people are asking is, “When can I get my hands on it?”
Although there are probably a lot of other things you can do, these four things will certainly set you on the right path. Did we miss something? Let us know by commenting below. And as always, don’t forget to follow Kanguro on Twitter.
Photo: jurvetson via Flickr