Home Business Key Factors to Consider When Launching a New Product in 2022

Key Factors to Consider When Launching a New Product in 2022

by Olufisayo
Launching a New Product

Many businesses have been in simple survival mode over the last couple of years due to the global pandemic and related and concurrent world issues. However, as things get a little back to normal, now is a good time to think about ways to grow your venture and go from surviving to thriving.

There are many ways this can be done, but one you might be looking at is launching a new product. Bringing out something new can help you obtain new customers, get more business from existing clients, create additional buzz around your brand, and help you figure out which direction to move forward in, among other things. You need to make sure, though, that you launch a new product effectively to maximize sales and exposure.

Give Yourself Enough Time to Adequately Plan

Firstly, there are always more factors involved in launching a new product than we initially realize, and many of these elements can take much longer to organize than expected. As such, you don’t want to rush your launch process. Give yourself plenty of time to adequately plan and get everything sorted before releasing your new wares to the world.

You require time to test your new offerings properly, make changes based on feedback, plan out launch campaign strategies, develop content and events, etc. Plus, if you want to have journalists or other media attend launch happenings or report on product releases, they need time to pitch and write stories well before publication deadlines. Many magazines and blogs need three months or more to fit news items into their schedules. As such, pitch story ideas to them well before product launch dates.

Understand How the New Product Will Assist Customers

Before you start marketing your new goods or even creating packaging for them, get clear on how what you’re creating will help the end-users. What are the pain points that your wares will solve for potential or current customers, or what benefits will buying and using the items bring to their lives?

While you’re likely focused on what you hope the new product will generate for your business in terms of results, to get to that point, the offerings must first help the people you’re selling them to. You must communicate this effectively on the packaging, in press releases, on product descriptions, when selling face to face, and so on.

Ship Products Carefully

Think about how you’re going to ship your new creations, too. Unless you sell products on-site where you make them, they’re going to have to be put in the post or moved by couriers or ship, etc., at some point. Ensure you can safely package the things you make, so they arrive at their destinations unharmed, undegraded, and otherwise secure.

If you make anything containing dangerous materials or could explode or cause other hazards in transit, consider shipping methods to suit. It pays to use a quality impact indicator to alert logistics personnel and other people who deal with the package at various touchpoints if the goods have become unstable or leaked during shipping.

Also, think about the presentation of items. If you’re releasing a product that will often be bought and sent as a gift, you want it to arrive in gift recipients in the best possible condition, looking just as lovely as when you and your team or a reseller, etc., sent it off. Do some test runs to see which packaging works best and how to best protect wares in transit before launching products out into the world.

Put on an Event

A product launch is typically best celebrated with an event of some kind. If you have the budget, you could plan a fun party and invite your current customers, potential clients, investors or business partners, the media, and other stakeholders, including your teams who worked hard on the items, to attend.

An occasion like this provides a great way to create buzz for your new release. It gives journalists an opportunity to see it and have something interesting to write about in a story and more impetus to run news pieces. Use the event to provide a preview and get reactions to the new offering and the marketing collateral you’ve created for it. You can then tweak things as needed before going further with a more widespread launch process.

When possible, allow the people invited to purchase or pre-order the new product on the day. Everyone likes feeling special and like they’re one of a select few to learn about something before others. You can build better relationships with customers in this way and make sales right away.

Many businesses like to set up an introductory offer for sales made at an event to thank those who came to the party. Alternatively, or in addition, you could give away some of the new products on the night with lucky-door prizes or other strategies, too.

Launching a product is an exciting yet stressful process, so follow the tips above to help things go smoothly and make the most of the release.

Photo by SHVETS production from Pexels

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