The new product launch is always a tension in installments. You have to pay all the installments.
Especially the startups need to step in the field with a product that penetrates into market else, it just takes a few hours to collapse. Of course, even if the product can withstand the competition, they need to understand the ways to convince any type of customer.
But there can be discounts on the installments or there are some tactics that may reduce the intensity or may completely abolish the next one.
Any invention, from “The idea till its launch” may have different stages which vary with companies, industries, organizations, etc.
I think there are mainly 5 stages for a product to see the world:
1. The Idea: We don’t know your idea, your business, and your customer type, so the risk is up to you. But, we suggest you prefer Influencers in your domain to be mentored for a better start.
TIP: There are so many #SecretSuperstars who can ignite the #InfluencerInYou or can mentor you. A short video of what exactly is it.
2. The Prototype: Once the idea is done & agreed, the prototype & other things come up at which you are very good.
3. The Design/Features: We don’t know about your R& D and even if I ask, I am sure you don’t want to reveal it, so I can’t help with it.
4. The Final Product: Once the previous stages are crossed & if you are ready to spend then you might prefer the aesthetics, ergonomics, material and best vendors at cheap cost everything would be decided. This is anyways better-taken care of by you.
5. The Launch: This is the important part of my article. Where I think my suggestion could be a lifesaver.
Once the product was ready, there might be a lot of inventory ready made, the advertising promotion costs, etc. to reach & match all your fans expectations.
If your product matches their expectation in both look & features, that is all good, what if it does not reach the expectations?
What I meant is, when the final product is about to launch, It may or may not as planned, may or may not be on the expected time. In that case, this tactic might work!
It would be better if we can know the product-market fit right now. For this, what I recently did was, we wanted to test the enthusiasm for the product in the experienced people in the similar industry. To do so, we need loyal but knowledge experts to get the best opinion.It’s kind of an expert opinion poll & you find them in the form of your existing customers. We are sure of our new launch (An Electrical device) is one of the advanced technologies in the area of uninterrupted & seamless changeover between your power sources.
We have shared our new product features with them and asked for the interest in the product & wanted to try a free demo?
The result was amazing – 50% of our existing customers who are absolutely loved & wanted to try it.
As that was for a manufacturing company in the energy industry, this is one of the best feedback possible. This was helpful for us to grab & hold 50% of our existing customers and dealers with extra business.
Try out your new products with your existing customers, If they liked it, you are at very fast success rate (ROI) than expected, who knows maybe there are chances of more than 75% of your customers wants to try it.
This is just a suggestion which worked out for me than what I was expecting.
All the best for all the creators, you deserve success!
Also, comment if you have any suggestions, tactics that worked out well for you.