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Learn
more about product development to help market your
product.
Whether you
are just starting out, or have been in business
for awhile and wish to introduce a new product
to the marketplace, it is important to consider
the following before you proceed:
PRODUCT DEVELOPMENT PROCESS
(CONTINUED)
5. “Go to Market” strategy?
While you are developing your product or service, it is critical to consider how
you are going to introduce it to the marketplace. Some key ways to do that
include: advertising (Internet, newspaper, TV, radio, etc), trade shows,
community business meetings (i.e. professional networks or Chambers of Commerce),
networking/referrals, pre-selling, marketing campaigns, etc.
Another key component to consider is follow up. Once it is in the marketplace,
how will you follow up to ensure it is successfully achieving the goals set out
for it in the beginning? Make sure you have a good follow up plan to measure the
effectiveness of your “go to market” strategy.
6. Beta-Testing of product?
Prior to taking the product or service to market, you will want to enlist some
“partners” to help you ensure that your new venture will be well-received.
Target prospective customers with whom you have strong relationships, and ask
them if you could show them the product/service you are going to introduce and
receive their feedback. Constructive feedback from those likely to use the
product will help you ensure that your product is ready to go before you
officially launch it into existence.
Another advantage to beta-testing is that you are already engaging prospective
clients with your new product or service. This is a great way to create warm
sales leads for you and your sales team.
7. Product Launch?
Once you have covered all bases, it is time for you to launch your new product
and monitor its sales success. Your product launch should be announced to the
entire company, and the sales team should be taught how to sell it by the
marketing department in order for your launch to be effective. Also, make sure
your sales team is equipped with collateral and industry information they can
use to show how the new product will outweigh its competition through effective
value positioning. Ensure price points are in place, and that your sales team is
aware of both wholesale and retail costs of the products. All information you
can give them will be critical to their success as they take the product to the
streets.
In conjunction with sales, the marketing team should have an aggressive
marketing campaign to introduce the product/service to the marketplace, along
with lead generation and follow up to ensure the sales team has all they need to
accomplish their revenue goals with the new product. It is sometimes advisable
to associate a new quota with the new product along with an incentive program
for just that product to ensure complete buy-in from all parties.
8. Post-Launch Research?
Once the product is launched and has been in the market for approximately 60 –
120 days, you can do research to see how well the product is being received in
the marketplace. This can be done through several means:
Check with your sales representatives to see how well the product is selling. If
it is not doing very well, gauge their perception of why it is not selling well.
Customer surveys are also a good way to gauge your customers’ perceptions of
your new product, and will give you solid information on how to tweak your
product as necessary. If you can afford it, hire a short-term telemarketing firm
to follow up on any product sales to ensure product success.
Summary
Overall, when developing a new product to take to the marketplace, remember that
there are many factors to consider before “taking it to the streets”. Putting
the right benchmarks in place to ensure your new product idea is viable, will be
cost-effective, and well-received in the marketplace will more readily ensure
success with your new or latest product brought to market.
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Learn
more about product development to help market your
product.