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The Internet is awash with websites that explain how you should promote your company’s products. There are even many case studies that detail how following specific instructions can produce a highly successful outcome.
That’s all great, but what if you’re still at the research and development stage? And you’ve yet to release your first product to market? If you’re in that situation, this new product launch cheatsheet is for you. Here’s what your startup business needs to do:
Make sure you’re not reinventing the wheel
It’s no secret that many of today’s new products on the market are essentially enhancements of existing ones. Whether you’re developing something from scratch or making an existing idea better, make sure you’re not reinventing the wheel.
For a start, you need to be 100% certain there isn’t an identical product already on the market. Companies like GHB Intellect can help you determine that you’re not going to infringe on someone’s existing intellectual rights.
Make sure your product can fill a gap in the market
Once you’ve determined that your new product idea isn’t going to cause you any legal grief, you need to be sure that it will fill a gap in the market. The last thing you want to do is launch a product that solves a problem your customers aren’t experiencing!
Spending time on your market research is essential during these crucial early stages of your product development. Thankfully, research firms such as Nielsen can give you a detailed insight into your market and the problems that it faces.
Carry out plenty of testing
As you get to the stage where you have a working prototype of your new product, you need to get as many people as possible to test it. Doing so will help you in several ways:
Fault-finding
First of all, you’ll discover if there are any flaws in your product that need resolving before you release a final working version. One of the biggest mistakes some innovators make is keeping their products a closely guarded secret and not letting third parties test them.
Feedback
Your product testers can give you a frank and honest account of their experiences using your product. Feedback is crucial to developing a product that becomes critically acclaimed and widely revered by your target audience.
Arguably the best way of gaining feedback from your product testers is by inviting them to answer a questionnaire.
Safety
The sad truth is that sometimes new product innovators forget to comprehensively check the safety of their products before they release them to the market. Thorough product testing ensures that your product will be safe and meet all legal safety testing requirements.
Surveys
One beneficial way to find out what your customers, employees, and stakeholders are thinking and wanting is by utilizing surveys. Survey templates like https://www.qualtrics.com/marketplace/survey-template/ will help you design the right survey to obtain the data you need.
Final thoughts
Some people believe that launching a new product is as simple as designing and building it before selling it. The truth is, you need to follow a flow process so that you can guarantee a successful product launch.
You want to make sure your new product won’t give you any legal problems, harm anyone, or otherwise cause your target audience to avoid using it. By keeping in mind the points raised in this cheat sheet, you’ll have carried out your due diligence.
Good luck!