Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

10 Steps For Successfully Launching a New Product or Service

Written by Erik Larson, Community Blogger | Dec 5, 2017 9:12 PM

Developing a new product or service can be daunting, to say the least. But launching it right involves an even more arduous process. Without clear and concise planning and preparation, entrepreneurs cannot get the assurance that their product or service launch will be successful. And since most businesses pour a lot of resources including capital and manpower to create the product/service and the platforms to launch them, a bad launch can have huge financial implications for your business. Here are 10 ways that can help set your business up for a successful product/service launch.

Rigorously Test 

Testing that your product can actually do what it claims to do is obviously important, but few entrepreneurs really go into rigorously testing their product prior launching it. As a result, a lot of products launched by amateur entrepreneurs are subpar and, for software products, buggy. Test your product's quality and features and make sure it's robust and easy-to-use enough for consumers. 

Target the Right Market

Even if your product or service is promising, it won't make much of an impact if you don't offer it to the right audience. Someone who has a $50 budget on their wallet won't be interested in buying a $500 one. 

Retrain Your Team

As you inch closer to your product/service launch, your staff members will need to be retrained to adjust accordingly to new processes. Give them the attention and time to familiarize themselves with the new product/service and how to deal with customer feedback. 

Prepare For Sales Growth 

Launching a new product/service line incites a sudden growth in sales. Prepare for the increase in volume and complexity of operations. Bring in more people to help you handle the increase in workload. 

Stay on Top of Your Mission Statement

It can be easy to lose sight of what your core business should be about when you release a new product/service. Strive to achieve a balance that gives your new product space to move and grow while also sustaining your existing business model. 

Release to the Press

Your press release should be compelling and focus on areas that are important for the target market to know. Get help from professional press release distribution companies to create organic PR outreach and to get your data on top of major networks including PBS and MSNBC. 

Market on Social Media 

Target people who are genuinely interested in your upcoming product or service launch. For instance, post "Coming Soon" photos or videos of your product to your own page as well as to relevant pages. 

Do Something Noteworthy 

Particularly before, during, and after the official product release. This could be something like making a viral video, doing a publicity stunt focusing on an industry theme, or publishing data that supports the significance of your new product or service.

Make it Easy For People to Test the Product

Most software product launches are attached with free trial periods for bloggers and hobbyists who are genuinely interested in a product of such sort. Make sure it's easy for them to download and learn the product by providing tutorial videos, demos, and so forth. 

Keep Expenses Small 

Launching a new product or service isn't a one-day deal. You'll have to sustain the market's interest for a long period of time by buying more ad space and hiring more people to handle the traffic. Keep the unnecessary expenses small to avoid any cash flow problems. 

It's an exciting time in an entrepreneur's life as they prepare to launch a product/service. But to make sure it goes successful and lucrative for your brand, follow the 10 steps above.

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