Creating a new product isn’t as easy as assembling a prototype and bringing it to the market without any thought or care given to it. There are a lot of aspects of the development process that you need to consider before even launching the design phase of the product.
A vital part of launching a new product is the product development stage, which requires a thoroughly thought-out plan that serves as a compass to help guide you through from ideation to creation and beyond.
Typically, your product strategy will be split into three parts: your market visions, the product goals, and initiatives. A product strategy is essential as it gives something to focus on and follow from beginning to end. It allows you to analyze better what you are doing and what needs to be done to bring the idea to creation and eventually to the market. It also helps you to address potential roadblocks and come up with solutions before you come across them to help you avoid mistakes and oversights further along the process.
Not only does creating a detailed plan help you to see how you differ from your competitors and what you offer that holds more value than something already on the market or in development.
Without further ado, let’s look at some parts of your roadmap or product strategy to which you should pay particular attention for increased success.
Your audience or your target market will dictate the type of product you create, its price point features, and add-ons you might be developing alongside it. You need to be able to define the customer and your business opportunity from this standpoint.
To identify your target audience, you need to factor in a few different aspects of their lifestyle, such as;
- Pain points
- Online activities
- Sending habits
- Common buying behavior and more
The more you can narrow down your audience, the easier it will be to design a product that appeals to their needs and requirements. Using conjoint analysis in market research can help you correlate data from existing products on the market to allow you to evaluate common similarities and components of the buying process. Let’s take the humble sneaker; if you are in brand development for a new sneaker, analysis tools can break down the features of the sneaker, i.e., price point, shoe fitting, style, color, pierce point, features, and so on, and give you the different variables that can make for a more successful sale as you product will be combing al fo the features buyers are looking for so you hit the right spot in the market.
Unique Selling Point
Your product needs a unique selling point to differentiate it from the competition on the market. This can be anything that appeals to the consumer base and fits a gap in the market. It can be as simple as ensuring your new clothing line uses environmentally friendly materials and practices. It can appeal to the fitness industry by creating a better quality supplement to support their gains or software aimed at C-level executives that is easier for those less tech-savvy.
Talk to your development department and look at the possibilities available for your new product and how you can set it apart from what is already out there.
You might not have thought this is an essential part of your new product release other than to give you a deadline, but your release date can be significant and make or break your launch. For example, if you’re developing a new toy, you want to be marketing it for release during the holiday season to capitalize on the rush for new toys for Christmas. If you create healthy food, diet food, or supplements, curating it for launch around the New Fitness trends can give you a better start and boost sales.
Pay attention to other competitors who might be releasing similar products around the same time, and keep an eye out for their build-up or release date. Launching after them can mean you get left in their wake, even if you have something slightly different they don’t offer. Bear in mind your budget, too. If you anticipate high demand and can make more products to meet that demand, it might be worth holding back to ensure you have the capital to do so successfully to avoid disappointment and losing momentum from your original release date.
A product launch needs to be thought through carefully, and the planning stage is an integral part of the overall product launch to help you be as successful as possible.