Depending on your business and industry, no element is more important to your success than the products you sell. If you are developing a new product to sell in your online store or through a retailer, you may want to launch one. However, it is important to stop and take the time to ensure they’re ready. Here are a few ways to tell if it is a good time to start the rollout or not.
How do users feel about it?
During the design process, you most probably went through an intensive period of user testing, during which you spent time interacting with the product at the user level. However, it is necessary to be sure that you truly get it Customer feedback from real members of the market. They should be involved in the design process as soon as you start prototyping so it is easier for you to adapt the product to their needs. When it is at a later stage, you can leave it in the hands of relevant influencers to not only solicit their feedback, but also to build up the hype they can lend through their audience.
Does it meet all legal and regulatory requirements?
Before you launch your product, you need to spend some time getting to know any regulatory agencies that might take a closer look. Then you need to know what factors they will pay closer attention to. For example, if you’re in an industry dealing with cosmetics, pharmaceuticals, or food, there will be rules about the chemical composition, purity, and cleanliness of your products. A chemical analysis laboratory can help you test products and get a far better idea of whether or not they are market-ready. You also need to look at the health and safety elements, whether the product requires a warning, and the environmental impact of product production and waste.
Can it compete with other products out there?
You need to research not only the product itself, but also the market it is going to be targeting. Unless you have created something that is really and wholly innovative in concept, likelihood is there will be some competition waiting for it. Apply competitive analysis An early start can help you learn what competitors have done right with their products, but also the benefits and markets they’re missing. If you can achieve any of these, you can create a niche for the product that makes it easier to stand out. It is important to make sure that the niche is general and desirable enough to capture market interest and to make sure that in your marketing the niche doesn’t take over the value proposition, but a good niche can be a really handy tool.
Once you have confirmed that your product meets regulatory requirements, market expectations, and is sufficiently different from the competition, you are good to go. Make sure you put the required time, energy and money into the launch to get the attention it needs.
