In every product based company, a time comes when the company is prepared for launching product in the market. First of all, you have conceived an idea, made every necessary arrangement for production and finally, the time comes. And you are going to launch your product on the market.
However, this is not an easy task for new entrepreneurs or beginners. Additionally, you must plan on launching a product successfully whenever you want to launch a new product. In this article, let’s have a detailed discussion on the 10 things you must consider in launching product in the market.
10 Things To Consider In Launching Product In The Market
#1. Do Market Research
This is the primary criteria you must do before launching a product. It is important to learn about your potential competitors and their products. You can hire market research agencies for this work. However, sometimes small business owners can’t afford to hire agencies.
And in that case, you can take advantages of your sales team. Additionally, you can follow trade shows, journals, and media advertisements to get adequate information. These pieces of information will help you in making decisions for launching your products successfully in the market.
#2. Perform SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities, and threats. And you must know your product perfectly. Identify the core features of the product, the problem that the product addresses and who can buy the product. These aspects are absolutely necessary for a successful product launching.
#3. Identify Target Audience
Basically, every product has it’s core consumer base. And you must identify your core audience. Put your focus on the people, not on the product. Find out potential buyers of your product. You can fix your target market according to the age, gender and socio-economic background of the local people.
As an example, if you are launching your designer saree company, then definitely you are targeting women consumers. Additionally, identify which age group will prefer the sarees most.
#4. Provide Good Packaging
Packaging plays the crucial role. Your product must have an attractive and equally effective packaging. Go for simple but bold and appealing design. Basically, packaging helps to create the visual impact of your product on the customer mind.
Additionally, you must provide a packaging that is durable. Because you have to keep the product safe from transportation and handling damages.
#5. Create Right Catchline
You must create a catchline or tagline for your product. Basically, a product catchline speaks about your product in few words. Some of the most popular product taglines are Amul: The taste of India, Thums Up: Taste The Thunder etc.
Try to create your product tagline with simple and catchy words. Your product tagline must describe the main feature of the product.
#6. Create Value Proposition
You must have a clear conception of what you must offer in order to stand apart from the competition. In addition, you must understand who will want to take advantage of your offer. But do you know why customers will want to buy from you?
Identify what benefits and features will you provide that your prospective customers will value most? The bottom line is that your product must come with a unique value proposition that meets the needs and desires of your best prospects.
#7. Define Marketing Strategy
This is an another most important aspect you must consider in launching product. You will need to determine your sales channels. Nowadays, there are several options for promoting the product.
Determine whether you will sell the product only from your online store or online marketplaces or through distribution channels. Additionally, you can also consider B2B selling.
#8. Have A Sales Promotion Strategy
Basically, sales promotion is marketing activity that helps to boost the sales of the product instantly. There are two basic types of sales promotions: trade and consumer sales promotions. According to your marketing budget and area of operation, you can go for trade or consumer sales promotion.
When you offer schemes, discounts, freebies, commissions and incentives to the distributors or retailers it comes under the trade promotion. Generally, this type of promotion increases the demands for more stock and traders push the products. On the other hand, consumer sales promotion activity aims to the end users. These are used to create a pull for the product.
#9. Create A Website
Whether you are launching a food item or non-food item, you must have a website. Basically, a conventional company website provides the product catalog, contact address etc. Additionally, you can set up an online store also. Your physical consumer can put an order on your website.
In addition, you can use your website as an effective marketing tool also. For online promotion, having a website is the must for a product based company. You can consider hiring a skilled website designer. A website designer can make sure that your website is easy to navigate and professional looking.
#10. Have A Media Kit
The media kit is also popularly known as the press kit. Regardless the size of your business, you must have a media kit. Generally, it is an information page that delivers messages about your product. However, you must create the press kit depending upon the product, the audience and the use of the item.
In starting a small business, you have to take every decision very thoughtfully. And we hope, this detailed article on launching product in the market will help you in making an informed decision.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.