guide to launching a product in the market

How to Launch a Product in The Market in 12 Steps

In every product-based company, a time comes when the company is prepared for launching products 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 a product in the market.

12 Steps to Follow Before Launching a Product

#1. Do Market Research

Researching the market is the primary criterion 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 advantage 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. Identify Target Audience

Basically, every product has its 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.

#3. Develop a Unique 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.

Clearly define the unique value proposition of your product. Determine how it stands out from the competition and how it solves a problem or meets a need in the market. Your value proposition should communicate the benefits and advantages of your product to the target audience.

#4. 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 launch.

Related: Reasons Why Startup Entrepreneurs Must Have a Business Plan

#5. Set Clear Objectives and Key Performance Indicators (KPIs)

Establish clear objectives for your product launch, such as sales targets, customer acquisition goals, or brand awareness metrics. Identify key performance indicators (KPIs) that will help you track and measure the success of your product launch. This will allow you to make data-driven decisions and optimize your strategies as needed.

#6. Provide Good Packaging

Packaging plays a crucial role. Your product must have attractive and equally effective packaging. Go for a simple but bold and appealing design. Basically, packaging helps to create the visual impact of your product on the customer’s mind.

Additionally, you must provide packaging that is durable. Because you have to keep the product safe from transportation and handling damages.

#7. Create Right Catchline

You must create a catchline or tagline for your product. Basically, a product catchline speaks about your product in a 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.

#8. Define Marketing Strategy

This is another important aspect you must consider in launching a 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.

Related: How To Setup An eCommerce Shop

#9. Have a Sales Promotion Strategy

Basically, sales promotion is a 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 demand for more stock, and traders push the products. On the other hand, consumer sales promotion activity aims at the end-users. These are used to create a pull for the product.

#10. Create A Website

Whether you are launching a food item or a 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 a 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.

Related: How to Create a Website

#11. Implement a Launch Plan

Create a detailed launch plan that outlines all the necessary activities, timelines, and responsibilities. Coordinate with different teams within your organization, such as product development, marketing, sales, and customer support, to ensure a seamless and successful launch.

#12. Have A Media Kit

The media kit is also popularly known as the press kit. Regardless of 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 on 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 products in the market will help you in making an informed decision.

Frequently Asked Questions

How do I determine the pricing for my product?

You need to consider various factors such as production costs, competitor pricing, perceived value, and target market affordability when determining the pricing for your product. It is advisable to conduct market research and competitor analysis to establish a competitive yet profitable pricing strategy.

Should I consider offering promotional discounts or incentives during the product launch?

Consider offering promotional discounts or incentives during the product launch can be an effective strategy to generate initial interest and drive sales. However, carefully consider your profit margins and long-term pricing strategy before implementing discounts.

How important is customer feedback after the product launch?

Customer feedback is crucial after the product launch as it helps you understand the strengths and weaknesses of your product. It allows you to make necessary improvements and enhancements based on customer preferences and requirements.