Written by: Leah McAdaragh, Contributor / Former Managing Partner
5 Key Product Launch Questions for Innovative Entrepreneurs
When asked about their personal strengths, most entrepreneurs answer with traits such as creativity, visionary abilities, and disproportionate inspirational ideas. These are important factors and drive the ambition of successful business founders. Offering encouragement to explore and inquire, in this article I will focus on five of the most crucial question categories to consider when developing and launching new products.
- 1) Buyer’s Choice: Is it NEW & Why Was it Created?
Is the product first to market, improved or exotic? Does the product solve customer family’s problems? Each Buyer has an individualized priority of considering which of the newest products they will make available to customers. Buyers are looking to be first to market, first to meet their customer’s needs and first to offer better services. The “WHY” behind the project shares the cause, the story that will be recognized by supported by consumers. Compelling stories inspire not only you the entrepreneur, but also the buyer and ultimately, the families you are reaching. Are you emotionally prepared for product rejection and can you answer the tough questions of a partnering buyer?
- 2) Trends and Consumer Demand: Will They Buy?
Building a product community becomes the strength and foundation that new items require to thrive. A broad spectrum, large group of consumers is the best place for a new product to fulfill customer family needs. Volume is the essence of product survival. Researching the desires, needs and wishes of the product community inspire revolutionary ideas.
- 3) Pricing: Does the SRP Work?
Is the product affordable for the demographic it is intended for? An additional question regarding pricing is, what will the market bear? It is more common to compare existing categories of competition. Offering improvement factors and persuasive advantages becomes the messaging priority of the new item. This is especially true if product pricing is higher than that of the category.
- 4) Margin: Is There Plenty to Support Marketing Programs?
It is rare for a new product to not require any form of media, promotion or exposure. Marketing & Communications are a necessary component of almost every new item produced. Marketing can take the form of in-store promotions, distributor promotions, print advertisement, online advertisement, press releases, media exposure and many more. The costs involved in messaging, communications and exposure are the key to ROI in the future.
- 5) Packaging, Partners, & Promotions: Are the 3 P’s Covered?
Research and attention to detail is key to understanding packaging needs. Does the packaging maintain quality, freshness and protect from damage? Will the packages fit in a case? How will the package fit on a shelf? These questions directly relate to how the product will be sold and by whom. How and why did you choose your retail partners? What type of promotions will be preferred by your retail partner and why? When a product package sends a clear message from the retail shelf, it exponentially increases the success of a promotion.
Congratulations, while answering all of these important questions, you just created the recipe for your own successful product launch!