You have come up with a terrific idea, and believe that it will revolutionise the industry.
You have gathered funds to get prototypes made, and possibly even started a Kickstarter campaign.
Now you want to launch the product on the market, but where do you start?
By reading the tips in this article!
Learn The Market
In order to successfully launch a product, you need to understand the market inside and out.
You first need to research and see if similar products are already being sold, and what differs your offering from existing ones.
It can be advantageous to conduct user tests and focus groups with yours and other competing products to get real people’s opinions about what problem the product would solve for them, how they feel about your competition, and how they rate your products against the others.
Ask direct questions to find out what the individuals like or dislike about your product, or what improvements they would like made.
Once you understand the niche of the market very well, you will be able to construct a story about how your offering fits into the space, and what benefit it will bring to the end user.
Figure Out Your Target Audience
In order to sell your product, you need to know who to sell it to.
With the days of traditional advertising, such as TV commercials and billboards quickly declining, targeted ads, such as pay-per-click target specific audience that they have a better shot at selling to.
Who is your target audience?
It’s not enough to know if this person is male or female, you should narrow it down to a precise age range, location, interests and even shopping patterns.
Create A Consistent Brand Image
Successful entrepreneurs know from the start that they are not only selling a product, but building a company.
With this primary goal in sight, you should stop to think about what narrative you want to create about your overall brand.
Are you an innovative company that focuses on technology and will be leading the tech space?
Are you a family-oriented firm that promotes a good life/balance for employees and is a name people can trust?
Or, are you a green company that shares profits with environmentally-friendly causes?
Once you find your core story, stick to it in every single piece of messaging you put out – from press releases, to your logo, ads and website.
Head of Training and Development
Originally published: 7 February, 2017