So you’ve spent countless hours researching; planning, developing and perfecting your new product to the point where you feel like it is ready for launch. But how do you give it the best chance of success in an increasingly competitive market? Depending on your product, it can be very hard to just get people to try it, let alone pay for it. There is a high rate of failure and we often see a great product come to market with terrible execution, or an average product where the marketing team have gone into overdrive, it gets successful early on, but then the hype dies down. What you would always aim for it is to give your product longevity, so here are our top tips to help your new product become successful.
Be better than your competition
Have a better quality product, better sales and after-sales service, and just generally one-up your competitors. If you have a product which is more expensive, but which isn’t very price sensitive, they may win the battle for customers looking for a lower price, but your quality should shine through in the long-term, helping you outlast the competition.
Be smart with your marketing. Often, the difference between two products isn’t so much the product themselves, but rather the way they are marketed. If you and a competitor have say for example, a room booking system, you want to be smarter by advertising and marketing why you have the best room booking system. It sounds simple because it really is, but like we mentioned in the intro, there is often a great product, but with poor execution.
Relieve the customer’s pain
A great way to make your product a success is to have one that relieves a customer’s pain. Think of all the times you have wished there was an app or product that would have helped you with some difficulties, and try to be that product. The majority of people have issues with budgeting their money and that is why we see many budgeting apps on the market these days. Find out the customer’s pain, target it and heal it in order to give you a better chance of success.
Price it according to its value
Be warned, just because it might be the only product on the market that solves a certain problem, doesn’t mean that people will pay whatever price for it. You need to define your product’s value and price it accordingly; if not, potential customers may be put off and see other affordable alternatives, even if it doesn’t completely fulfil their needs.
Make sure it is available
We’ve seen this with many new products in the past where the manufacturer has been unable to keep up with demand. If the product is not readily available, customers may go elsewhere for an alternative. One brand that seems to have been an exception to this is Apple, who in the past have had manufacturing issues that resulted in less availability of their products. Although this resulted in a public annoyance, this hasn’t seemed to damage the brand as their customer base is loyal and are willing to wait. However, if you aren’t Apple, it is important that you plan for the expected demand before your release in order to avoid any irreversible damage to your brand and reputation.