Launching a new product: how to do it
Very often it can happen that an idea seems brilliant and leads us to imagine that we can use it right away to make easy money. We therefore tend to overvalue the product or service, without really realizing how this could be perceived by the customer audience. Before diving headlong into the realization of the project and its launch on the market, it is therefore essential to analyze it thoroughly.
The product or service in question, however, is not the only factor to take into consideration: other aspects of the launch of a new product, such as market conditions or competitors in the sector , are fundamental indicators for evaluating the real potential of our idea. The quickest and most intuitive way to tackle this delicate initial phase is to define an action plan that includes some essential steps to transform a simple entrepreneurial intuition into a successful reality.
Analyze and define the audience
The first factor that comes into play when it comes to launching a new product on the market is the target audience . The target audience refers to the audience of customers, both existing and potential, to whom the new product or service is addressed. Knowing the clientele is essential both for the initial launch phase and for some phases following the introduction of the product or service on the market, for example for its promotion and in general for marketing campaigns.
When analyzing the target audience, there are essentially two questions to ask: “who?” and “why?”, thus focusing on the characteristics of the end customer and their needs and requirements. To answer these questions, it is possible to use various analysis tools, including observing people's purchasing process , both through physical channels and online channels.
Observing this phase of the Marketing Funnel allows you to collect key information about your customers, such as their average age range, profession, purchasing power, or even specific interests. What you can do after analyzing and defining your audience and their needs is to improve the strengths of your business idea on the one hand and eliminate those that are perceived as weaknesses on the other.
Analyze the Target Market and Competitors
The second fundamental step to launch a new product or service on the market is the analysis of the market itself. The modern market is a large and constantly changing space within which there are different companies, competing with each other to succeed and innovate. In such a competitive space, the first objective of a company that has recently been founded or that wants to offer something new must be to survive.
Market Analysis and Competitor Analysis can be useful for this very purpose, to have a precise idea of what the demands are from consumers and at the same time get an idea of who they are and what they offer. The latter, the so-called competitors , are the other companies, which can be either in an emerging phase or in a consolidated situation.
Carefully observing your competitors and knowing their product and service offerings can be useful to understand their strengths and weaknesses and adapt your proposal accordingly to make it more interesting and appealing to customers.
Define Product Identity
The last factor to take into account when you intend to launch a new product on the market is brand identity . Building a strong brand identity is essential both to create a good first impression on customers and to dress the company with a consistent and memorable image on the market. Emphasizing brand identity is also a way to differentiate yourself from competitors and stand out in the eyes of existing and potential customers.
