Are you sure your new product is ready for launch?
You want to launch a new product but aren’t sure if it will succeed. There are a few things you need to ask yourself before putting your product “on the shelf”.
Does your product have a meaningful point of difference? Is there something about your product that is new and different from that of your competitor’s? If so, be specific about what it is, or isn’t. If not, it’s in your best interest to find one. A product that isn’t different may be met with indifference.
What’s in a name? You can go about this several ways but the goal is always the same: choose a name that will reinforce the value your product provides and give your brand meaning.
You can choose a name that positions your product, states your promise, or makes your brand memorable. Make sure your name isn’t too vague and ensure it can be easily pronounced.
Price your product to reflect the image you want to project. If you want it to be seen as an upscale product, you should price it as such. If you have a “me-too” product, ensure you are not charging more than your competitors.
Getting the word out! A well-written message and firm positioning statement is vital to the launch. A product with a clearly defined message that persists through time has the best chance of getting a share of market. Also, take advantage of the initial product launch phase. It won’t be brand-new forever. Print “NEW” on the packaging. Say it loud and clear!
Are you launching a new product? Would you add anything to the above list?
Morty Silber, CEO
Mad Strategies Inc.
a Wizard of Ads Partner