Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question,“what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
If you are creating a new product, there is no perfect time to start marketing that product. Early marketing can help you get prelaunch orders, but it is also risky. Waiting too long might mean you have an abundance of product and no one to sell it to. As you are creating and launching your new product, there are a few things to keep in mind.
The research stage can make or break your new product should happen before you make anything. What is your idea? Who is specifically made or designed for? When do they need your product or service (is it conditional or seasonal)? Where can your product or service be purchased? What is the price point people are willing to pay for the product? What is the break-even point for you? What is the profit margin? How will you tell if people need your new idea in their lives? Who is it for, exactly? Where do they live? The answers to these questions should help drive your product creation and give you a good idea of how, where and when to market your product.
Further define your customer
Once you have your research in front of you, it’s time to define your ideal client. It’s this person you need to talk to in all your marketing materials. It will set your tone of voice and help you target and reach your most valuable prospects.
You will also need a prototype or some test products to give you an idea of how customer perception. The sample products and a few people from your ideal client demographic will give you even more insight. You will want to ask questions, such as: do they like the packaging? Does the brand name sound like it should?What adjectives would they use to describe the product? What makes them want to use it?
Get your production in order
Another non-marketing activity to do is make sure your production is ready to go. By this point, you should have an indication of demand and should start limited production. Testing this before your official launch day will let you know if you need a bigger production line or if you can meet the demand with your current set up. If you decide you need a bigger production line review your options and make sure to ask about repairs to the production line and potential costs. Anything from a broken conveyor belt to needing a hydraulic hose repair can have major impacts on your production.
Final check on pricing strategy
The last thing you need to do before launch is perfect your pricing taking into consideration all of the information from above. What your costs and profit margins will be and the price the customer is willing to pay. Your price can be flexible as time goes by but you have to start somewhere. Make sure you strike the right balance.