Top Tips for Launching a New Product Online
Launching a new product to the online market is just as stressful, time consuming and hit and miss as it is offline. However, with a bit of research, you will be able to successfully launch a new product online, while minimizing the risk to both yourself and your business. Whether you know what product you are launching or are yet to decide you need to start thinking about the process. To start with you need to think about the end user. Who is your target audience? How will they use the product? Is it necessary? How much will the end user/target audience pay for the product? Asking these questions and establishing the answers early on in the process will ensure you do not spend money trying to launch a product that doesn’t have legs. Now you have thought about your target audience, you need to get together an action plan. Within this action plan you need to think about what you will achieve and by when. You also need to think about how you will market your new product, and also how much you will want to spend. Budget is a big factor when launching a new product, so knowing how much you can, and want to spend on getting it to the market is essential, so establish a budget as soon as you can. So, now that’s out that way, you need to think about who your competition is. As you probably already know there are not many one off products or businesses out there, so your product will have competition, be it direct or indirect – and you need to accept this. Once you have accepted it you need to begin analysing who your competitors are, who their customers are, what they are offering, and what USP you could offer that they are not. Producing a SWOT analysis for each of your competitors will allow you to quickly see where there is room for improvement, and of course where there is room for your new product. Now, you know who your market is, what product you are launching and how much you have to spend, you next need to think about your point of entry. What platform will you sell you new product. Will you use your own website exclusively, will you use affiliates, or will you sell wholesale to other websites. Of course there are no right or wrong ways to sell, but only you will know what selling points you want to use and focus on. To establish what suits both your business and the product best it’s wise to test out a number of options, see what works best and then go from there. When launching a new product it’s important to see everything through and to monitor the results and feedback you receive. Feedback will ensure your product fits into the market well rather than being pushed out.