How to Launch a New Product Or Service

While you may have started your company offering one product or service, it’s not as if you need to stop there. Once you’ve established that you’ve got a working business model and you generally have things under control, then you may want to consider adding another product or service to your business. This can help develop growth and take your business into new and existing spaces. In this blog, we’re going to take a look at a few tried and tested tips that’ll increase your chances of finding success.

Understand the Competition 

You will have conducted a lot of market research before you initially launched your business, and you should do the same when you’re looking at adding something new to your line of offerings. Even though you will have had success in the first phase of your business operations, there’s no guarantee that you’ll achieve the same success this time around. When you’re developing your ideas, take a look to see first, if there’s a demand for your new offering, and second, whether other companies are doing the same thing. Competition doesn’t have to mean you can’t do it, but it’s always good to know what you’re up against.

Iron Out the Kinks

You’ll need to dedicate a significant amount of time and energy in order to ensure that your new product or service is as high-quality as it can be. Sometimes, companies rush to get something out into the world, but it doesn’t take a genius to figure out that this would increase the chances of running into difficulties. It’s best to bide your time and make sure that you’ve got something worthwhile to offer, even if that means launching a little later than you have planned.

But Forget Perfection

Having said that, there’s little value in striving for perfection. It’s OK if it’s not absolutely flawless. If you’re waiting for that time to arrive, then you’ll never launch! Instead, wait for it to be generally good enough, and get it out there. You can always make tweaks later on down the line once you've gathered customer feedback and other data. It’ll be a matter of launching when the service is in a generally great condition, and then making subtle changes.

Present It To The World

There’s little value in launching a new product or service if no-one knows that it exists. In the run-up to launch, look at building the hype. One of the best ways to do this is to present your new offering at a trade show, which is where most new ideas are launched. Grab your most outgoing employees, work with a company that offers high-quality exhibition stand design services, and get to work. If you get it right, you’ll find that there’s a buzz even in advance of your launch.

Further Marketing

Once your service has actually been launched, you’ll want to put all your energy into marketing it to your target audience. There will have been buzz; this is your chance to turn that buzz into sales.