There are so many things to consider when launching a new product; it’s easy to get overwhelmed.
Plus, it’s understandable to be excited about all of the features and details of your product. Sometimes it’s difficult to sort out the things that potential customers want to know from the technical details. When you’re launching a new product, be sure to answer these five questions before you send off your new creation into the marketplace:
Five important questions to answer when launching a new product:
1. Are the systems, personnel and hardware in place to support this new product?
As thrilling as it can be to launch a new product, you don’t want to jeopardize your existing sales and/or sabotage your new product’s success by not having the people, systems and equipment ready to handle the new sales. For example, is your website and/or your telephone system equipped to address the additional traffic? Do you have adequate sales personnel to handle this new item and are they trained in the features and benefits of the product? Have you created the B2B sales tools you’ll need to support your sales team?
2. Who are the customers for this product?
Even the best product and the best marketing plan will fall short if the product isn’t aimed at those people who have a need for it. Make sure that you know what group of customers this product is best suited for and aim your B2B sales tools at this market.
3. How will we price this product and when will it break even?
Pricing can make or break the success of a new product. Price the product too high and you’ll turn off potential customers. Price it too low and you’ll work harder than you necessary to recoup your production costs. Conventional marketing wisdom says to price the item relatively low initially and raise the price as demand increases. Once you have set your price, it’s a good idea to calculate how many units you’ll need to sell to recover your development and production costs.
4. How does this new product fit in with the company’s overall goals?
In a perfect world, all of your sales actions work together to further your company’s overall goals. It’s wise to determine how this new product fits in with these goals before you take the product to market. Does the product complement your existing product line? Does the new product take your company in a new, desired direction?
5. Do your competitors have a similar product and, if so, how do they market their product?
It’s always important to know what the competition is doing. In the case of a new product, you’ll want to address in your B2B sales tools how your product differs from that of the competition and how your product is better. Also, knowing what your competition is doing keeps you from mimicking their sales approach.