How to launch a product on the market: where to start
T
he a new product on the market is a very complex activity, which requires the elaboration and implementation of a well-defined strategic plan. Even before advertising the product, careful market research must be carried outin order to assess possible opportunities and risks. It will then be necessary to study the economic context of reference, the characteristics and potential of the product as well as the expectations of one's target audience.
This phase will then be followed by the planning of a specific commercial strategy , which must include a series of precise marketing and sales actions. Also included in the launch phase of a new product is the collection of feedback from consumers. This information is extremely valuable for improving or refining certain product features. The development and launch of a new product on the market is then an activity that concerns the company as a whole and therefore requires the support of various units.
From the conception phase to marketing, each department makes its contribution, helping to define, build, test and launch the new product.
How to launch a new product onto the market: the seven basic steps
It must also be said that, irrespective of the company's target area, the launch of a new product on the market always consists of a series of precise steps.
The first step is idea generation, i.e., the creation of a product that can effectively respond to the new needs of the market and its target. This first step would seem to be the most difficult, as many people are inclined to think that one must necessarily come up with a brilliant idea. In reality, the creation phase of a new product starts precisely from the study of what is already on the market. Specifically, the generation of a new idea is carried out from the review and questioning of existing products. A new product might, for example, involve some modifications or combine features of two different products or be designed for a different use.
This conceptualisation phase is also accompanied by the research phase, which makes use of swot analyses, surveys and interviews to assess the actual needs of the market and the possible impact of the new product.
How to launch a new product: from prototype development to commercialisation
At this point we will proceed with the actual planning , which involves the development of the prototype. In this case, it is necessary to make explicit and clarify as much as possible all the features and functionalities that the new product should have. Visualisation is very important. For this, it may be useful to rely on some sketches or, alternatively, to proceed with a diagram, to create a list of components and materials required for the realisation of the good.
Once the prototype has been defined, one proceeds with the search for the best suppliers, partners who can guarantee excellent quality of materials and fast lead times. In this case, we generally rely on trusted suppliers, already involved in previous productions.
After choosing who to entrust with the realisation of the new product, the next step is to analyse costs.This phase is very important and requires a precise market analysis, through which the actual cost of the goods sold can be derived. Only in this way will the company be able to define the price of the product and establish any sales margins.
Finally, the last step needed to launch a new good on the market concerns the actual marketing, which consists of a series of marketing and communication activities, such as on and offline advertising campaigns.
