Introducing a New Product to the Market: What You Need to Know

by Business Development 05 October 2018

successful product launch

After a successful product launch, don’t celebrate yet. Just because you’re a new product development process is live, doesn’t mean your work is complete. Yes, a successful product launch says a lot about a business. It will influence your growth pattern, the revenue streams and access to new markets. But don’t overlook what happens after.

Merely releasing the product to the market doesn’t mean you’ll get automatic returns. So, from a business management point of view, “launching a product” in no way means you put your development tools away.

In the midst of your excitement for successful new product development, consider managing its success as a phase on its own.

Here are some tips to ensure management efficiency in the post-product launch phase of your business lifecycle.

1. Take Small, Thoughtful Steps:

As a company, it’s natural to put more emphasis on the product launch date. It requires your management efficiency to coordinate actions between departments and ensure everything is ready for the big day. However, as a marketer, you don’t release your foot from the pedal once you get the product or service to your customer.

A successful product launch is the beginning of a thorough marketing campaign. Here, you need to craft the best message, set the best price and offer a better user experience.

It’s very tempting to chase after a new product launch and forget about this specific product. Well, the truth is, you will never get everything right the first time. As such, iterate around the product and monitor its progress. You may use product management software to check its performance. Use the feedback to determine the best course to take.

2. Streamline the Process:

After a successful product launch, the marketer’s job is to identify issues that may prevent the potential buyers from buying your product. But how do they do this?

a. Listen to Customer’s Unfiltered Responses:

Before the product launch, you’ll have a set of beliefs and assumptions about your market and why your product matters to them. However, after the product launch, this image becomes more explicit.

The launch provides the company with an opportunity to get quantitative and qualitative feedback from your market. The mistake that most companies make is reacting to it so soon.

So, why should you not react to this feedback yet? Well, after analysis, you may find that your buyers don’t have a problem with your product but with other things surrounding it.

Here’s how to collect qualitative feedback:

  • Monitor the social media mentions of your product.
  • Monitor the questions your clients ask after a product demo.
  • Ask your support and sales team to feed you any feedback that comes through the intercom.

For quantitative feedback:

  • Use tools like google analytics
  • Collect click-through rate and scroll data on your website.

Another tip would be to get feedback from colleagues who will be honest about your product. It’s your role to collect as much data as possible from inside and outside your firm. At this point, treat all the information you get as valid.

b. Make Sense of the Feedback:

Once you collect the feedback, how do you make sense of it? Simple, by grouping it into broad categories and narrow down to more specific types.

As you will note, post-launch feedback is beyond any product development realm. It will inform you how the market receives and consumes your product.

c. Ship Continuously:

In product marketing, it’s important to iterate towards the right solutions. This way, you will avoid the mess of relaunching your product over and over. All this is dependent on the feedback you get from your market.

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Ariana Smith is a blogger who loves to write about anything that is related to business and marketing, She also has interest in entrepreneurship & Digital marketing world including social media & advertising.

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