Releasing a new product is a major undertaking for any business and it can easily sink or swim a smaller one. Before you go ahead and put all your eggs in that one basket, you need to think about your product and what qualities it has. In particular, it doesn’t have the following aspects central to its design, it might be time to rethink it.
This might seem like it’s simple, but the truth is that many new products are created without truly defining their purpose and whether it’s enough for the market to support it. The purpose is best defined by thinking about which problem your product solves. Is it a large enough problem to concern enough people to make it economically feasible? Is it a problem already solved by another product and, if so, is yours worth choosing over theirs? Be the solution to a problem no-one else is solving as well and your product is immediately valuable.
This depends on which market your product is marketed to, but all-in-all it comes down to one question in particular. How much does your customer base understand the product? Could you produce an explainer video that can easily answer all queries? Will they have to learn any new skills to make use of the product? New creations aimed at professionals might be able to survive with a slightly higher learning curve, but it’s best to try and minimize it as best as possible. Beyond anything else, if you can’t communicate what a product does in one or two sentences, you are not going to capture the attention of most of your audience.
In today’s tech-driven society, more products contain electronics and connections to our home networks than ever before. If you’re joining that market, you have a few more questions than most. For instance, how well it integrates with other electronics. Most important of all is whether it keeps them all secure. Does it need verification to use to stop unauthorized access? Do your electronics get around the vulnerabilities of standalone door access controls? Without answering security concerns, your product could be a liability both for customers and for you.
The appeal is in part determined by what problem the product solves and how well the market understands it. But it also depends on how much work you actually put into building the buzz about the product. Make sure that you take your time planning the launch and getting as much attention as possible. Get it in the hands of influencers. Take it to trade shows. Get involved on social media. Look for PR opportunities. Build up to your launch with as much appeal as possible.
The above four qualities are essential for any product to survive in today’s market. However, that doesn’t mean its guaranteed for success. To some degree, it’s down to luck what makes and what doesn’t. You can only give yours the best chance and follow up with superb customer service and marketing to help it find its place.