So you have a killer new product you think is going to revolutionize the world? Good on you! Keep in mind, however, that the road to success is not always easy. A recent study has found that out of the 20,000 or so products launched in Latin America annually, half see a decline in sales in their second year.
Luckily, there are several steps you can take to help your product along the way. Here are just a few to help you transform your idea into reality.
Where is Your Financing Coming From?
Getting a product idea off the ground can be tricky if you don’t have the necessary capital, highlights Luis Castillo from the lending platform MiCrediTopia.com. Nevertheless, he also points out that there are numerous funding options that are more accessible than you may think.
“Some of the most common means of obtaining funding include loans from family, friends or institutions. Of course, this involves having a business plan, a product prototype and paying the loan off with interest. You can also license your product idea to a large company, provided that it’s good enough. Alternatively, you can try to raise money via crowdfunding or pre-sales,” he says.
Do You Know Your Competition?
Making a list of your competitors is crucial to a successful product launch. After all, to get ahead of the pack, you need to be offering something they are not. Try to imagine why your potential customers would opt for your product rather than that of one of your competitors. What unique features or benefits is your product offering? The best way to do this is to study your competitors’ marketing materials, such as brochures, ads and websites.
Do you Have a Marketing Strategy?
We are living in a digital age when a good marketing strategy can be half the battle to making your product a raging success. So how will you market your product? Online, through dealers or through good old print advertising?
According to experts, a range of marketing strategies is usually the best approach to reaching the widest possible audience when first entering the market. “In addition, marketing online is crucial to business success, since people these days like to shop from the comfort of their own home. Email and social media marketing can also be particularly successful if deployed in the right way.”
What About the Roll Out of Your Campaign?
A public relations strategy can make or break a new product, no matter how good it is. Try to get the press to review your product. Be sure to write a press release and email it to all publications that you think your potential clients may read. Alternatively, you can also place paid advertorials in relevant magazines or websites. Whatever you do, be sure that your product is 100 percent ready before launching it to the public.