6 Things to Consider Before Launching A New Product

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How do you know your new product is ready for the market?

Check out these 6 major considerations before your new product launch – and the pros and cons of each.

Picture this: You’ve got a great idea for a product or service that provides a smart (or stylish) solution to a common problem. However, during prototyping and testing, there is a tendency to get stuck on refining and refining (and refining and…well, you get the point) your prototype on the road to your minimum viable product or MVP.

The thing is, innovators often get stuck in a chicken-and-egg situation. Innovation can help you gain a competitive edge in your market, but actually getting your product to market is key to generating revenue for your company to sustain continuous improvement. So first, we have to figure out what exactly we’re making and who’s going to want it. 

? The “what” is all about understanding the ins and outs of our product – what it does, what features it has, and how people are going to use it. 

Whether it’s a slick new software app or a shiny gadget, each one comes with its own set of challenges. For example, if we’re talking about a task management app, it has to be super user-friendly and packed with features to help busy folks stay organized. But if it’s a physical product – like a smartwatch – it has to look cool, be tough as nails, and play nice with all the latest tech.

? The “who” is about knowing our target audience inside and out – because they are going to be the ones using it. 

Are we aiming for tech-savvy millennials who want sleek design and seamless connectivity? Or maybe it’s an older crowd who just wants something reliable and easy to use. Understanding their needs and preferences helps us tailor our product to hit the bullseye every time.

Finding the perfect balance between quality and getting stuff out there fast is key to staying ahead in the game. One thing we DON’T want to do, however? Launch a product before it’s ready.

A Cautionary Tale

You might have heard about Theranos – you know, that company that shall not be named (even though we just did…) that was supposed to revolutionize blood testing but ended up crashing and burning instead? They promised an amazing technology that could do all sorts of tests with just a tiny drop of blood – but turns out, it was too good to be true. Their tech didn’t work as advertised, and they got into all kinds of trouble because of it. Think lawsuits, regulatory headaches, and eventually, the whole company going belly-up. 

Lesson learned? Don’t rush to launch your product before it’s truly ready. Take your time, test the heck out of it, get feedback from the experts, and make sure you’re playing by all the rules. 

So, before you take that plunge, let’s talk about the six major considerations you need to keep in mind on your journey. Each of these factors comes with its own set of pros and cons, so buckle up and get ready to navigate the twists and turns of bringing your product to life!

? Getting There First

Pro: Being quick to market can give a company a massive advantage and grab the attention of early birds.

Con: If you rush things just to be first, you might end up with a product that’s not up to snuff. And trust us, nothing tarnishes a brand’s rep quicker than customers feeling let down by shoddy quality.

? Quality is King

Pro: When you’ve got a product that’s top-notch, people notice. They stick around, they become loyal fans, and sometimes, they’re even willing to pay a bit extra for that premium experience.

Con: Focusing too much on perfection can slow things down. While you’re busy polishing every little detail, your competitors might swoop in and steal the spotlight.

? Counting the Costs

Pro: Quality comes at a price. Investing upfront in making sure your product is top quality can save you a ton of headaches down the road. Think fewer customer complaints, fewer returns, and fewer warranty claims.

Con: Pouring all your resources into quality can eat into your profits, especially if it means delaying your launch. And let’s face it, if you’re not out there competing, someone else probably is.

? Feedback is Gold

Pro: A cool thing about getting your product out there fast, even if it’s not perfect: you get instant feedback – and that feedback is pure gold because it tells you exactly what you need to do to make your product even better.

Con: The trade-off, however, is rushing out updates to fix things can sometimes mean sacrificing a bit of quality along the way. It’s a bit of a tightrope walk if we’re being honest.

? Keeping Up with the Trends in Your Industry

Pro: In some industries, being the first out the gate is more important than having a flawless product. Think of the tech world, where being on the cutting edge is everything. 

Con: In other industries, like healthcare or aerospace, quality is non-negotiable.

? Sticking to the Plan

Pro: Your approach to quality and speed needs to match your overall game plan. Accepting that you can’t be all things to all people is key.

Con: Not aligning how good your stuff is with how quickly you get it out there with what your company’s aiming for, you might miss out on some big chances and not do as well in the market as you could.

Finding that perfect balance between making something awesome and getting it out there fast is a lot like solving a puzzle – every piece has gotta fit just right for the whole thing to work. But hey, with a bit of smarts and some serious hustle, you can totally make it happen. 

So, when it feels like you’re trying to juggle a bunch of different balls at once – the competitive stuff going on, factoring in what customers want, and your own big-picture goals – the trick is taking a step back to look at all the angles and figure out what’s going to work best for you. That means weighing up the good stuff and the not-so-good stuff and then coming up with a game plan that’s going to help you crush it in the marketplace.

March 26, 2024

Emily Oberman