What to think of before launching a new product

Posted on:June 4, 2020

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Businesses thrive on good customer service and offering new products to those customers. Every industry will bring out a new product at some point during their business life, but it is important that if you are thinking of bringing out a new soap, piece of jewellery or even a new brand of Engineered Wood Flooring that you think about how to launch and market this product.

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Here are some of the questions that you need to think about before marketing the new product.

  • What are your immediate goals for this product and what are your goals over the next five years? It could be that this is a new seasonal item that you have brought in that will have a limited shelf life and will have goals for that particular season. This is often the case when it comes to Christmas lines. Or your product could be a new core line, like the Engineered Wood Flooring example, in which case you will want to look at sales projections for this over the next five years.

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  • Who is your target customer? This could be your existing customer market, a segment of this or a completely new market depending on what your product is and how it relates to the other products in your business.
  • What is your timeframe? It is important to know what your timescales are in terms of hinting at a new product line in your marketing, marketing the product and having it available to sell.