Facing something innovative is always a challenge. The secret when launching a product is to coordinate efforts within an entire organization and achieve consumer satisfaction and success in the strategy to achieve it.
Every time we see a commercial on television offering a new product, or we hear a message on the radio spreading something that has never been offered before, curiosity and surprise, for better or for worse, always invades us. In this article, we will talk about the launch of new products and everything that exists behind the development of this important topic.
We can define a new product as an original, improved, modified or one that is going to be repositioned, that is, it is not always something that has never been seen. It is also important to remember that the costs suggested by introducing a new product or service will always be high and the risks involved are very high since it is dealing with something totally innovative for both the company and the market.
These problems are more accentuated as there is a stronger competition every day where, when wanting to introduce something new, a company encounters many barriers that prevent good marketing; Likewise, the needs and tastes of consumers are increasingly changing and the conflicts within an organization generated by the new proposals are many.
However, this negative panorama that has just been exposed can change remarkably if within an organization some steps are followed that will make the launch of a product, involve all areas of a company and reach a totally satisfactory result for both the consumer as for the company.
An excellent planning and direction within an organization for the launch of new products is a determining factor to achieve the success that is sought.
STEPS IN THE DEVELOPMENT OF A NEW PRODUCT
Like all great inventions or solutions to certain dilemmas, generating an idea is the first step in determining a horizon towards which you want to reach. Within an organization this idea will be based on defining the products or markets to be highlighted, which segment is going to be treated, or which products will be original, modified or copied from a successful competitor.
These ideas mostly come from the client, who is the main reason if you want to do something innovative, they can also come from technicians, scientists, designers, etc., within a company; from the competition, if you want to imitate and later improve a product; of the people in charge of sales, who are those who have a better contact with customers, or of the same management that advocates for an innovation.
Later there is a filter of ideas where those that do not provide something important or simply the conditions are not the best for their development are "discarded" and it is expected that time, money and efforts will be lost.
This is followed by a concept and test of the new product. The concept is what consumers understand about a product, it is what motivates us to purchase it, it is the security and confidence that a car can give, or how nutritious and refreshing a drink can be. The test therefore is to inquire in the consumer if the concept is something real or simply does not comply with what is specified.
As a fourth step is the development of the marketing strategy where the organization first describes the size, structure and behavior of the target market, the planned positioning for the product and its sales, the desired market share and profits. that are intended.
Subsequently, the price assigned to the product, its distribution strategy and the budget available will be determined. Finally, the long-term sales and profit goals and the marketing mix to be followed are described.
The fifth step is the business analysis where the organization prepares sales, cost and profit projections to determine if the company's objectives are being met. If the above is favorable, then there is the development of the product as such, its subsequent test in the market and finally its commercialization, where it must be determined when to launch the product, where it is more favorable (geographically), to whom it is mainly going to offer and what your go-to-market strategy will look like for subsequent consumer adoption.
Steps
- IdeasIdeas FilteringConcept and TestingMarketing StrategyBusiness AnalysisProduct DevelopmentMarket TestingCommercialization
As you could see, the stages in the launch of a product are linked; You should not skip any of them and you will very surely achieve the success you sought when facing the challenge of innovation.
