6 Factors To Consider Before Launching a Product Or Service
So, you have a product idea.
Before you jump into the manufacturing, there are a few factors to consider that can ultimately affect your sales when launching a new product.
For reference, studies have shown that the failure rate of new products ranges from 70 to 80%. Even the biggest brands miss out on products from time to time.
Thankfully, there is something brands can do to avoid this…
Connecting with a third-party market research company like Philomath Research is what fuels the success of your new product or service. Through a variety of different research methods, we can give you actionable feedback for learning.
Strategic planning for launching a new product includes the following:
· Consumer interest
· Product use
· Product Name
· Packaging design
· Sensory test
· Consumer reviews
Keep reading to learn the various factors you should consider when launching a new product.
By testing your product or concept prior to production, it ensures that there is initial interest from consumers.
Ultimately, your product can be successful only if consumers want to buy or use it.
One way to test interest in a new product or service is with new product demand surveys.
This research methodology covers the demand for a potential product before it is physically manufactured. This method not only offers potential market share estimates, but it also provides information about existing competitive offerings.
Key Measures: When you plan to launch a new product, an important step to ensure this is done is to get feedback before a physical manufacture. This way, you will be able to take the feedback and apply it to the model easily.
Testing a concept can provide you with a deeper understanding of how consumers will use your product.
That’s where in-home usage tests (IHUTs) come in. IHUTs are especially helpful because potential consumers can actually try the product before it’s officially launched.
A practical approach to a new product provides brands with unique feedback that they can apply to their existing prototypes.
Key Measures: IHUTs allow future consumers to provide detailed feedback on a prototype. It gives creators a unique insight into the pros and cons of the product.
Feedback on product name
We touched on this above, but your product name can cause consumers to associate your product with other products, brands, or adversarial terms. Or, perhaps the name doesn’t describe the product – only creating consumer confusion as to what it can actually achieve.
Market research can help you identify any potential associations before you compete with the market.
Key Measures: A name holds weight when launching a new product. Using market research prior to a product launch can tell you what references and associations your product name should stay away from.
One of the main steps in launching a new product: what comes in it!
Your product packaging conveys several messages to consumers:
Does it work?
Is this made for me?
Is it reliable?
Poor packaging design may indicate that your product is not up to the standard of others in the market, to audiences other than theirs, or may lack the visibility needed to stand out among other brands.
By using online surveys to evaluate your packaging before launching a new product, you can be sure that consumers will not avoid your product because of a design flaw once it’s on sale.
Key Measures: Never underestimate the power of packaging. After all, it is what attracts consumers to your product. Market research can give you valuable information about consumer sentiment in this area.
Does it pass the sensory test?
This is something that cannot be done by a simple online concept survey but is a major factor in success when you plan to launch a new product.
Food and beverages should taste good, aroma should smell good – you get the idea.
By conducting market research for new product development, you can pinpoint any potential sensory issues. Is your gum too small? Is your perfume too flowery? Is the lotion too greasy? Conducting a product test will answer those important questions.
Key Measures: When it comes to food, beverages, perfumes, candles, or anything else that has to pass a first impression test, gathering feedback from your target consumer is essential to a successful product launch.
Does it pass the consumer usage test?
In 2020, Trustpilot found that 9 out of 10 consumers will read reviews before buying an item.
In a world of negative online reviews and social media criticism, it is best to eliminate negative feedback before your product hits the market.
Here lies the importance of ongoing research through pre- and post-product development.
Key Measures: Identifying negative consumer feedback from online review sites after your product’s launch is as important as testing it before it enters the market. Take it as constructive criticism and learn what you can do.
Contact our market research firm before launching a new service/product
Our full-service market research firm can do the research needed to give your product/service the best chance for success.
Our team of skilled experts can assist you with market research of all things market before your product/service launch. From concept to testing (and much more!), we’re here to help.
Visit us at www.philomathresearch.com