12 Crucial Considerations Before Releasing a New Product
Here's a very simple and brief checklist of important questions that you can ask yourself about your new product that will increase its chances for success in the marketplace right out of the gate.
Releasing a new product doesn't have to be like testing spaghetti to see if it's done: throw it against the wall and see if it sticks!
1. Have I researched the marketplace enough to know that there is ample buyer demand by prospects for the exact thing I am offering? Is this demand trending upward or is it waning at this point in time?
2. Have I adequately assessed the competition to understand what similar products are already available and does my own product have readily apparent (to the prospect) benefits or advantages over those other products?
3. Have I priced the product efficiently* and within the range of being competitive with other similar already established products in the marketplace? (*Efficient pricing means optimizing the price compared to the number of units sold.)
4. Have I priced the product so that I can pay for direct product creation costs, product marketing, delivery costs, refunds, affiliate commissions, and taxes while still leaving myself a reasonable profit?
5. Are there multiple prospect venues that I can tap into for targeted traffic? (Where are they and what will they cost?)
6. Is the quality of my product high?
8. How can this product help to market or lead the buyer toward the purchase of my other products and does it promote my brand?
9. Am I going to be able to deliver the product in a cost effective manner the moment a prospect makes the purchase? What about international delivery?
10. Is my supply chain strong and can I quickly change to new sources if my preferred suppliers can't fill the demand or if they simply disappear?
11. Have I considered a specific product launch strategy? Joint ventures? What have I done to attract and support affiliates as a portion of my sales force?
12. Have I considered doing strategic press releases, personal product reviews, product testimonials, doing early bird offers, etc, to help publicize my product?
When you have strong and thorough positive answers to these questions, you should have a product that is in demand, superior to other already established products, readily marketable, and profit producing.
Feel free to suggest other items you would add to the checklist.
The very best to all of you,
Steve
Releasing a new product doesn't have to be like testing spaghetti to see if it's done: throw it against the wall and see if it sticks!
1. Have I researched the marketplace enough to know that there is ample buyer demand by prospects for the exact thing I am offering? Is this demand trending upward or is it waning at this point in time?
2. Have I adequately assessed the competition to understand what similar products are already available and does my own product have readily apparent (to the prospect) benefits or advantages over those other products?
3. Have I priced the product efficiently* and within the range of being competitive with other similar already established products in the marketplace? (*Efficient pricing means optimizing the price compared to the number of units sold.)
4. Have I priced the product so that I can pay for direct product creation costs, product marketing, delivery costs, refunds, affiliate commissions, and taxes while still leaving myself a reasonable profit?
5. Are there multiple prospect venues that I can tap into for targeted traffic? (Where are they and what will they cost?)
6. Is the quality of my product high?
- Does it have obvious benefits for the buyer?
- Have I worked out any bugs, flaws, or inconsistencies?
- Is the product intuitive, easy to understand, and as simple as I can make it?
- Is the product's usefulness evergreen (or does it at least have a 24-month shelf life)?
- Can I easily update the product for my buyers?
8. How can this product help to market or lead the buyer toward the purchase of my other products and does it promote my brand?
9. Am I going to be able to deliver the product in a cost effective manner the moment a prospect makes the purchase? What about international delivery?
10. Is my supply chain strong and can I quickly change to new sources if my preferred suppliers can't fill the demand or if they simply disappear?
11. Have I considered a specific product launch strategy? Joint ventures? What have I done to attract and support affiliates as a portion of my sales force?
12. Have I considered doing strategic press releases, personal product reviews, product testimonials, doing early bird offers, etc, to help publicize my product?
When you have strong and thorough positive answers to these questions, you should have a product that is in demand, superior to other already established products, readily marketable, and profit producing.
Feel free to suggest other items you would add to the checklist.
The very best to all of you,
Steve
Steve Browne, online business strategies, tips, guidance, and resources
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