12 Crucial Considerations Before Releasing a New Product

5 replies
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?
  • 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?
7. Am I prepared to give adequate technical help or customer service for the product?

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
#considerations #crucial #product #releasing
Avatar of Unregistered
  • Profile picture of the author Frank Donovan
    - How do I intend to "position" my product in the marketplace? In other words, is my intended promotional strategy a good fit for both my product and my target customers?

    For example, targeting a higher-end customer base would mean ensuring the product's pricing, presentation (including packaging) and marketing were consistent with the expectations of those prospects.


    Good list, Steve.
    Signature
    TOP TIP: To browse the forum like a Pro, select "View Classic" from the drop-down menu under your user name.

    {{ DiscussionBoard.errors[11223211].message }}
  • Profile picture of the author DABK
    Who's going to do all the copywriting?
    {{ DiscussionBoard.errors[11224165].message }}
  • Profile picture of the author Steve B
    In my own case, I do all my copywriting. Of course, everyone else's circumstance may be different. If you don't write well, there are other alternatives, but that will involve taking on a partner or hiring a freelancer.

    But then copywriting is just like any other business skill - you do it yourself or you figure out how to get someone to do it for you.

    Steve
    Signature

    Steve Browne, online business strategies, tips, guidance, and resources
    SteveBrowneDirect

    {{ DiscussionBoard.errors[11224171].message }}
  • Profile picture of the author Randall Magwood
    Originally Posted by Steve B View Post

    Here's a very simple and brief checklist of important questions that you can ask yourself about your new product...
    I wanted to add 3 more:

    12) Who's been in this market 5 years ago, and why have they failed and gone away?

    12b) Who's been in this market 5 years ago, and is STILL in this market today? (Maybe you have to copy and clone success - but you have to do EVERYTHING they are doing if you want to make this approach work.)

    12c) Have you looked at the advertising venues to see if any direct response style ads are being displayed? (Big bold, curiousity driven ads that attract attention from the people you want on your backend customer list - and lead them to a squeeze/info page to download free information)
    {{ DiscussionBoard.errors[11224238].message }}
  • Profile picture of the author Akula78
    thanks for this thread! very informative one thanks!!!
    {{ DiscussionBoard.errors[11227745].message }}
Avatar of Unregistered

Trending Topics