5 top tips to help your product fly high
Listen to the buzz, ask the right questions and be spot on with your pricing before launching your new product.
1. Listen to the buzz
Follow, like and pin companies, commentators and trade partners who are in your market and make sure you know which direction trends are heading in.
Don't forget your customers. What do they want?
Create a product that is exclusive to you or differentiates you from your nearest competitors. Ensure your product has a USP (unique selling point) which you can use to bring customers to you rather than your competition.
3. Be realistic
Set specific and measured profit and market share targets. It is better for team motivation to overachieve rather than to fall short.
Set your manufacturing/purchasing briefs to hit these targets.
4. Pricing strategy
Get the price right. What is your product worth to your customers? Ensure you are pricing in line with where you want to be in your market. Don’t just check your prices against similar sized firms – look across the whole market: see what the big boys are up to as well as the tiny, niche enterprises. Make sure you pitch at the right level for your customers.
Ensure everything comes together for launch. Is the route to market clear? Know where your customers will see your new product. Are all your distribution channels prepared? Is your marketing plan in place? Are all your sales people fully briefed? Is your website up to date? Are you ready to post, tweet and pin your new product?
Nicolle Anderson, Business Development Director