Successfully launching a new product is a delicate venture and the riskiest business investment a company can make.
Whether you have experience with Product Roll-outs or this is your first attempt, best practice is to always to start with a formula for Success, a.k.a. A PLAN!
From my experience, this step is usually the one step that is skipped over most ofen in Product roll-outs, but is in fact the most important. Set yourself up for Success and always have a plan of action to reference and update as needed.
Typically, most feel it’s time consuming or are not sure where to start, but planning doesn’t have to be a daunting task.
Here are some recommendations to help you increase the chances of success:
Document Your Thoughts:
Start by documenting your ideas on paper – a data dump of what is in your head. This will help you visually see your idea come to life, even draw some pictures if it helps.
Team Work makes a Dream Work:
Schedule a meeting with your Core Team to discuss the details on expectations for Production, Pricing, Marketing, etc. Ironing out the details in a document as a group is a great way to get the creative thoughts going and shine a light on any foreseeable challenges.
If you are a one-person show, network with your friends and/or mentors to create an Advisory Team. Be sure to choose people you can trust and will have the best interest of your company and product in mind. I also recommend having them sign a Non-Disclosure Agreement (NDA) to protect your company and ideas.
Document, Document, Document:
Focus on building out your concept. Writing it down will ensure the Product elements are being followed as designed. Version your changes to allow you to reference past phases as necessary.
Set your Expectations:
Launching a new product is not easy! What you envision in your head, will take some time to convey on paper and into an actual product. Keeping an open mind throughout the process will be very important. Know there will be moments of frustration and/or discouragement, but just keep reminding yourself of why you started in the first place. Take a few steps back and come back with fresh eyes.
Quality over Quantity:
Develop your product based on your planned specifications, keeping your team abreast of any challenges along the way. Keep an open-mind to any changes that may need to occur along the way, but always keep quality in mind.
Schedule a soft launch of your products and get feedback on what works & needs improvement. Take time to tweak your product before scheduling a mass production roll-out.
Related Article: Do You Know the Problem you are Solving for your Customers?