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How to Prepare a Plan to Introduce a New
Product
The time you’ve been dreaming of is finally here. All of those endless hours and, alas, sleepless nights have finally paid off. At long last, you know that you have in your hands a winning product – one that’s going to transform the conversation in your marketplace, win you many loyal customers, and take your business to the next level.
So everything is wonderful… except for one detail. You aren’t sure how to introduce your remarkable product to the marketplace. And until you figure this out, the time you’ve been dreaming of is quickly going to turn into a nightmare filled with wasted costs, excess stress, and indeed, more of those sleepless nights.
Well, if this sounds like you – either today, or maybe where you’re headed down the road – then don’t panic. Preparing a plan for the new product introduction is a relatively straightforward process that, while not easy, is nevertheless a worthwhile investment in your business success.
Step 1: Create your Mission Statement. What is the vision of your business? What are its objectives, goals and aspirations? And most importantly: how does your new product align with these? By crafting a focused Mission Statement and integrating it with your product, you establish the framework and foundation of your product introduction efforts. Think of this step like a compass; it won’t tell you precisely where to go, but it will tell you in which direction to head.
Step 2: Analyze your Target Customers. Who are your customers? What motivates them to buy your new product? What are their perceptions of value? By carefully understanding your target customers, you position your product into their world – because you can have the “latest and greatest” product available, but if it doesn’t fit a customer need or solve a customer problem, it won’t win their