Inventions are often made by someone noticing a problem. They may have wondered how to fix or improve the problem for themselves or for others.
Timing is critical to attracting customers and optimizing revenue and profit on a new product.
Ideas and inspiration may arise from anywhere and anyone. They may happen in your car or in your basement. Some inventions of old are the wheel, nail, printing press, light bulb and the shoelace. Whether you have a new product or even a new invention the time to launch your new product can determine survival.
Bring your new product to the chosen market and ensure that it is easily accessible to the intended end users.
Assess Your Product
Evaluate your product and the market it will be launched in. See if it stands a good chance of success. Is your product seasonal? Is it needed in a certain demographic?
You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.
– Steve Jobs
Is your product unique? Will only a certain culture or age be interested in the product? Is it gender specific or age specific? Who will be interested in this product? What does the product solve? If it does solve something then where or when?
Assess the Market
Is the market you are looking to break into oversaturated with similar products, or is it large enough to be worth the risk of business.
Your product or its marketing has to be better to the point that people are willing to pay the extra money for your product versus the competition.
Success may happen in a small or large market. If you are the only company and option in a niche or smaller market, it will be much less costly to build a customer base than when competing with massive corporations.
Launch Your New Product!
Some would say that the best time to launch your product is as soon as it is ready and working. According to research the best day to launch a product is a Tuesday. This would mean that before the launch your product has been thoroughly tested, it has been optimized, it meets all requirements, it has been approved by your marketing and finance teams, and that the product is at its quality peak.
Being an entrepreneur means that you are sort of inventing something new. You’re giving birth to a company. You’re giving birth to a new product, a new service. And that’s always exciting.
– Anousheh Ansari
A product launch is often a make-or-break moment for a small company. Do it wisely and take the time before to do the needed market research, competitor research, and customer research. Market your product the right way.
Remember a rocket gets launched into space only with the ideal weather conditions. In the same way determine the best conditions when launching your product.