Different stages of a new product launch

The process of making innovations is still being widely studied. Nowadays psychologists suggest two major types of innovators, those of methodical problem-solvers and insightful creators.

From the business point of view innovation is a matter of profit. Companies often are so charmed by their new product ideas that they fail to do their research, or they ignore what the research tells them. Sometimes the pricing or the distribution channels are wrong. Sometimes the advertising doesn't communicate. Let's review several of the critical issues that affect product introductions.

Market research is the key. Without the necessary information, you're simply flying blind in a storm. It identifies market needs and wants, product features, pricing, decision makers, distribution channels, motivation to buy.

Time frame is very important too. Many products need to be timed to critical points in the business cycle. Extended lead times for new products can be just as deadly as bad timing.

Test-market the new product. Be sure it has the features the customer wants. Be sure the customer will pay the price being asked. Be sure the distributor and sales organization are comfortable selling it. You may need to test your advertising and promotion as well.

Your sales organization, inside employees, and distribution channels will need to be trained about the new product. If the product is sufficiently complex, you may need to provide face-to-face training. Or perhaps some type of multimedia program will do the job. If the product is not that complex, literature may work. Again, timing is critical. Train before the product hits the shelves, not after.

Finally, you need the promotional program to support the introduction: advertising, trade shows, promotional literature, technical literature, samples.

These are some of the major issues you face in launching a new product or service. But they can help increase the probability of success.