Explain the Procedures of launching new
Product.
Answer:
Follow these six steps are necessary
to successfully launch your new product:
1. Test
Product before your launch.
Testing can help you verify that
your product, company and audience are ready for your launch. Company can
assess the like rate of audience about the product. If audience replies positive
thinking then the company can take next steps to launch the new product.
2. Improve
your team.
As you move toward the
release of your product, your staff will have to adjust to new processes,
which can be difficult. Maintain momentum throughout product development,
and give your team members the time and resources they need to familiarize
themselves with the new product and its customer support protocols. Set
attainable goals so your staff can experience small wins that build motivation.
3. Prepare
for an increase in sales.
A new service can bring a sudden
spike in sales. To avoid failure, you must ensure that your team is prepared
for the increase in volume and complexity of work. Make sure you fill all
necessary positions and educate team members on the vocabulary, processes and
features of the new product.
4. Remember
your core business.
Focus on an exciting new product is
only natural, but remembers not to neglect your existing business. Strike a
balance between giving the new product life and sustaining your established
enterprise.
5. Establish
metrics as you go.
Set relevant goals, and regularly
measure how well your service meets those goals. In extreme cases, don’t be
afraid to scrap your product if it isn’t performing. Remember
the principle of sunk costs: Just because you’ve already invested time and
resources into developing a product doesn’t mean you should keep trying to sell
it. If profitability becomes uncertain, it’s hindering your company’s growth.
6. Gather
feedback after your launch.
Analyze
customer feedback, and then determine what changes you need to make to
enhance your product. The University of Oregon, for example, conducted
studies to improve the in-stadium experience. One improvement was the addition
of 150 flat-screen HD monitors along the stadium concourse. Fans can now watch
the game when they’re away from their seats.
While
there is never a guarantee that a new product will be successful in the
marketplace, properly preparing for and timing your launch can make your debut
-- and your product -- more memorable.
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