Explain the Procedures of launching new Product.

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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