When it comes to the in’s and out’s of how to launch a new product, the opportunity to get inside the mind’s of leading industry tycoon’s doesn’t always come too often. Our Founder and President, Kevin Mako, spoke with Victoria Wiek, who is the perfect representation of a new product launch example in the jewelry industry. She now has grown to over $500 Million in sales. Not to mention, Victoria was a weekly host on the HSN and QVC for many years. You can now find her as a monthly host on the ShopHQ TV, and Million Dollar Hobbies Podcast that gives inventors a unique perspective on the art of new product launches and so much more.
If you’re interested in learning more about how to learn the best practices for inventors, startups, and small businesses, head over to The Product Podcast to take a listen. However, if you’re interested in diving deeper into the world of the fundamentals, you might want to keep on reading.
What Is a New Product Launch?
A new product launch is like your introduction to society. It includes many different facets that are important to keep your company, investors, and the audience you are narrowing in on content.
It’s an incredibly crucial aspect of a new product launch strategy as we know that ‘Two things remain irretrievable: time and a first impression’ – Cynthia Ozick.
How To Launch A New Product?
First off, you should know the type of product launch you are working on. In some cases, you don’t always need to sound off bells and whistles, and there are times where it is appropriate to.
As an example, a company may prefer a soft launch. This is common for mostly B2B transactions and attending industry events like trade shows. On the other hand, an inventor may want a minimal launch. In this case, it’s typically for products that have a quicker turn over.
Preparing For A Product Launch
There are many simple activities in our day-to-day that we do instinctively that can be of assistance to a new product launch strategy. This includes forethought, educating, and finding purpose.
- Market Research
- Who Is Your Audience (Tip: Take a look at other Product Launch Examples in your industry)
- Create Your Target Goals + Prioritize Them
- Develop + Evaluate Your Product
- Curate A Marketing Plan + Pitch Deck
Driving the experience of your invention is a universal understanding for how to launch a new product. You can undergo social media advertising, run contests, influencer marketing, promo codes, and calls to action. There have been companies like Mint, a personal finance app, that already had a pre-beta wait list of 20,000 thousand people.
Using the S.M.A.R.T Method – specific, measurable, attainable, realistic, and timely can assist with keeping you on track for your target. Psychology states that with proper use, setting goals provides greater direction, focus, productivity, and motivation. It is a key component for a successful business ie: new product launch strategy.
Tips for a Successful Launch
If you have followed along up until this point, you most likely have the core understanding of what it takes to create a new product launch strategy.
However, it’s always important to check in every so often to make sure you are aligned with the entrepreneurial mindset and not being swept away by peer pressure.
- Practice The Philosophy – Polishing your public speaking skills and the core principles of your company can be hard work on its own. It’s especially important to look comfortable when selling your product to potential customers and business obligations
- Learn From Others – The internet is a self help book on its own. There are thousands of complimentary e-courses and advice columns that can be valuable entail from those that are looking to mentor and make the process a little easier for the next inventor.
- Know When To Ask For Help – Remember that the journey to launching your business should also be exciting and enjoyable. So if you ever feel overwhelmed, reach out to those that have seen a variety of outcomes during the developmental process with solutions, like here at MAKO.
One prime example of a new product launch example is Facebook’s ‘Metaverse.’ The tech forward idea is hinting at a 3D experience, similar to virtual simulation. Since then, Meta has thousands of new employees. Additionally, The New York Times is predicting the rebrand could become a massive success.
New Product Launch: Frequently Asked Questions
1. How do I measure the success of a new product launch?
Developing landing pages for your product and any campaigns moving forward is crucial. It can allow you to trail where traffic springs from and how you can improve the user experience. Installing Heat Maps are also beneficial.
2. What should I consider when launching a new product?
Your product is meant to solve your consumers’ headache. This means it’s important to at least provide your audience a detailed vision early on. You are more likely to receive quality criticism since they know the end result will benefit them greatly.
3. Are there risks to launching a new product?
If you have set realistic groundwork, both operational planning and financially, you will be able to catch jeopardizing your business through a misstep.
You can set up a consultation with the MAKO team to set you up for success and to patent your idea.
4. Why do some product launches fail?
You can always check back in with your initial criteria and see if there was an overestimation. In some cases, your company should also be prepared for supporting your company’s rapid product launch. It can also appear as a fault to your consumer if stock is low or out for weeks or months on end. Preparing for both scenarios and how you want to handle it or not handle it, should be well-thought out
In summary, the main objective is that we are all students for life. There is so much one can learn from those that have went through it themselves. No matter what the circumstance, MAKO will be there from the window shopping process right to being billboard ready.
About: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry's leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Click HERE to learn more about MAKO Design + Invent!