Creating new products and services is one of the great ways that a business can win and retain the hearts of customers in the competitive market. This alone, however, is not sufficient in ensuring that the business becomes competitive enough to ensure long-term success. Industry statistics show that new products and services, upon introduction, experience a 70-80% failure rate. Much of such failure is attributable to poor planning and weak marketing initiatives by the businesses. Here are 4 tips on how to ensure the success of your new products and services.
- Start with research
The first step in the process of introducing a new product or service in the market is to conduct thorough research on the existence of a particular niche in the market. Such research should be focused on a particular segment of the market and should be quantifiable. If sufficient demand is established to facilitate feasibility of the product upon introduction, then you should proceed and develop the product or service.
- Focus on innovation
Competition in the market today is the most vicious force that causes most product and service failures. To ensure that your products and services are on the safe side, you need to focus on innovation. Innovation, in this regard, allows you to slightly adjust your products and services in a way that is different from what customers have been used in the market. Such innovation ensures that your products and services will find a ready market upon launch.
- Product and service descriptions
Even after successful product research and development, sufficient emphasis should be made on the packaging process. Writing product and service descriptions ensures that customers get to know all as far as what your product or service can do. The description should focus on areas such as technical specifications, features, workability, and how it can solve various customer-related challenges.
- Request and work on customer reviews
Even after launching the product in the market, it is highly important to focus on obtaining feedback from customers. You should, therefore, coordinate with the sales and marketing department for them to request customers to give honest opinions on the products’ and services’ functionality and whether they think certain aspects should be improved. You should then utilize the reviews as a benchmark to introduce changes to the product where necessary.