5 things you need to know before launching a product.

It’s a topic that I’m certain every single one of us has thought of at some point in our lives. In fact it’s a very good question and a fascinating one at that. A question I’m sure every buzzing serial entrepreneur right through to multi-million pounds companies still contemplate about today. Just to give you a little flashback into my personal affairs, I recall in my early teens wanting to launch a product which didn’t last very long. It wasn’t because I didn’t have any resources or energy to follow with but it was because I felt and feared the worst – the competition was fierce.

However, that didn’t stop me from buying a couple packet of doughnuts from Asda and selling them around school. Yes those jammy doughnuts weren’t mine but going the extra mile to make Jollef rice (an African traditional rice dish) and adding my special signature stew or sauce spread around it wasn’t going to stop me either nor make me less of a creative genius.

So what is the secret to launching your own product? I shed some light with some basic tips to getting your product launch right.

Might be good to start with a name

The first impression are usually important you want a name that stands out yet rolls off the tongue easily. While it is great to be unique, be careful not to make your name sound too complex or similar to an existing product that your customers get confused. By all means choose a name that’s relatable to your product but relevant at the same time. Keep it funky, simple and original that people will recoginse and remember you for it.

Be aware of your competitors

Remember when I said it’s important to be original and that it pays to be you. This is it. Your competition will and never be you so don’t be anxious. Though their marketing strategies and range of fancy products may look better than yours. Thinking outside the box and staying true to thyself even if you’re just adding a little personal touch or experience for example to your creation to attract your consumers, could work in your favour of originality.

Know your target market

Equally important to know who your demographics are as they are the people who will buy from you. One way to determine if your customers need what you aim to produce is by asking them. Nowadays you have top social media handles such as Instagram and Twitter to thank for that. It enables you to reach out to a wider audience much quicker – allowing you to know what your audience like and dislike. It’s all well and good creating a product however if your target market aren’t receptive to it through your marketing campaign or research then at least you know that product isn’t the one. Move on.

Timing is crucial

Can’t stress enough how timing is everything when it comes to launching a product. More relevant is to look at both the macro and micro economic factors around your industry and the broader market before launching. For example in the fashion industry retailers tend to sell warm weather clothes in wintertime because of certain individuals who would take luxurious trips to exotic destinations during the winter months. Even more so generating more revenues at other winter seasons particularly at Christmas and New Year’s where the market is blooming at large.

Seek reviews not validation

I read this from a text and found it to be very true, ‘Everyone has an opinion but not all of them are valid. Be selective with what you take in because advice from the wrong people can crush your future’. In other words, rather lean on other people’s understanding sometimes follow your instinct or gut. It might just be telling you something.

It’s not as easy as it sounds right? But it’s doable if you love and enjoy what you do.

Michael Oluborode