Launch of a new product on the market: risks, mistakes, stages
Posted: Thu Jan 23, 2025 4:47 am
The article explains:
4 Possible Options for Launching a New Product on the Market
Rebranding of existing products as a way to introduce goods to a new market
7 stages of launching a new product to the market
Checking a new product for someone else's intellectual property rights
The nuances of introducing a new product to the Russian market
Possible reasons for failure of new product launch
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
Download for free
Launching a new product lawyer database on the market is a long and labor-intensive process, including various marketing and social research, development of a product promotion strategy, checking legal purity, etc. All this is necessary for successful positioning and profit growth of the company.
Neglect of the rules, ignoring the stages of launching new goods and services on the market threatens not only financial but also reputational losses. You will learn from our material how to organize everything correctly and avoid common mistakes.
4 Possible Options for Launching a New Product on the Market
Regular diversification of your own product line is the key to successful business. Any manufacturing company is obliged to expand and update the offered range in order to simply maintain its market share at a constant level.
And here it should be noted that the launch of a new product is a separate and extremely important project in itself, in which all departments, divisions, sections and other divisions of the company must be involved at once. And the efficiency of the business as a whole depends on the quality of the implementation of these plans, because this needs to be done quite often - consumers like fresh things.
First, you need to decide on a model for launching a new product on the market. And it depends entirely on what kind of product it is, what its functionality is, and who it is intended for.
Options for launching a new product on the market
New products are usually prepared and developed by employees responsible for strategic planning, as well as for managing the entire business as a whole. And this, in turn, means that it is necessary to continuously carry out activities related to the analysis and forecasting of the range, and determine the timing of the appearance of new products.
What is the need to update the product line? Why not just skim the cream by offering consumers already tried and tested products? In addition to people's love for novelty, there are 3 fundamental reasons for this:
The life cycle of a product. It has its stages, and at the final stage, demand for the product drops to zero. Remember: no railway in the world buys steam locomotives now, but there was a time when these monsters were considered the pinnacle of technical progress.
Competition. If a product sells well for you, it will most likely sell well for other sellers, which will inevitably lead to a decline in your market share.
Demand dynamics. Demand tends to decrease over time and very rarely to increase. The only way to avoid a drop in revenue is to constantly introduce new products to the market.
When developing a model for launching a new product, you must constantly keep in mind its functional essence. And one more thing: new does not necessarily mean something completely unusual, unlike anything else. This can also mean a completely classic product that is in the product line, but modified. In this case, it is given some other functions, it is made more utilitarian or even simply more attractive. (It is enough to recall the annual updates of the line of smartphones from Apple).
When creating a new product, you can use ready-made examples of USP to create your own unique product, which will essentially be the same as your competitors, but will differ in a number of functions.
In order to understand what exactly is meant by a promotion model, let's look at some variants of new products (in general):
A completely new product for the market
4 Possible Options for Launching a New Product on the Market
Rebranding of existing products as a way to introduce goods to a new market
7 stages of launching a new product to the market
Checking a new product for someone else's intellectual property rights
The nuances of introducing a new product to the Russian market
Possible reasons for failure of new product launch
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
Download for free
Launching a new product lawyer database on the market is a long and labor-intensive process, including various marketing and social research, development of a product promotion strategy, checking legal purity, etc. All this is necessary for successful positioning and profit growth of the company.
Neglect of the rules, ignoring the stages of launching new goods and services on the market threatens not only financial but also reputational losses. You will learn from our material how to organize everything correctly and avoid common mistakes.
4 Possible Options for Launching a New Product on the Market
Regular diversification of your own product line is the key to successful business. Any manufacturing company is obliged to expand and update the offered range in order to simply maintain its market share at a constant level.
And here it should be noted that the launch of a new product is a separate and extremely important project in itself, in which all departments, divisions, sections and other divisions of the company must be involved at once. And the efficiency of the business as a whole depends on the quality of the implementation of these plans, because this needs to be done quite often - consumers like fresh things.
First, you need to decide on a model for launching a new product on the market. And it depends entirely on what kind of product it is, what its functionality is, and who it is intended for.
Options for launching a new product on the market
New products are usually prepared and developed by employees responsible for strategic planning, as well as for managing the entire business as a whole. And this, in turn, means that it is necessary to continuously carry out activities related to the analysis and forecasting of the range, and determine the timing of the appearance of new products.
What is the need to update the product line? Why not just skim the cream by offering consumers already tried and tested products? In addition to people's love for novelty, there are 3 fundamental reasons for this:
The life cycle of a product. It has its stages, and at the final stage, demand for the product drops to zero. Remember: no railway in the world buys steam locomotives now, but there was a time when these monsters were considered the pinnacle of technical progress.
Competition. If a product sells well for you, it will most likely sell well for other sellers, which will inevitably lead to a decline in your market share.
Demand dynamics. Demand tends to decrease over time and very rarely to increase. The only way to avoid a drop in revenue is to constantly introduce new products to the market.
When developing a model for launching a new product, you must constantly keep in mind its functional essence. And one more thing: new does not necessarily mean something completely unusual, unlike anything else. This can also mean a completely classic product that is in the product line, but modified. In this case, it is given some other functions, it is made more utilitarian or even simply more attractive. (It is enough to recall the annual updates of the line of smartphones from Apple).
When creating a new product, you can use ready-made examples of USP to create your own unique product, which will essentially be the same as your competitors, but will differ in a number of functions.
In order to understand what exactly is meant by a promotion model, let's look at some variants of new products (in general):
A completely new product for the market