- Undertake adequate research work
The rule of thumb before the introduction of any product or service is to carry out a thorough market research. This will at least let you know that a demand exists. Yes, it is possible to create the demand, but don’t count on this. Additional value is created by a business when it studies the current marketplace and makes a comparison of existing products/services with its own capabilities.
Without research, you are increasing your risk and decreasing your ability to predict your returns. Some believe it is impossible for a business to be successful in any venture, big or small, without proper research. The same holds true for a product or service launch.
- Planning in advance
When you decide to launch a new service, do a little planning. I’m a believer in “learning as you go” but you should at least have a general idea of how you want your new product or service to launch. Have contingencies. Plan for speed bumps…plan for roadblocks! You never know what may happen. Don’t assume that things will go smoothly.
- Getting the right team in place
We know it’s the people who make up a business. This being said, be sure to pay attention to your launch team, as they will have the power to determine whether it is a success or a flop.
It is important for both team leaders and team members to have adequate awareness, experience and enthusiasm to play a substantial role in the service launch plan. Members or managers who lack sufficient useful skills could be considered for a different task or they could be given relevant training for that particular role. Don’t overlook this and hope things will turn out ok. You’ll be setting yourself up for a disaster.
- Importance of stakeholder confidence
The stakeholders in a company are comprised of the employees, customers, management, investors and partners. To ensure a successful service or product launch, it is important for all these people to be involved to accomplish mutual victory.
The success of a service launch calls for a buying in of the prospective value proposal by all parties including those which are not a part of the organization. They need to be completely participative in the entire launch process and planning.
- Correct marketing of service
In the initial development phase, you can easily forget about the importance of marketing as an activity and its impact on the launch of a new service or product. Without proper marketing, you could have the best service in the world but no one would know about it.
These methods can be extremely useful in executing an efficient and fruitful service launch for any organization. Good luck!
Should you need help launching and marketing a new product or service don’t hesitate to contact us at: Contact@CullenHardy.com or 434-770-0230