Many new products get launched in the market every day. But not every product is a hit.
According to Marketing Research Association, only 40% of the developed products make it to market. Out of 40%, only 60% can generate revenue
Based on my experience working with many startups at Infigic. Here are five tips for launching a product successfully.
1. Building the product right
A product launch is surely going to fail if you have not built the product right.
As per Harvard professor Thomas Eisenmann, most startups fail because they do not have the right product. It is very important to focus on building the right features for your product which would help you to stand out in the market.
2. Test, Research and Validate your Assumptions
According to Marketresearch.org, "A structured research process will help you to launch a successful product".
Assumption cannot be a fact in product development. An assumption is an opportunity to conduct in-depth research and investigation and conclude.
Assumptions work like a double-edged dagger. In some situations, they give positive results. In other cases, based on the product launch stats - assumptions have proven dangerous.
3. Acquire early customers
As you start talking about your new product, you'll gain some eyeballs. Build a beta list subscription page for your new product and capture the information about your prospects.
The early adopters always work as evangelists for your product. Once you have their information, keep providing them with additional information and keep educating them about your product. You surely will be able to convert them as your paying customers once you launch your product.
4. Take regular Customer Feedback
When product development begins, you and your team are very excited about the product. However, you are missing the most important piece of your success - Your customers. You have to keep a continuous feedback loop with your prospects/customers on what they want, what they do not, what are their likes and dislikes.
Product development can never happen in Isolation. You need to keep a parallel thread open with your customers in-sync. It is impossible to pique interest in your product if you haven't quantified or qualified your customer's feedback.
Sir James Dyson of the famous "Dyson" Vacuum cleaning company, tested around 5126 prototypes of his product by asking his customers, testing and taking feedback and finally built a successful product.
5. Launch Soon than Launch Better
In the Startup world, the MVP (Minimum Viable Product) is always the safest best. Launching a new product can always be risky. It is always better to launch a product with a minimal set of features and then iterate by adding features as you go. Adding features by validating the market feedback and revenue in the pocket is the best approach.
One of the best examples is of the iPad. When first iPad was launched, they didn't even have a camera, forget about the speed and Touch ID.
Conclusion
Product launches are one of the best moments for any startup. Once the product hits the market, you will start getting feedback from your users, either positive or negative. The most important thing is to take these feedback and fine-tune the product.
The best part is regardless of the outcome when you launch a product; you surely have an opportunity to transform your company for better.
What are your suggestions for launching a product?