Launching New Products is Essential to the Growth of a Company
2) Big Ideas Drive Big Sales
The definition of a successful product is one that meets a market’s expectation for the next “Big Thing.” A great example of this expectation currently sits at Apple’s door. Everyone hopes the company will announce the next breakthrough that will change everything. In the past, they have done this with personal computers, iPod, iPhone, and their iPad, so the expectation for them to repeat this success is very high. But the question before them now is, “What are you going to do next?” If the company simply maintains its existing product line and makes modest improvements their chip value will transition from a growth buy to a value buy and their magical halo will dissipate.
3) Big Ideas Demand Big Marketing Plans
Any great product introduction can be marginalized by a poor strategic market plan. Some of the best ways to kill a new product’s chance of success is announce it at the wrong time of year, place too much emphasis on being creative with the wrong strategic positioning, or lightly announce a product with a product bulletin posted to the company’s Website and call this marketing. Given the fact that only one in four business products succeed and one in 10 consumer products succeed, it should seem obvious that strategy and timing is everything.
Having a firm grasp of these three strategic principles can form the basis of a solid and successful new product launch. Practicing them every day with all of your product marketing will provide you with the experience that is required to produce a new one when the correct time occurs. It’s certainly worth the effort if you are interested in growing your company.
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Tom Marin is the Founder and President of MarketCues, Inc., a national consulting firm. He has worked for some of the world’s largest corporations and middle-market firms. Tom’s focus is to help CEOs drive their strategy shifts and strategic growth programs. Follow MarketCues on Twitter. Tom also welcomes emails new LinkedIn connections or calls to (919) 908-6145.