Launching new products/services is essential for achieving success, but before doing anything, consider several important factors. Obviously, expanding into new markets creates incredible opportunity for additional revenue, but this is not something that comes without potential risk. The goal is to create a successful launch that allows your small company to grow.
Keys to Success when Launching
- Flawless Product/Service—Most importantly, before launching anything, make sure there are no flaws. Unfortunately, companies launch problematic products and services all the time. While larger corporations seem to get by with this practice because of their known brand or a quick fix, smaller companies do not have that luxury. As a smaller business, launching something flawed is a surefire way to fail. Now that does not mean the product/service must be perfect, but you want to introduce something that is as close to it as possible.
- Customer Testing—Have certain customers test your new product/service. You need to be careful when selecting customers and choose leaders, trendsetters, and customers that are highly respected. Using customers as beta testers ensures honest feedback. Once the product/service gets approval, that same feedback can be incorporated into your history, which is good for you and the beta-testing customers.
- Advertising and Marketing Plan—In addition, you need a strong advertising and marketing plan, one that reaches a broad yet targeted audience. Regardless of the industry, a good plan is essential. Although you can devise a plan on your own, a much better option involves using the services of a professional company like Chosen Payments.
- Focus on Existing Customers First—Although you ultimately want your new product/service to reach new customers, when first launching, focus on existing customers. Regardless of the medium used, you want to show appreciation for customer loyalty. Once your existing customers have purchased the new product/service, you can then begin marketing it to potential customers.
- Ask for Reviews—Obviously, asking for early user reviews of a new product/service is frightening but also necessary. If an early user is a well-known individual, getting a positive review will help sway other people to buy.
Opting for Professional Guidance and Support
As a small business owner, you have many important decisions to make and actions to take, such as becoming compliant for credit card processing, which is all part of business. However, to gain an edge over the competition, there will be times when you need professional guidance and support, especially when launching a new product/service. Rather than fighting with a credit card processor or falling short on a marketing plan, use Chosen Payments’ wide range of professional services to make a difference in your success.