| Volume 4, Issue 6 - May, 2005
Launching a new product or service is an exciting time and it is possible to overlook something in the rush to get that product or service to market.
I developed the following checklist to make certain that I didn’t make the same mistake twice. Hopefully it will keep you from making a mistake
the first time.
- Target the Audience
Over my 30+ years of experience, I have been involved in lots of new product introductions and have witnessed even more. Failing to target the market
is the most common mistake I see in new product introductions. If you haven’t adequately defined the market, how can you be sure of what they
want or need? Furthermore, how can you develop a plan to reach them? If you only get one thing from this article, make sure that you target your
market.
- Train and Focus the Sales Force
If you want your sales force to sell the new product, then you better make sure that they know and are comfortable with this product. Practice,
role plays, make calls with the sales force, but make sure they understand and can sell the product.
It is also important to make sure that selling the new product is their focus and that you have not confused them with multiple initiatives in the
same or relatively close time frame. Clear the decks and make the new product launch their only focus.
- Samples and Demos are ready and in place
New products generally need to be explained and samples and demos provide some of the best ways to do this. If you are going to use either, it is
going to be critical to your success to insure that they are ready and in place prior to the launch.
- Pricing is set
Your launch will not be a success if you don’t sell your product or service and you will not be able to do that unless you have completed
your pricing and terms. If you are selling through distribution, it will be important to provide them with guidelines as well.
- Promotions are in place
Frequently new products are introduced with promotions, so making sure the details of that promotion are clear will be critical. It is also possible
that there may be programs like co-op advertising or volume rebates that will be affected and making sure those bases are covered should not be
overlooked.
- Displays are ready
Merchandisers and displays can be very effective in a new product launch. First you must decide if that is a part of your plan and if it is, then
to make sure that they are in the right place at the right time to make your launch a success. Nobody needs a merchandiser or display after the
promotion and the product is taking up regular shelf space.
- Distribution is ready
Make certain that your means of getting the product or service to the end user is in place and ready to go before your press releases and advertising
kick in or you will have wasted your budget. Promotion without product doesn’t serve you or the prospective customer or client.
- Inventory is in stock
It isn’t enough to have product in the channel of distribution. If your estimates are wrong or your sales exceed expectations, your future
success will depend on being able to react to that customer demand. Make sure you have inventory on the shelf or coming off the production line
in time to replenish your supplies.
- Advertising is set
Making people aware of your new product is going to be an important part of your launch. Most media have a lead time that has to be a part of your
consideration. Print publications can run several months. Getting your website listed in Google or some of the other search engines can take even
longer. Production for websites and broadcast commercials take time as well. Don’t wait till the last minute to begin this process.
- Press Releases are timed
Just like with advertising, press releases need to be timed to the introduction. Lead times are long and talking to the outlets for your releases
will be important in making sure that their timing and your timing work together to benefit the launch.
(If this is all new to you, I would suggest you start with my article on the “Fuzzy Front End of Product Development”
.)
Different products in different markets will have variations on this checklist. Use this not as the end of your checklist, but rather as the base
and build additional issues as required for your product or market.
The week of June 6th to the 10th, I am offering free 30 minute consultations to address your questions about improving Revenue, Profits and/or
Market Share. With over 30 year’s experience, I have been able to help dozens of companies in different industries. So if you would like to
discuss how to improve your Revenue, Profits and/or Market Share, call me toll free at (866) 598-8450 or email me at aim@cannonadvantage.com
to schedule your free 30 minute consultation.
So we missed it by a couple weeks, but the updated www.cannonadvantage.com is now on line. It is more
user friendly with our audio/video introduction, updated Speaking pages, Case Studies, Quiz, Search capabilities on newsletter topics, Search capabilities
on Case Studies and much more. We have also incorporated RSS technology for those of you who might be interested. The Cannon Advantage website is
a constant work-in-process. If you have any thoughts or suggestions about what we might do to make it more useful to you, I would really love to
hear from you.
Our new address will be 13985 Aquilla Road, Burton Ohio 44021. While it is only about 12 miles from our present location, it is a world away from
the suburbs with 6 wooded acres and a pond. It is our sanctuary. More to come.
If you have a subject that you would like to see covered in future issues of “Taking Aim,” please send me an email at aim@CannonAdvantage.com.
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Robert E. Cannon
Management Consultant
175 Sorrelwood Lane,
Chagrin Falls,
OH 44022 USA
866.598.8450 phone/v-mail
440.338.7159 facsimile
aim@cannonadvantage.com
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"Do not wait; the time will never be 'just right.' Start where you stand, and work with whatever tools you may have at your command, and
better tools will be found as you go along."
Napoleon Hill
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for you to do more."
Robert Collier
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entire world, and all there ever will be to know and understand."
Albert Einstein
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John Wooden
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