We won't deny it. Launching a new product to market is hard. You are not always going to be getting it right. Even the biggest companies in the world are known for failing with their product launches. There are ways that you can increase your chances of success in dropshipping, though. We hope this quick guide to launching a brand new product to market will help you out.
Top 4 Ways to Find New Product Ideas
The key to a successful product launch is finding the right product to launch with. There is no real 'secret formula' to launching a product, sadly. You will need to take a rather systematic, trial, and error approach. We hope the following ideas will help to get the product ideas flowing, which should increase the chances of you being able to find the right product to market.
1. Brainstorm
All product launches will begin with a brainstorming session. If you are an established business, then you will already have an established client base. Think about the products that the client base wants. What are they buying from you already? If you have a good idea of this, then you will have a decent idea about the products they are clambering for. You may even want to think about 'add-on' products so you can score that upsell.
If you are a newer company, then things are a little bit more difficult as you do not have that established client base to lean on. However, you can still come up with a few ideas based on the direction you want to take your business in, as well as checking out some of the competition online.
2. Check Google Trends
Google Trends is a fantastic tool. It allows you to see what people are searching for in the Google search engine. You can use this to see whether you can fill a gap in the market.
3. Ask your Target Market
These will be the ones that are (hopefully) going to be buying your products, so why not ask them? Preferably, you will go to them with a list of established ideas and try to see if they can narrow down this list a little bit for you.
If you do not want to ask your target market directly, then look into social media and various influencers to see what type of products they seem to be talking about the most. This will almost certainly get the ideas flowing.
4. Check out Your Competitors
You should always know what your competitors are doing in the marketplace. If products are selling well for them, then it is likely to sell well for you too. Don't just look at your online competitors, though. You will also want to head to physical retail outlets. We can guarantee you that there will be ideas here that your online-only competitors may not have thought of!
Ultimate Tip: Take Advantage of SaleYee's Big Data Product Research
No painstaking, time-consuming product research will be needed anymore – SaleYee showcases the top-selling products on Amazon, eBay, Wish, etc., there are also updates of Monthly Best Sellers to help you keep up with the latest trends. Moreover, two promotional events every month offer reseller top trending products at unbeatable prices. Tens of new arrivals on SaleYee.com all have substantial potentials of growth for surges in sales.
How to Prepare for a New Product Launch
When carrying out a new product launch, you need to do a little bit of planning. Some people will launch their product to market without actually thinking about it, Do not do this. Your product launch will inevitably fail.
Before a new product is unleashed in the market place, you will need to do a lot of research. Think about the following:
· Who your ideal customer is
· What the ideal cost for your product should be
· Plan your sales copy
· Know exactly when the right time to launch your product is (e.g. products designed for Christmas probably shouldn't be launched amid Summer but in the months leading up to December)
· How you will be promoting your product
Everything about your product should be planned out to an absolute tee before you even consider putting the sales page up.
Product Launch in 5 Easy Steps
In this section, we want to give you a quick overview of some of the steps you should be following when launching new products in 2020. Do not think of this as a 'complete guide', but more pushing you in the right direction so you know exactly what you should be doing every step of the way.
1. Market Research
The entire process at the start will involve your market research. This is when you determine the product you want to sell, who your ideal customer is, and what you should probably be selling your product for. You may even want to look into various channels to determine the best way to reach your target market.
2. Determine a Launch Timeline
You should know exactly when the product should be launched in the market. You will also need to identify various 'key targets' along the way e.g. when your advertising campaign will begin. Most product launches will take months of planning before you reach the market.
3. Produce Your Copy
The key to a successful product launch is being able to convince people that they want to be buying your products. You should be spending a lot of time tinkering about with your product copy and your advertising copy. Take the time to tell people about your products. You will be surprised at how many people will launch their products to market with an inadequate product description. Guess what? If you do that, your product is not going to sell.
Start by jotting down what you feel makes your product fantastic. You can then build upon this information to create a stellar product description.
4. Begin Your Marketing
About a month before you launch your product, you can begin your marketing. You do not need to go 'all-out' on this (i.e. spending huge sums of cash on advertising), but the following will go a long way:
· Sending out press releases
· Building up an email marketing list
· Working with influencers in your target market
It is the initial marketing stage that can make or break a product launch.
5. Launch Your Product
The final step is to simply launch the product on marketplaces. This is when your advertising will be kicked up a notch. Do not just launch your product and forget about it, though. During the early days, you will need to do a lot of tinkering with the advertising and price to ensure that you make the maximum number of sales.
Conclusion
Launching new products 2020 and beyond is always going to be presenting some sort of challenge. Even if you have an established business, bringing a new product to the market can be difficult. However, we promise you that if you follow our tips for generating new product ideas, and then follow the steps for a new product launch, you will be doing your business a whole lot easier.
