Developing a new product can be exciting. You are helping to make life better for people by answering a real need in the world, and you get to make a profit at the same time. Of course, making a profit depends on persuading your audience to buy, which is sometimes easier said than done.
Therefore, as product development comes to an end and it comes closer to time to release the product, excitement can turn to anxiety. To help alleviate the anxiety, here is a checklist of the most basic marketing decisions you need to make before you release your product.
It is important that the packaging of your product not only gets your audience’s attention and entices them to buy but also has the ability to contain the product safely. For example, a container for a liquid should be watertight and not leak. You should consider a number of package concepts and materials before making the final decision.
2. Product Name
You should start thinking about the name of your product early on. It should leave a positive and lasting impression on your audience so that they associate it with something good. Out of respect for other people’s intellectual property, it should not be too similar to the name of an existing product. However, while originality is good, it should be something relatively easy to spell and to pronounce, or it could frustrate consumers.
Pricing a product is extremely important, especially if it is a new product. If it is priced too low, you will not make a profit, whereas if it is priced too high, you may lose business to your competitors. The trick is to find the highest price that customers are willing to pay, and that involves market research beforehand.
The timing of your release doesn’t just depend on when you complete these steps. You should take care, conduct research, and analyze trends to be sure that you release the product when consumers are ready for it.