How do I launch a new product?
We invented a natural juice that our customers line up to purchase everyday. We have been told too many times that this product should be on supermarket shelves. We have finally decided to do this by having the product tested at a lab for the nutritional facts, however, we are stuck as far as a bottling company goes. Once that is done, how do we launch this product? We would like to see it on local supermarket shelves and definitely in schools.
To launch a new product you should start by making sure you truly understand who the key target customer is, what their real needs are, why they would buy your product vs. the competition's (what are the strengths & weaknesses of your features and benefits?) and how much they would be willing to pay. You can also conduct market research on your branding and messaging to make sure your product is compelling and distinctive in the market. You should then build your website so people can find you and know you are real. You'll need to decide how you want to market and promote your product - via advertising, PR, online, etc. Remember, you only get one chance to make a great first impression so do your homework for a successful launch. Good luck!
Paige Arnof-Fenn is the founder and CEO of Mavens & Moguls, a strategic-marketing consulting firm whose clients include Fortune 500 companies as well as early stage and emerging businesses.