Launching Products or Services
Trying to think of an idea? Or maybe you have one but don't know where to start?
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Whether you’re launching a physical product or a service, our tips and expert guides are here to help. We cover a whole range of topics from how to execute a successful product launch and manage the product life cycle, to ongoing product development and refinement.
How do I launch a new product?
Launching a new product can feel like a daunting experience. How do I make it? Who will buy it? What if it doesn’t sell? They’re all valid questions. And the fact that you’re asking them is a good sign. It means you’re already thinking about your product and the market.
We’ve put together a to-do list to help you go from idea to launch in a logical
1. Come up with a product idea
It all starts with a product idea. What do you want to create? What problem is it solving, or niche is it serving? Identifying a need for your product is the first step, then it’s time to get researching.
2. Do your research (and lots of it)
With your product idea clear in your mind, now comes the legwork. Carrying out market research is crucial for launching a new product. You want to make sure your bright idea has the potential to sell before you invest time and money into creating the physical product.
Thinking about the problem you’re solving for customers, find out what’s already in the market. How is your product different from what’s available? What makes it better than the competition?
3. Reach out to your network
Remember that you have easy access to a whole network to do initial research with – your friends and family. Your personal network can be extremely useful at providing initial thoughts, feedback on your idea. But remember, their personal connection to you might give them a slight bias – so be careful to distinguish between genuine enthusiasm and unconditional support from loved ones.
It’s also worth talking to someone with commercial experience or a background in your product area. They’ll be able to be more objective and hopefully offer some valuable industry insight. If they’re not within your personal network you might want them to sign an NDA before you discuss your product ideas.
3. Build a prototype
Once you’ve done your research and you’re happy that you have a viable product idea, you’ll need to develop a prototype. A fully functional prototype will allow you to test the market and see how customers react to your product.
4. Start manufacturing
Your prototype went down well. Hooray! You have a product that you know can be built and that people want to buy. Now you need to look at producing your product at volume. You’ll need to speak with suppliers, manufacturers and logistics companies to set up your production network.
5. Get your product to market
It’s all very well having an amazing product. But you need customers to know about so they can start buying it. And this is potentially one of the toughest jobs of all for a new product. Persuading people to buy your product with no brand history needs a strong marketing strategy.
And we can help with that. Take a look at our marketing tips for startups to help get your product off the ground. As an unknown brand, sending out samples of your product in return for honest feedback and reviews is a great way to get it out there – and get useful insight on what customers think.
Need a little more help?
Navigating your way through what to do can be confusing – that’s why we’ve built something pretty special to make your journey that bit easier.
Join nowFAQs
How do I know if my new product will be a success?
You don’t. Nobody launching a new product can know for sure that their product will be a success. Even Google has had product failures. But by doing your homework, reading up on the market and competitors, and listening to customer needs, you can put yourself in a confident position for launch.
Do I need a patent?
Not necessarily. According to Gov.uk, a patent “officially registers your product or invention and lets you take legal action against anyone who makes, uses, sells or imports it without your permission”. That means it basically protects you from someone stealing your product idea for a limited time. You also can’t patent anything – it needs to be patentable, such as inventions, e.g. processes, machines, manufactures.
Do I need a trademark?
It can be a good idea but it depends on how important that word, phrase, symbol is to your business? Trademarking your name or logo, for example, could be beneficial in protecting in from being used by someone else… but it’ll come at a cost. So, how important is that right now versus your other expenditure? Would money be better spent proving the business idea will work?
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