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A Step-by-Step Guide On How To Launch New Product or Service

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Whether you are a brand-new entrepreneur starting with your first business idea or a seasoned small business leader looking to grow your offerings, you should know that there is definitely a right way to launch a new product or service. Audiences tend to become accustomed to a certain type of product or service, especially from brands they already know. So, business leaders need to be careful about introducing new offerings, as they may impact how an audience perceives a brand.

Fortunately, you don’t have to guess about the best way to launch a new product or service. Here is a step-by-step guide to make it easier to grow your business and expand your brand.

Define the Target Audience of Your New Product or Service

A new product or service is worthless if there is not a sufficiently large audience eager to acquire it. Defining your target audience will help you understand whether there is enough demand to warrant the development of a new product or service, and it will give you insights into what your audience needs in terms of product/service design, price point, marketing channels and more.

Research Your Audience’s Buying Journey

A member of your audience experiences a problem, and the journey they engage in to solve their problem should end with the use of your product or service. To guarantee that ending, you need to understand the journey: How does your audience get information? What influences your audience’s purchasing behavior? What kind of buying experience does your audience expect? Answering these questions should give you direction for how to launch your product or service.

Fully Secure the Identity of Your Product or Service

You need to give your product or service a distinctive name, and you need to protect that name from use by your competition. To start, you should look into how to trademark a name to cover the branding of your new product or service. As it could take a few months for your trademark to be secure, in the meantime you should acquire domain names, social media accounts and other assets with your product or service name. The sooner you can get these, the better, though you may need to pay a premium if you are operating in a competitive market.

Look Into Your Existing and Prospective Competition

Many companies opt to fall in line with trends, choosing to copy the branding of the most popular products and services in their industry. However, not only does this “me too” behavior risk infringement lawsuits, but it fails to differentiate a company from its competition. You should research your competitors and try to innovate where they align. Additionally, you should make sure that your new product or service is indeed novel, which can contribute to your selling proposition.

Start Pitching Your New Product or Service ASAP

You want feedback on your new product or service as soon as possible, so you can make changes to your offering that better meet your audience’s needs. To attract early users, you might offer your product or service as a free trial, sample or demonstration, from which you can receive ratings or reviews to affect development. You can also incentivize early use with discounts for preorders, beta participation rewards and more. Not only will this help you refine your product or service, but it will start to build audience anticipation for the eventual launch.

Continue Testing Your New Product or Service

You should continue testing your new product or service regularly, scrutinizing your offering for bugs, up until the day of its launch — and even afterwards. Testing should be rigorous, often resulting in damage, which you can then learn how to fix. Though testing can be frustrating, it is essential for creating the user experience you expect to deliver.

Upgrade Your Product or Service to Keep It Fresh

By this step, you should have already completed your product or service launch — congratulations! But, your work is far from over. To maintain excitement around your offering, you need to regularly upgrade it with new features or functions. Then, you can keep your product or service feeling fresh for years to come.

 

Addicted 2 Success is your go-to blog to learn how to grow your business. Prepare to take over the business world by reading these articles from other successful entrepreneurs:

 

Salman Asif, an editor at FreebiesDip, is an emerging blogger, avid reader, and versatile wordsmith dedicated to shaping impactful content. He derives pleasure from curating news, investigating case studies, and delving into pioneering subjects that hold significant sway over society. His adept command of language shines through his writing, creating an authentic resonance with his readers. Undoubtedly, he possesses an extraordinary and captivating persona.

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Entrepreneurs

6 Smart Moves to Grow Your Business and Your Profits

Practical strategies that companies use to guarantee long-term growth while increasing profitability

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How Entrepreneurs Can Fortify Their Startups Against Fraud

Businesses that neglect workplace fraud detection are leaving themselves open to catastrophic losses

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Fraud in the workplace is a problem of gigantic proportions. Everything from a little light skimming of the cash register to fraud at a corporate level represents extreme risks that organizations need to guard against. (more…)

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Lessons We Can All Learn From Martin Luther King Jr.’s Leadership

While reflecting on the magnificent life of Dr. Martin Luther King Jr. I began to uncover what truly made Dr. King such a powerful leader

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While reflecting on the magnificent life of Dr. Martin Luther King Jr. I began to uncover what truly made Dr. King such a powerful leader. Many revere him for the change he brought forth so it’s no wonder that he was heavily influenced by the man who said, “Be the change you want to see in the world”. He embodied that statement on the deepest level and lead people through one of the most challenging yet historic times in our nation. 

But what was it that made Dr. King’s movement so different than the rest? A quality that transcends ego and unites a people so divided? 

My greatest and most moving discovery while studying the life of Dr. King was the very answer to our question. 

Yes, he had the personality to be a leader, yes he had the bravery to use his voice, yes he evoked REAL change in government and policies, but the manifestation of all those comes from his willingness to lead a movement truly rooted in consciousness. 

A peaceful approach

Dr. King was continuously met with frustration, hate, and even violence by both law enforcement and those who wanted to fight for equality through violence. But the more violent things became, the more he dug his heels into a peaceful approach. Dr. King’s unwavering faith in the power to lead with peace and not violence is undoubtedly why his legacy is such a pillar of our nation still to this day. It is easier to fight.

Hate, anger and separateness from one another are primitive emotions on the emotional scale of well being but It takes awareness, understanding and elevated consciousness to move from a place of peace and understanding. Dr. King knew that we all have access to these states of higher consciousness and that our true power lies in a peaceful approach.

He is an example of the truest essence of our consciousness in this human experience. How to truly love your neighbor as yourself. 

Conscious compassion

Even the strongest opponents are human. Meet hate with love + compassion for the enemy” he said. It wasn’t his resistance to violence that made him a peacemaker, but rather his commitment to keeping compassion and connection to all humanity at the forefront of his movement. A profound understanding that underneath all the hate, violence and discrimination, we are all one. We all come from the same source and we are all human.

A conscious king

A man of his position, his power, his following could have been easily swayed by the human temptations of the ego. But he remained steadfast in his cause to bring forth real change. He understood on the deepest level that we are truly a stronger force in the universe when we move as one unit, with one mind, and one goal. That the separation from one another is the weakness of humanity. That our strength is in those things that unite us all, the qualities that give us life.

His success was in uniting not just the people of America but the consciousness of America.

No matter our gender, or our social class or our color, we all love, and we all seek peace. We all feel joy and happiness, we all want to be met with compassion and understanding. 

His cause went far beyond the need for physical freedom and equal rights. His cause was for freedom of mind, freedom of heart, freedom to be one. 

Lead with love

In his last speech he said, “I may not get there with you, but we AS A PEOPLE will get to the promise land”. And we will. At some point, we will inevitably come back to this oneness that we all come from.

The truth is? We don’t know when our last day is. Our last march. Our last speech. So this Martin Luther King Jr. Day I ask you, what will your legacy be? Are you leading a life founded in the principles of Dr. King’s movement, founded in the higher consciousness of humanity? Every moment is an opportunity to love, to show compassion, to bring forth peace and in the words of Dr. King “The time is always right to do what is right”.

Dr. King said, “I’m here to remind you, we’ve come a longggg way, but there is still work to be done”. 

And I’m here to remind you this Martin Luther King Jr. day in 2024 that we HAVE come a longggg way, but there is still work to be done. 

His fight is our fight. His mind is our mind. His spirit is our spirit. Rooted in the consciousness of all humanity. We are all one. And when we embrace the understanding of that, we will truly say

“Free at Last, Free at Last, Thank God Almighty, We are Free at Last”.

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