So, you came up with a great idea and may even already have a plan for making your product. In fact, you may have even researched the feasibility of your product. Great! You’ve done the first two steps of product development. Keep reading to find out what your startup needs to do after you’ve determined that your idea is viable in your market.
1. Notify Stakeholders
The first step after coming up with a plan for making your product is to notify the stakeholders, such as the legal team, the developing team, and the financial team, and make sure your product is functional on paper. This means that your idea must go through the wringer again and again with multiple teams to make sure that it is resilient to any potential issues in the future. Notifying stakeholders allows you to develop a strong foundation leading to the successful launch of the product.
2. Strategize Marketing
Your marketing strategy has to be sound in order to effectively launch new products. This means that you’ll need to research pricing strategies and decide what is best for your business. You’ll also need to decide which subset of your market base will most benefit from your product. At the same time, you’ll need to decide how best to reach this subset. This may be strictly online or include a mix of visual (online advertisements or traditional paper/billboard advertisements) and audio (radio and television advertisements). The important part is getting the word out to your customers about your new product, including its benefits and how the customer will gain value from the product. It’s essential to create a strong ‘hook’ so that your customers are engaged from the onset and excited about the product.
The Bottom Line
Effective product development is important. At Larta Institute, we strive to help your startup succeed in commercializing your innovation and growing your business. To learn more about our process and our products and services, contact us today!