Which are 7 ideas to take into account when launching your new product on the market?

As an entrepreneur you maybe have your own product idea. Until now you also have made some research on the market what is existent in your field and have found also some niches. So you created your product according to these informations and now you are up to launch it on the market. Here is a list of points you should consider when you make this step:

1. Most of the products finish their life cycle shortly after their launch, because unlike in theory the market offers surprises you have not thought about yet.
2. To keep your product a longer while on the market you should be open to develop it continuously – this can be effectuated through product variations. Hereby you should imagine to replace, enhance or add new characteristics. Never change more than one thing on your product – change one characteristic of it and see what effect this has. After a while you can make the next change. Only so you get a hint on what works and what not.
3. Every product has only a limited life duration. At a certain time point the market gets saturated and you have to retract it from the market.
4. Your product has not only an objective nature: it is far more important what the consumers think about it when they see it, what the very first impression is and what attitude they have. You can ask them or observe their reaction when they come in touch with it.
5. Your product is a good that is designed for gratification. The subjective value of your product results from its use and its meaning for the consumers.
6. Take care that your product is entertaining for consumers – this is its additional use and the reason they might decide to buy it.
7. Consumers show another reaction to brands compared to products that are not branded yet. Brands create trust and in this case consumers decide to buy such products quicker. But it needs time until your product is also branded and this depends on how well you can manage its presence on the market.

So this is a very short introduction list to give you an overview over essential points when launching your product. Maybe the one or another point mentioned above gives you another point of view how to adapt your product.

Literature

• Kirchler, E. (2011). Wirtschaftspsychologie. Individuen, Gruppen, Märkte, Staat. 4. vollständig  überarbeitete Auflage. Hogrefe: Göttingen.

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