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May 10,2019,Philippines—The advancement of technology has not only changed the nature of consumer demands, but also completely transformed the way the global manufacturing industry works. Automation, robotics, Internet of Things, smart devices, and more—these innovations have undeniably made people’s lives much easier. However, they have also made the global manufacturing industry more competitive than it already was. In fact, according to Harvard Business School professor Clay Christensen in a 2011 article, there are around 30,000 new products launched every year and 95% of them fail.

Several factors contribute to a product’s success or failure, but the most common reason for a failed new product introduction is the lack of enough preparation for it, with the attention and effort mostly directed on the product design and development process that happens before it.

To be part of the yearly 5% successful product launches, you do not necessarily need a revolutionary new product. Instead, keep in mind these five best practices for new product introduction.

Determine your unique selling proposition

One of the most important foundations of a successful new product introduction is having determined your product’s unique selling proposition, the thing that would make consumers want to buy it instead of the competitors’.

Asking questions like, “Is it simpler to use?” and “Does it introduce something new to the market?” can help you set your product apart from the others of its kind in the market. If you cannot pinpoint a unique selling proposition, then your product is most definitely not yet ready to be launched.

Define your target market

A product’s unique selling proposition does not only need to be unique, but also needs to be useful and relevant to the buyer. To make it so, you need to define who your target market is, and learn about their consuming behavior. It would also be helpful to learn about the websites they often frequent to, or what kind of advertisements encourage them to buy products.

The more detailed your information about your target market, the more helpful it would be for you to create a consumer-centric product and think of the most appropriate marketing strategy.

Be creative with your marketing strategy

There is no a fit-for-all marketing strategy. It needs to be especially tailored to your product to have a more certain chance of succeeding in the market.

Securing a booth in an industry exhibit, circulating sponsored social media posts, doing demos on colleges and universities, and more—there are plenty of marketing strategies you could use for your product. Do not be boxed in just one strategy. If you have an idea that has never been done before, do not be afraid to use it. It does not matter how many marketing strategies you do as long as they are appropriate and effective. Just be mindful to control your finances!

Get your product launch timing right

Timing is crucial in many aspects, and that is most certainly the case for product launches. Even if the product has been finalized and is ready to go, you must not forget to think of when is the best time to introduce it to the public. If the product is seasonal, then launch it on the right season. If your marketing plan includes partnering up with a TV show, then it is usually best to launch your product during the airing of the show.

You should also consider if your company is ready to accommodate to consumer demands if it ever goes higher than expected. Although failure to fulfill more orders may not have a big negative impact on your new product introduction, it would be a waste not to sell more to customers who are showing interest to your product.

There are many reasons for a failed new product introduction but it is never because of the product itself. Make sure to follow the best practices for new product introduction and contribute to the ever-changing global manufacturing landscape.