Wrong Product, Wrong Time, Wrong Market

It hurts to hear the truth sometimes. But hearing the truth is exactly what new business owners often need to hear so that they can better position themselves to be successful when launching a new product.

The “3 Wrongs” below can help you evaluate if your product is ready to launch or may need some support still before your big kick off.

1. Wrong Product. Right or wrong, if your product isn’t on track with what consumers want or if your competition outshines you, then your product is wrong. Period. Consumers have access to many product reviews and many product choices. Don’t launch yours until it can keep up with this reality.

2. Wrong Time. It’s no secret the economy is tough with a capital “T”. Don’t let that steer you away from launching a product. But plan your timing on whatever it is you are launching. For example, if you are launching a seasonal item too late in the buy season, you could be effecting your overall brand launch. Want to introduce a new swimwear line? Stores are buying this as early as August and September for the holiday season and by October for the resort and early Spring season the following year. Be prepared.

3. Wrong Market. Trying to launch a baby’s luxury blanket collection to any baby store retailer? Whoops, try again! Make sure you know who your audience is so that you don’t waste your time or their time with communication. Know where your product would be best suited and target those markets when reaching out to potential clients. Way too many new wholesalers and designers think their product should be everywhere, but really it will only be wasted somewhere if it is not in the right space. Understand who your target market is, then decide which retailers sell to this same target market and reach out to these stores. Your success will be returned more easily this way and your initial time investment will be rewarded, as well.

Finally, preparing to launch a product takes time, investment, dedication and strategy. There are many, many layers involved in preparing a successful product launch. Getting your website up and ready (and looking sharp) as well as having a buyer’s packet ready for retail communication is key. But these are just a few steps in a million so if nothing else, make sure to slow down and be prepared before launching too soon. An early launch is like a buzz kill – it may be great at first, but it can quickly become miserable if you can’t handle it!