It’s always impressive to see entrepreneurs continually driving new product innovations into the marketplace. It takes hard work to bring a product to market, and not every product or service launch pans out. In fact, most fail within the first year. Nonetheless, small business leaders will continue to dream and think big! If you’re planning on rolling out a new product soon, take a look at these effective strategies that could take your next launch all the way.
Know the problem you’re solving
One reason so many products fail is that there was no compelling need for them in the first place. Some innovations do “lead the need,” but most are solving an already-existing problem. Entrepreneurs that strive to create the next new product sensation might be better off to think about known human factors.
Once you have identified the need, take your product idea to the streets. Make sure you know who your target audience is at a psychological and emotional level. Investigate different personas and use cases. Find the best fit and feature set for your product idea. Get critical feedback from users and evolve your product as you seek real-life input.
Build a better mousetrap
The expression “there’s nothing new under the sun” means it’s difficult to come up with something that’s 100% original. Chances are a product solving the same problem might already exist.
If this happens, don’t abandon your idea just yet! There will always be a way to improve, embellish or solve a problem more effectively. For example, you could package your product in a new way or improve efficiency by outsourcing certain services like product assembly or kitting. Ohio Valley Goodwill’s Industrial Services Division helps companies bring big ideas to life with our versatile packaging, assembly, and kitting services.
Make sure your team can handle it
When you introduce a new product into the mix, you’re adding complexity to your operations. Your current team might be able to handle the new tasks in-house. But you might also discover gaps in your capabilities.
Your small business may be an expert in one area but not have the competencies for something new. Anticipating this, you can be proactive and hire or outsource for those skills you’re missing.
Instead of trying to build from the inside, your business can save time and money by outsourcing to Ohio Valley Goodwill. Our cost-effective assembly and kitting services can handle projects of nearly any size and scale.
Try a soft launch first
Instead of releasing a fully-baked product, market an MVP (minimally viable product). In this phase, less is more. Your brand-new product should have only the essential features. Your soft-launch users will help you by providing feedback and confirming the must-have features so you can make changes.
This way, by the time you’re ready for a full launch, you can be confident that the big holes have been filled. The soft launch will save you from releasing a flawed product that can turn off customers from trying future versions.
Ready, set, launch!
A successful product launch is also a journey—-a journey to a product that will win you rave reviews and new customers and sales. But along the way, you will need to adapt your product to the feedback and suggestions you receive. Can your operations move that quickly?
Ohio Valley Goodwill’s Industrial Services Division can! In our 60,000+ square-foot workspace, our dedicated employees deliver quality work by hand. Our services include assembly and kitting, packaging, shrink wrap, sorting, labeling, collating, warehousing, inspecting, and more!
Ohio Valley Goodwill is more than a place to shop or donate….
We’re a purpose-driven organization with a mission. In addition to our well-known donation centers and retail stores, Ohio Valley Goodwill has a complete Industrial Services Division devoted to providing high-quality outsourcing services to businesses in Cincinnati, Northern Kentucky, and Southeast Indiana.
Just like our retail and donation initiatives, our Industrial Services Division exists to help individuals with disabilities and veterans in our community improve their lives. Through revenue generated by our B2B outsourcing division, we’re able to provide job training and assist these individuals in finding meaningful employment. Through the power of work, we enhance people’s dignity and quality of life.
When your business partners with Ohio Valley Goodwill for outsourcing services, you become a part of our mission to change lives in the Cincinnati community. That’s a very good thing!
Contact us now to talk about how our assembly and kitting services can support you and your business. We’re happy to provide a free quote and tour of our facilities.