Business Essentials Launching New Products and Services
Originally given in Poole, Dorset and regularly updated for you here, we explain all about launching new products and services. There is a complete PowerPoint presentation for you, plus explanation of the journey from ideas inception to post-product launch. There are website links, hints and tips from experts who have een involved and continue to be so in every sector locally, in the UK and globally.
Context and Background
Most marketing agencies or people who help with marketing, do promotion or events, which is great. What we do is use decades of experience creating products and services, including the funding and design of them, to help. This means working with people who are ambitious but just do not seem to turn their energy into profit. Or the right amount of profit, deserving of their energy and creativity. All the promotion in the world is no good if the product or service is not “right”.
Here is the original PowerPoint presentation for you here on Launching New Products and Services: presentation
First Steps when you think you have a Product
We suggest that you take a deep breath and step back. Don’t rush, take your time and get it right. Too often the temptation is to “do some marketing” which means promote something, which may not be properly thought through. Launching new products or services or managing new products or services means following a simple process of ideas management, screening, creating your product or service in what is called nowadays a minimum viable way to be able to test. You can then quickly but effectively get to your final version rather than either rush or move too slowly to market.
Map of the marketing process
Idea management software
You may already have the idea but if not, would you believe there are all sorts of incredibly well established software tools out there to elicit ideas, test and then and manage them; for example this site lists some:
An excellent review portal for the myriad tools out there.
Minimum Viable Product (MVP)
In recent years the whole process of product management has changed completely from the days of IBM and Ford production lines. In those days and when I first began in marketing, there were detailed long-term plans, schedules and forecasts. Products would take a long time to plan, finance and test. Now with the advent of the internet, globalisation and competition, products can emerge as a “minimum viable product” for testing, come back to the lab’ or design team to be modified and go back for improvement.
- Storify post on MVP videos and articles proceed here
- Five Whys Testing for underlying issues, download template here
You may do split testing, which involves either/or questions and analysis and offers to a target audience who are all alike. It is explained here:
Marketing Activities Template for all Activities
We find a lot of marketing work is about good implementation. You will have your own preferred organisation tools such as OneNote or DropBox. Here is a format for example we find useful to layout work:
CIM Online Free Templates
The CIM is a tremendous resource for marketing expertise with webinars and all sorts of templates. In this area of product development and for launching new products and services, you may find this useful:
Business Plan Recommended Sites – templates and case studies
Whatever you are doing in business, you will need to get organised. Whether you are lauching new products and services or pitching for funds for the whole business a format to plan your activities is essential. A business plan is needed at some time. You will have your own preference but here are some useful sites.
- http://www.princes-trust.org.uk/docs/BP_Electronic_Business_Plan_Workbook_Sep13.doc Word Business Plan
- http://www.bplans.co.uk/sample_business_plans.cfm Examples
Product Management Tool
We have always found the BCG to be one of he more useful tools.
- Tool Matrix BCG Template download
At the point of launching and ongoing, Eventbrite is the default site for event management these days.
- YouTube video on setting up an event here
Public Relations (PR)
Now this is really helpful for launching new products and servcies when it comes to PR.
The key steps in the product journey
- The Journey – launching new products and services from idea to delivery and removal
- Identify Market Need
- Market Research
- Customer Research
- Ideas Management
- Review and Feasibility
- Business Case & Finance
- Sourcing Finance
- Strategy Formulation
- Product Prototype & IP
- Lean Startup
- Marketing Strategy
- Direct Marketing
- Advertising, packaging & collateral
- Social Media
- Launch Day
- Conferences and Events Management
- Immediate post launch
- Product and Service portfolio management
- Product and service removal
Contact us if you have any questions
Peter Eales BA Hons Chartered Marketer FCIM FIDM
Founder Director Dorset Business Angels
MD o i solutions limited