When you have a new product for a new market, you need to define that market before you can successfully launch the product. Ping Fu, Chairman, President & CEO of Geomagic, describes her experience in launching a new product and explains the principles involved in making a successful launch.

Summary

1. One of the biggest problems entrepreneurs in cutting-edge technology will face is launching a new, unproven product in a new, undefined market. This is often actually harder than developing the product.

2. It’s true that it can be expensive to educate a market. But entrepreneurs should see this is as an opportunity. It all has to do with the timing: you don’t want to be too early, and spend money unnecessarily, and you also don’t want to be too late.

3. When entrepreneurs find themselves in the position of defining the market, they do have one advantage: They are seen as thought leaders of that market.

4. When a company develops a new product that has not yet been released, it’s wise to find one or more launch partners to help refine and improve that product.

5. To be successful in launching a new product, one must first clearly define the market and, second, make sure that the product truly serves that market.

Ideas for action

1. Set up a meeting to brainstorm with other company leaders about new products your company can create. Be specific in defining the market. Draw in knowledgeable consultants in your industry if necessary. Set up a plan to launch one of these products within the next two years.

2. Once you have the market clearly defined, assess the product. As it is being developed, will it meet the market’s deepest needs? Will it be seen as something essential to this market? If not, readjust the product’s development to make it most viable for the market.

3. Prior to development of a new product, make a list of potential customers that would be good launch partners. Develop a plan to approach them for help in refining the product.

4. Over the next month, research successful product launches of other companies. How did they go about the launch? What made them successful? What problems did they encounter in launching, and how did they overcome them? Apply what you learn to your situation.

5. Within the next two months, develop a template that can be used to facilitate the development and launch of new products. Work with others managers and your team as needed to ensure the template covers all facets of product development and launch. Developing a scoring system that will set off alarms when the market isn't right.

Questions to ask

1. What role does timing play in product launches?

2. What components are needed in accurately defining a market?

3. Which types of customers make good potential launch partners?

4. What are the advantages and disadvantages of working with launch partners?

5. What can organizations do to ensure their products truly serve the needs of the market?

These video lessons are provided by Fifty Lessons. For more video lessons from leading entrepreneurs and executives, visit Cwerty.com Fifty Lesson’s website for aspiring entrepreneurs and managers.

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