- by Rory Ramsden
Many are called but few are chosen.
That’s what we find as product launch managers.
Entrepreneurs contact us regularly to manage the launch of their shiny new product onto the market but – and it’s a big but – few have really positioned their product strategically to gain an edge. You need to understand how your product or service fits into the bigger picture.
Would your customers consider it to be a core requirement or an optional extra? How does it stack up against the competition?
Step #1 – Drill down and understand what challenges your prospects face.
Looking in from the outside, you will make connections that they cannot. They are just too close to the problem so cannot step back and look at it dispassionately. Joining up the dots in this way is very powerful because it allows you to position your product or service so that it is unique
You can now launch a new and original product and sell it at a premium price and have your customers thank you for it. Because your solution and the benefits if offer are innovative and original, your customers are compelled to buy from you. You have effectively destroyed the competition
Here’s an example: Take a top end car company like. You’d think that they are in a position to command premium prices and achieve extraordinary ROI. Indeed some might consider that is just what they do. But they don’t. Luxury cars are interchangeable. Their customers can equally well buy a Mercedes or a Jaguar. So they are forced to price competitively.
So the key to a winning product launch is to strategically position it against your competition so that at the very least the perception in your core market is that there is no substitute.
It’s only when you bring a unique solution to your prospects’ unmet needs that you can charge a premium price and achieve an equally high return on your investment.
So how do you position yourself to meet those unmet needs in a unique manner?
Now Here’s Step #2 – Putting Your Product “in Context”
Putting your product in context requires you to have an intimate knowledge of the marketplace. Do a SWAT analysis of your competitors. Know where your customers and prospects can be found whether that be online or offline. The more familiar you are with these details, the more likely you are to come up with a unique solution that disrupts the status quo
Move on to Step #3 – Know your strengths
Look inward and honestly asses what you can bring to market that will allow you to play to your recognized strengths. Think about how you can leverage these to provide the maximum added value to your product or service whilst laser focusing it on your core market.
OK. Now you understand how to position your product launch to gain the maximum advantage but there’s one more step to take
Finally Go To Step #4 – Leverage Your Resources
Presumably, your resources are finite. Meaning they are not unlimited. So think about how to deploy them to achieve the biggest possible impact . You know the answers to steps 1, 2 and 3 so making these decisions should not be tough. Allocating your resources to take best advantage of your strategic position will allow you gain the sharpest edge over your competition
So sit down and think these questions through. What are your answers to each? How can you gain the greatest advantage quickly and effectively ?
When you answer these questions, you’ll be well on your way to initiating a winning product launch.
To take the next step, contact us to take advantage of our free 30 minute product launch blueprint consultation. We’ll set up a mutually convenient time for an exploratory phone call – no commitment on your side or ours – when we’ll pin point what you still need to do to make yourself launch ready.