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Launching a New Product or Service – Things Each Jane Should Consider, Part 2
Posted on August 6, 2009 - Filed Under Jane Thoughts, Success Tips for Jane, Uncategorized
Launching a product is an important step in growing a business. If you’re already in the business of selling products, it’s an opportunity to expand into a new market. If your primary business is in services, offering a product is an opportunity to get beyond the “dollars for hours” trap and begin creating residual income. In either case, launching a product, or even a new service, takes time, forethought, and a great deal of investment – and while it’s exciting, it can be stressful, too.
A new study from Jane Out of the Box, an authority on women entrepreneurs, recently revealed there are five distinct types of women in business. Each of these five types has unique approach to running a business – and as a consequence, each of them has a unique combination of characteristics and factors. Here in Part 2, we will profile the other two of our five Jane “types” and the things they should keep in mind as they plan for (and launch) new products.
Jane Dough is an entrepreneur who enjoys running her business and makes good money. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women fall in the category of Jane Dough.
If you’re the Jane Dough type, chances are good that you feel totally confident about this launch. You’re a big-picture gal, and you probably believe this launch will benefit your business. But before you go ahead with it, do the following:
1. Make sure your marketing for your existing products and services is working brilliantly. If it’s not, you’re leaving money on the table. Your time might be better spent testing and fine-tuning your existing marketing BEFORE you create a new product. Time spent now improving your marketing for existing products and services will benefit the new launch too!
2. Plan out the launch step-by-step. Because you are a big-picture visionary, you may not always map out all the steps and inter-dependent parts of the project. Make sure to include your team in this process, explaining how the launch will benefit your business and what roles everyone will play. By doing so, you and your team can be certain of a less-stressful launch. As you do so, be realistic about the time required to make sure each phase is optimized.
3. Do your research. The most effective launches take the needs and opinions of your target customers into account. Take the time to assess your market so that you know you have the right features to compel them to buy. Make sure your message is clear and compelling and that your price is attractive.
By taking the time to test the new product idea and map out each and every step you’ll ensure an easier launch, a quality product, and you’ll minimize the likelihood of mistakes or delays.
Tenacity Jane is an entrepreneur with an undeniable passion for her business, but whose business is not performing as well as she needs it to, financially. As a result, she’s working longer hours and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest single Jane type.
If you’re a Tenacity Jane type, you’re no stranger to challenge. As you contemplate launching a new product, focus on the following to make sure the launch moves your business in a more profitable direction without exacerbating your financial situation:
1. Be certain there’s a market before you launch by doing your research (read the advice above to Jane Dough). Sometimes, entrepreneurs believe passionately in a product, spend enormous energy creating it, only to find there are very few interested buyers. It might simply be that the message isn’t right – or there may just be low demand. Research before you begin will help ensure you have a winning proposition that will positively impact your business’ bottom line.
2. Make sure the timing is right. Carefully consider your current financial situation – are you able to afford a new launch or will spending on it now jeopardize your business’ future? If you don’t have sufficient resources to promote the new launch, it won’t sell well. Yes, a product launch can substantially boost your business – but it also can suck your resources dry.
3. Map out the launch step-by-step. Following the advice for Jane Dough above, plan for every step of the launch so there are no disastrous mid-launch crises.
4. Make sure your systems can handle the demand. You’ve done your research and know you have a compelling product. You have the resources to create and market it effectively. Your final step is to make sure your company is prepared to meet demand. Assuming all goes well and demand is high, are your business systems prepared to take a lot of orders, process lots of payments, and get products out the door in a timely fashion? If not, you run the risk of having dissatisfied customers or, at the very least, leaving some of the money you’ve worked so hard for on the table.
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