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The Best of Jane – Three Essential Questions Before Launch
Posted on August 13, 2009 - Filed Under Jane Thoughts, Success Tips for Jane
Over the past two issues, we’ve explored specific considerations for each of the five types of female entrepreneurs when they are thinking of launching a new product or service. This article examines the five critical questions all Janes must answer to ensure they are launching new products and services successfully.
1. What’s your motivation for launching?
There are a variety of reasons you may want to launch a new product or service, but not all of those reasons are “good” ones. Before committing the time and energy required to successfully launch something new, examine your own motivations to make sure you’re launching for the right reasons. Below are some less-than-optimal reasons our research team has heard over the years.
· I “should” launch something new, everyone tells me it’s necessary.
· I have this great idea/I “know” this will work (but haven’t researched it yet).
· I have to do something to save my business, so I’ll launch a new product.
· My current products aren’t selling, so I need a new one.
If these are your thoughts, please carefully reconsider your launch plans, at least right now. Doing anything in life based on “shoulds,” fear, or without a plan is asking for trouble. Try talking your ideas through with some trusted friends who’ll tell you the unvarnished truth and help you make the best decisions about whether to launch or not. Better reasons for launching a new product would be:
· My core business is running smoothly. I have the time and I want to challenge myself in a new area.
· My customers love my current offerings and they’re asking for more.
· I’ve examined the marketplace and see an unmet need that I have the right expertise to fill.
· My marketing is working so well, I can’t squeeze more out of my current products – I need to expand.
· I am committed to business growth, have examined a variety of strategies for driving growth, and have determined that a new product launch is the right next step. I know what it takes and I’m ready.
2. Have you done your research?
Many times, I’ve seen entrepreneurs launch new products because they “knew” they had a great idea, without doing much (if any) research. Let’s face it, it’s not just entrepreneurs – some of my huge corporate clients have done the same thing. On more than one occasion, one of my corporate clients has paid us $100,000+ to conduct research on a new product. When we recommended that they not launch because our research showed lack of interest among their target, they launched it anyway! I hate to say, “I told you so,” but in every one of these cases, the product failed in market.
Research can save your butt. It saves you time, money, embarrassment, frustration. It makes you money in the long-run (when you heed the results) by ensuring that you stay focused only on developing products and services that demonstrate strong potential. Don’t guess. Ask! Ask your current and prospective customers what they will pay for and plan your new offerings around what they tell you.
3. Do you have a roadmap?
Even if you’re in it for the right reasons and you have research that shows your product/service idea has ready-made demand, you will not do your new product justice if you don’t have an implementation plan. Essential questions for the planning process include:
· What are my revenue projections (best, worst, and expected cases) for this new offering, over what time period? (How many units do I expect to sell, at what time, over the first 1 – 2 years?)
· What are all the costs associated with developing, launching, and marketing this new product? (Note that between these two questions, you will create a budget so you know you have a profitable idea.)
· Who are all the people I need help from to make this launch happen? (Don’t forget your tech/web team, your assistant, a coach you’re working with, etc.)
· What actions need to be taken by me, and by each member of the team, by when, in order to ensure a stress-free, successful launch? (Timeline the whole thing out, making sure everyone on the team has the big picture and also knows their individual responsibilities.)
· How am I going to market this product? (Overlay your answers with your timeline. Do you need to start building a list now so you have ready demand at the time the product is physically available?)
Take the time to carefully map out every step of the process, get familiar with what you expect to happen with the money, and get your team on board with your plans. Doing this will give your launch the best possible chance of success.
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