5 Notable Product Launches of Early 2022 — How They Did It and What They Mean to the World.
From B2B interactive solutions to AI-powered corporate office assistants and the metaverse, learn how these new products are launching to join the race.
Startups are the centers of innovation. And product launches are how they show the world what they have been working on. Interestingly, the pandemic transformed how entrepreneurs think about innovation. Consequently, product launches have taken a new approach. This article explores the current approach to product launches and the biggest launches of 2022 so far.
The 7-step approach to new product launch
When startups or existing businesses decide to launch a new product, it starts off as an idea with a hypothesis that it would meet a pressing need in the market. 95% of the time, these hypotheses are wrong and the product fails.
To minimize the chances of failure, businesses can follow these 7 steps to successfully launch their new product.
Do detailed market research:
It’s common sense to know the customers that you want to pay for your product. At this stage, you need to develop a user persona. A perfect avatar for your customers. How and where they live their lives, their income level, technological literacy, etc. Also, while researching the market, a detailed understanding of your competitors and their positioning is crucial.
Define the positioning of your product:
After the first step, you probably know the positioning of your competitors, have a better understanding of your customers and have a more refined hypothesis. It’s a good time to define your product’s positioning. It won’t solve all the users’ problems but which specific problem should you address first and how?
Sell your hypothesis and positioning to stakeholders:
Some product ideas require funding or approval from the board or top management. Without their approval, you may be considered a rogue employee. This can turn your…