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Related article of MarketingMasterclass :
Small Biz Marketing Stategy: When to Launch a New Product
The initial question an entrepreneur should ask himself when contemplating
whether to extend his product range is "why would I actually do that?"
A good share from the entrepreneurs I know have a tendency to extend their range
of products in an exceedingly curious, oportunistic way. Whenever the
marketplace has more opportunities than suppliers, I see entrepreneurs deciding
"Let's do that, too. We can do this, why don't you doing it?"
Because of this, they wind up developing unrelated products that eventually lead
to parallel businesses, very time and effort-consuming for the small business. A
business owner should first be able to address the next two questions:
- why does he feel the need to consider such step, launching something new or
service?
- will the product contribute towards a better strategic positioning from the
company?
- will the merchandise help sustain the business's message for the target
market?
Some other issues should be thought about and answered too, before deciding to
give a product to the company's range:
- will the brand new product cannibalize the existing products?
- if a new product is launched, will customers still purchase the previous
products?
- the brand new product's marketplace is a replacement, or is it the same market
when it comes to older products (is the business truly extending, or it is just
being updated?). A company update is surely not a bad idea, although not if it
comes as an unexpected result: the entrepreneur invests to extend the company
and in return he only succeeds to replace older products with a new one.
Extending an item range should take place only when the target market is ready
to buy something new. This is also true on emerging markets, growing markets
that need time for you to assimilate and learn services, based on existing
needs. If a product is launched too soon in the market's development stage, one
should brace himself for failure, or at best for a costly adventure: marketing
the new product can require more time and cash than planned and expected.
Extending the products range for a small company is actually a few inspiration
rather than perspiration (read: "research") since market research is usually
very costly for that small biz entrepreneur - thus extending the products range
is a nice struggle: what products can you offer to individuals who are already
buying?
When adding new products towards the business, focus become the crucial aspect,
and not the amount of products being launched. If several services are to be put
into the range, they should be positioned for different targets and should be
taken care by different teams. You cannot provide the market two products at one
and also you can't have one single team in charge of launching two products.
Multiple products ought to be launched simultaneously only when the prospective
marketplace is large enough and there is an equally large team to handle it.
Two frequent mistakes produced by small biz entrepreneurs are insufficient
innovation and concentrate. More exactly, they may launch items that are
extremely "down to earth" (read: "boring") to have an expanding market, or items
that don't comply with the entire business strategy and direction. When the
launch of the new product was successfull, sales should get a boost, but if the
launch failed withdrawing the merchandise is probably the smartest choice. A
frequent syndrome as it pertains of smaller businesses stretegy is that of
buried costs: the entrepreneur insists on keeping an unsuccessful product
thinking "something" can be achieved with it otherwise the money allocated to
development and launch are lost.
When the new service would be a failure, it is theoretically possible to try a
re-launch, a re-branding or a different communication campaign; though, most
often it's this is the wiser to simply eliminate the product and cut the
possible further losses.
To conclude, here are a few major question a small company entrepreneur should
ask himself before launching something new:
- will the product contribute towards a better strategic positioning of the
company?
- will the product help sustain the company's message for the target audience?
- will the new product cannibalize the present products?
- if your new product is launched, will customers still purchase the previous
products?
- the new product's market is a replacement, or is it exactly the same market
when it comes to older products (may be the business truly extending, or it is
only being updated?).
