Launching a product can be a nerve-wracking process. After all, you can’t guarantee that your new goods will sell. Ensuring that your product is ready in time for Christmas can be particularly challenging, as it’s such a busy time of year. How can using our innovation management software help you to achieve your goal?
What You Need To Know Before Launching Your Product
Most businesses do extensive research when designing products, but there are some key issues that you need to investigate when planning your launch. These include:
1) The Ideal Launch Date
Picking a suitable date for your product launch is crucial to your success. If you know when your customers are most likely to be tempted to buy goods from you, you can time it accordingly.
2) How Successful Your Product Will Be
Understanding your market and examining how well your previous products have sold should help you to predict how well your new item will sell. That will allow you to market it and manage your order fulfilment process more effectively.
3) How Much Profit You Could Make
In order to set realistic targets, you’ll need to work out how profitable each unit of goods will be. That means you’ll need to calculate how much it will cost you to fulfil your orders, as well as your production and promotion costs.
4) Your Stock & Staffing Needs
You’ll need to accurately predict the amount of stock and staff you’ll need to fulfil your orders. That’s particularly important at Christmas, when your team are already likely to be under pressure.
5) How Long It Will Take You To Recoup Your Costs
You’ll be able to calculate this once you’ve worked out how much you’ll make from each product and the number of units you’re likely to sell per week or per month. It’s vital to work this out so you can manage your company’s finances effectively.
How Can Our Innovation Management Solution Help?
If you use modern forecasting software, you’ll be able to obtain this information with ease, so you can make informed decisions. Our business planning solution even has an optional module which has been specifically designed to make launching products simple.
Our innovation management module:
- Will help you produce accurate forecasts so you can make product launch decisions with confidence;
- Features a fully integrated planning tool so you can organise your market introductions and ensure your team members work together effectively;
- Enables you to collaborate across your supply chain to bring your product to market;
- Focusses on growth, market share, and profitability to increase your chances of success;
- Will allow you to identify risks so you can negate them;
- Will enable you to monitor your progress so you can keep everything on track; and
- Can be customised to suit your company’s needs.
To try this software out, please complete our contact form.