What time of year is ideal for launching a new product or service? I frequently get asked this question as a business educator. The solution takes time. There are several “ifs,” “ands,” and numerous “buts” attached to it. The shortest response is “it depends.” The longest response would require a textbook in length.
Is the Product Ready?
I firmly support Eric Ries’ Lean Startup methodology. This approach claims that attempting to release a flawless product is a waste of time and a fool’s errand. Release the MVP, or minimum viable product, as Ries calls it. In essence, the product must function. It only needs to carry out the specified task.
Bells, whistles, and other additions can be made in subsequent product revisions. Every product should be made available as soon as it can be used, and any hone and perfect that you would be tempted to do can be done after it has already been made available.
This saves money because you can start making money from your product before you start making changes, and you can exploit the enthusiasm that your product generates to sell later versions that have been improved.
That’s different from saying you should make a subpar product available to the general population. You should always ensure quality through product quality control or software UAT (User Acceptance Testing) if your product is an app.
It merely outlines an alternative perspective on product creation. Specifically, product development ought to be a never-ending process, a never-ending quest for perfection. With that in mind, why not start making money as soon as the product is practical? We’d still be opening our Nokias if Apple had waited until the original iPhone could do the same functions as the most recent models.
The Cycles of Sale
The specific day of the year, month, or even week you decide to launch your minimal viable product can have a tremendous impact. For instance, the majority of sales professionals concur that a product launch is not a smart idea on a Monday. To be in a buying mood, consumers should be more concerned with the obligations and costs of the following week.
Problematic days are Fridays. People are in social mode as the weekend approaches. According to statistics, Tuesday through Thursday is the ideal period. Not quite as overburdened as Monday, but not exactly freewheeling.
It also matters what time of year it is. Undoubtedly, there is a lot to buy and sell in the weeks leading up to the holidays, but it is unlikely that releasing a product on Christmas Day will be successful. The same holds true for less significant holidays. For the same reasons, launching on July 4th or Memorial Day is exactly as awful as doing it on New Year’s Day.
The idea is to steer clear of days or weeks when consumers could decide not to purchase due to their busy schedules or tight budgets.
The ideal time of year to introduce a product will, of course, depend on the product. For workout gear or other self-improvement products, January, for instance, can be a good month to launch them. Outdoor items perform best in the spring and summer.
Since so many weddings occur in the summer, May and June are statistically the best months for selling cookware and other home products. The optimal time to buy laptops and other items that kids will need in September is in August.
The bottom line is that you should never try to sell a convertible when it’s snowing, or what car salesmen could refer to as the Convertible Rule. Always keep an eye out for the ideal seasonal circumstances to move your specific goods; the odds will handle much of the marketing for you.
Proper Scheduling
It makes sense to put product releases ahead of other factors. After all, you only get one chance to do this. There will inevitably be errors, problems with customer service, managing press releases, and a variety of other unforeseen demands on your time. It’s crucial to have everyone on board and to be fully present at the helm, ready to execute the launch. There is no way to put a product launch on auto-pilot, no matter how well you plan it.
Product releases should be given precedence over other factors. In the end, you only have one chance to succeed. Glitches, customer support problems, managing press releases, and a variety of other unforeseen demands on your time will inevitably arise. It’s crucial to have everyone on board, and yourself at the helm prepared to carry out the launch with complete presence. A product launch cannot be put on auto-pilot, no matter how well it is planned.
Product Launch Conditions
The wonderful people at NASA wait for a clear day and a specific planet alignment when it’s a rocket ship. Much like in business, some requirements must be completed for a product to be properly launched. These requirements have nothing to do with the calendar but rather with getting all your ducks in a row for the best possible result.
Before you can justify excitement for your new product, you must have sufficiently established the credibility of your brand. Venture capital web design by Digital Silk can help you get the required credibility and brand awareness. You advertised, right? Distributed emails? It’s time to establish that foundation if you haven’t already given your customer base a cause to believe in you. More clients will be willing to take a chance at your product’s ability to meet their demands by doing this, regardless of how much it costs.
Second, be certain that your company’s infrastructure is ready for the increase in sales, lest you risk experiencing “catastrophic success” and facing a backlog of orders you cannot fill properly. Do you have a distribution plan in place? Is there no snag in your payment system? Do you have staff available for tech support and customer service? You can ensure success by expecting it.
Lastly, consider the debut date in light of competing products’ performances. Does your product fill a gap that the rivals’ products on the market have? Can it work in conjunction with another quality product as a supplement? The effectiveness of your own product should also be considered. The optimum time to introduce a new product is when an existing one is at its height of popularity so that you may capitalize on that momentum to ride the following wave of sales.
Communication is the Key
An original and imaginative product is the easiest method to make your launch successful. Beyond that, communication is key. Continually monitor your audience. Use email and social media to generate interest in your product and help you enter the market.
Be ready to respond to your audience’s questions, concerns, and other comments, and be prepared for the unexpected. Be receptive to it, and react to it swiftly and courteously. Once the feedback from your launch comes in, step up your customer service game and be sincere and upfront.
Hold fast to your product and pay close attention to all the notes your audience picks up on. Because you begin planning for the next launch on the day of your major launch, you’ll need to know what worked and what didn’t.
Author bio
Travis Dillard is a business consultant and an organizational psychologist based in Arlington, Texas. Passionate about marketing, social networks, and business in general. In his spare time, he writes a lot about new business strategies and digital marketing for FindDigitalAgency.
