In the age of the ‘Make In India’ campaign, there are hundreds of new ventures starting every day around the nation. Entrepreneurship in this era is highly exhausting and time consuming. There is cut throat competition in the marketplace and launching a new product requires heavy funds and innumerable resources.
For the young minds that are entering the business field, it is not always easy to gather resources and allocate funds for their new launch. However, there are few things you should always keep in mind before launching a product.
Here’s a list of 5 important things that you should always be prepared of before or after launching your product
You should always be aware of your competition in the marketplace. You should learn about their strategies and plans and make sure you are always two steps ahead of them. Being a winner is what makes a successful entrepreneur.
2. Customers’ Preferences
A good entrepreneur will always know what his customers need, what they desire, but a great entrepreneur will always know how to satisfy their customer’s needs and wants. Needs and wants of customer is a dynamic process, it keeps on changing with change in trend and mind sets of the people. You should make sure that you are always up-to-date with the current trend, and are aware of the needs and choices of your customers.
The most important aspect of marketing is advertising. You can always start with low budget advertising, that is, putting up posters and flyers, distributing pamphlets and news paper articles. Proceeding with these steps, you should make sure your product information reaches the customers through active social media platforms as well.
4. Price and Packaging
While launching a new product, profits should not always be your priority. You should always focus on customer satisfaction. Study the market rates and prices and then mark a price on your product. Try to make the packaging attractive as well as cost efficient, don’t go for too fancy packaging which will only increase your expenses.
5. Seek Reviews
In today’s consumer-led world, it is important to get reviews- positive ones will always work in your favour- but equally important is to find out what can be improved. Always be ready to work on your flaws. It may be something you need to slightly tweak that will make all the difference to it being successful or not.