Business Strategy For a New Product Launch

Business strategy can also be referred to as a suitable game-plan that is specifically designed to reach certain pre-defined goals & objectives. The two most important stages of a well-designed business strategy are planning & execution. The success of any business strategy is more or less jointly dependent upon the efficiency of both these elements. Success is never guaranteed in any enterprise but you can definitely improve your chances for the same if your product is backed by an intelligent business strategy. Let us take a look at some of the most effective marketing strategies that can potentially grant a fine start to a newly launched business/ product/ brand:

Create a Comprehensive Marketing Plan

Planning is always the first step to any business strategy. A comprehensive business plan offers better understanding of the current market and its demographics. A detailed market analysis is extremely vital as it makes you aware of the customer’s specific requirements from the product to be launched. A product that serves most demands of the consumer is bound to be successful.

Observe & Evaluate Your Competition

Before launching a new product on the market, it is vital that you study your competition thoroughly. There may be many existing products that are similar to the one you are expecting to launch on the market. You can investigate the features offered by a competitor’s product/ services and accordingly review your business merchandise to present it in a way that sets it apart from the rest.

Reach Out to Your Target Audience

It is only after undertaking an in-depth analysis of the current demographics that you can successfully locate the target audience for your products and service. The best bet would be to target those customers who are habituated to buying items that offer features that are similar to your product. If your product/ service is on the same line and offers a better quality plus some sort of an additional benefit, there are maximum chances of the target audience switching over to you. This is one of the most commonly practiced business strategy.

Select an Appropriate Channel for Product Sales & Marketing

There are many different ways to advertise, publicize or market a particular product/ business. These days one of the strongest tools for product marketing is internet. Online marketing is certainly more convenient & effective as compared to various conventional offline marketing tactics. The best business strategy in this direction would be to use multi-channel marketing approach but doing so would require a massive financial investment which may not be possible for all businesses. A much viable option would be to analyze the consumer demand of the new product to be launched and accordingly select a suitable channel for advertising the same.

Test Your Product with a Group of Users before Going Ahead with the Final Launch

High-profile launch of a new product/ service involves enormous amount of financial investment. Market success of a newly launched product cannot be guaranteed hence there is always the chance of incurring massive loss. It would be absolutely amateurish & poor business strategy to directly head towards a major launch without reviewing its initial market response. A safe business strategy would be to release a small batch of your product as a sample to be used by a limited group of people before its official launch.

Create a Methodical Advertising Campaign

Media/Public relation companies are often hired for handling the promotional work of a particular product before its launch on the market. Most businesses either use grass-root marketing tactics or hold a massive launch event. It is important to ensure that your product is absolutely ready to be launched immediately after undertaking the public relation campaign so that you can cash-in on the media coverage that you receive from the same.

Long-term survival of all businesses/brands requires intelligent & interesting business strategy. Through MBA&Co, you can get in touch with highly efficient freelance MBA consultants who can offer brilliant ideas & business strategies for launching your forthcoming products & services and taking your business to the next higher level.

3 Tips For Staging A Grand Product Launch

As a product manager, you want your product to be a success . You do your best to understand what your customers will want, you work with your developers to create the right product development definition, and you train your sales teams to go sell it. However, there's one more thing that you need to be doing. That's launching your product. You don't want to just launch it, you want to stage a grand product launch. Now just exactly how are we going to go about doing that?

Promote Your Launch Extensively And Creatively

A product launch that nobody knows about is not going to do you any good. What this means for you is that you are going to have to create a calendar that you can use in order to make sure that you are reaching out to the right people at the right time . Knowing how to do this correctly is something that can go on your product manager resume.

Your first contacts need to be with the journalists who cover your market segment. Additionally, most publications have a person who is their "calendar editor" who is in charge of what goes into each issue. You're going to want to reach out to both of these groups about a month before your launch happens .

Now that we live in the 21st Century, there is a new type of journalist that can help to make your product launch a grand one: bloggers. Because this type of writer works on a more flexible schedule , you can reach out to them a bit later in the process.

Introduce Intrigue Into Your Launch

Everyone likes a mystery . What this means for you is that you are going to want to use your product launch to tease people curiosity. This means that when you are talking about your product launch, you are going to want to use words like "free" and "mystery" in order to get their attention.

In order to generate some buzz about your product launch, you are going to want to consider offering some sort of free gift to a limited number of your first customers. Alternatively, you could schedule a mystery guest to attend a product launch celebration. Everyone likes to meet and hang out with someone who is famous even if they are only famous in your product's niche.

When you are doing a product launch, you'll create product collateral. Don't make boring collateral! Instead, take the time and hire the talent that you'll need in order to make your product's collateral as intriguing and distinctive as possible.

Hold A Soft Launch

Having done all of the work that a product launch requires, when the big day approaches often times we can only step back and keep our fingers crossed. However, it turns out that there is one more thing that we can do that will boost our chances of having a successful product launch: hold a soft launch.

When you are holding a soft launch for your product, you invite friends, partners, members of the press, and even family members to a run-through that happens a night or two before the big event. This is a great opportunity to practice everything that will need to be done during the real product launch .

At the soft launch, the company employees who are helping you with the launch will get a chance to get on-the-job training regarding what they are supposed to be doing (and not doing!). Any glitches in your plans or things that you've overlooked will quickly become apparent.

What All Of This Means For You

More often than not, a product manager's career is determined by how successful our product is. The more success that a product has, the farther in the organization we can go. Since a successful product starts with a successful product launch , we'd better get good at staging a grand product launch. Doing this well should be a part of every product manager job description.

In order to do a product launch the right way, we first need to start things off by promoting the launch . This can involve working with people who are willing to write about our launch at least a month before the launch. Next we need to find ways to introduce some intrigue into the launch so that we can get people interested in what we are doing. Finally, since the launch is so important, we need to hold a soft launch in order to work all of the bugs out.

The good news about launching a product is that it can be easy to do this correctly. However, in order to make sure that we get the biggest bang for our buck, we need to make sure that we know what we are doing . Follow these three tips and your next product launch will be a grand event indeed.

Advantages of Using A User Or Admin Account

Most people buy a computer, take it out the box, turn it on and get it going. They use their name (or some form of personal identifier) as the name of the account and give it a password. Job done. They use that account from there on.What is not necessarily apparent about this form of setup is that the created account is actually a type of administrator account. It isn’t wrong to do this – it just means that the “setting up” isn’t really complete.The user of the computer has been pre-disposed to always use an administrator login when a standard account (otherwise known as limited rights) is probably afer.So why is it better to create a limited rights account and use that instead of the Administrator login?The “standard account” allows a person to work using the computer just as an administrator does without hindrance. Things like email, internet, finance, photos, films, spreadsheets, games etc can all generally be used in a standard one just as easily as they can in an administrator one.What can’t be done on a standard account are administrator functions. These involve the type of things that administer the computer such as installing software or changing security settings. These changes are generally global and will affect all users on the computer.Being careful about how you choose both the name of Administrator account and standard user accounts names can make it harder for anyone illegally accessing the computer. If it isn’t immediately clear which account is the Administrator account then there is less opportunity for that account to be hacked.What often happens, is that the first account set up is an administrator account based on your name. That can be a clue as to which account is the administrator account. Don’t panic because there is a feature under the Control Panel > User accounts and Family Safety > User Accounts where you can change the account name.Once you have a standard user account – you can use it for everyday activity/work. That way it becomes much harder to do something that might seriously impair the basic computer functionality. If anyone gets into that account (perhaps while you are online) it will also be much harder for them to do huge amounts of damage to your system.If any computer maintenance needs to be done it can be done by temporarily switching into the Administrator account.You may also wish to consider another possible way to make use of standard accounts. Different hardware configurations can be assigned to each account so that when that account is being used, some components of the computer are turned on or off by default. As a result it is possible to set up different user accounts depending on what activities the computer is needed for.One account could be set up for gaming activities and watching films while a different account could be set up to do online banking. If you do this then name the accounts so that it is easy to distinguish each login without giving the game away to third parties who don’t need to know.This also segregates the data even more between general documents and confidential documents.

Small Business Accountants – How to Make the Right Choice

Choosing the right accountant for your firm should be at the very foundation of your business set-up; get it right and the relationship you have with your accountant will be one of the longest business relationships you’ll ever enjoy. Get it wrong and you could be left feeling bitter and disenchanted with the whole profession.Many people swear by recommendations from friends, family or business contacts and indeed this is still a vital source of new fees for many accountants; the problem with this is that accountants are not a ‘one size fits all’ type of profession, and so Uncle Peter’s perfect accountant is not necessarily going to work well for you; it is important therefore to do a bit of ground work, make a checklist, ask questions, explore your options, and choose a practice that is right for your business.Make sure that you choose a qualified accountant; any one can call themselves an accountant but check that yours is a member of one of the main three professional bodies: The Institute of Chartered Accountants, The Association of Chartered Certified Accountants or The Chartered Institute of Management Accountants; if things go wrong you’ll have some redress through their professional association or institute.Accountants come in all shapes and sizes, so choose carefully; it is important that your new accountant is appropriate to your needs. Be aware of what different accountants can and cannot provide for you; a one-man-band accountant for instance may be harder to speak to as they are spread more thinly between clients, they may not be reachable when they go on holiday; a very large firm may be geared to servicing very large businesses and may have a less personal touch; think about what is important to you and your firm because your accountant will probably be your main business advisor and for small businesses in particular may end up as a sort of unofficial finance director.Once you have narrowed down your list and have some appropriate, qualified accountants in your sights, there are a few things to ask about when speaking to a prospective accountant; most qualified accountants should be able to get the basics right, the things they term ‘compliance’ work, filing documents correctly and on time, looking after payroll etc. but it has often been said that the difference between an average accountant and a good accountant is that a good accountant will also save you money, so it is important to establish just how seriously each potential accountant takes their firm’s tax advice; check that they keep up to date on tax issues as it is an area that changes very quickly and confirm that they keep their clients abreast of tax information, perhaps with a monthly email.On the subject of money, fees can be a very confusing pool to dive into, accountants do not all charge in a uniform way, making it hard to compare like-for-like, many charge an hourly rate, still a very traditional way to charge but very hard to budget for, some will provide an estimate for the year, but do be aware that estimates are just that and as such are subject to change, others may advise a fixed fee, probably the most beneficial way to be charged as it allows for confident budgeting, but do ensure that the fixed fee is all inclusive as it is easy to believe your fee was fixed only to receive an unexpected top-up bill for extras at the end of the year. The safest thing to do is to get the fixed fee in writing with a clear quote advising its all inclusive nature. If the accountant also offers a way of paying a monthly amount rather than a lump sum this is obviously of great benefit to the cash flow of your business.It is probably sensible to get more than one quote (unless you are very enamoured with the first accountant you speak to), but advisable to limit the number to three or four (unless you are completely disenchanted with all that you’ve spoken to) because it is very easy to become bogged down with a surfeit of information.Good accountants are not always necessarily good communicators and yet good communication between you is essential for the relationship to work, so have a chat with someone at the practice who knows what they are doing and check that a point of contact and or a ‘who does what’ list is something that they provide, as this shows that they care about keeping you connected to what is going on. Another simple sign that a practice is thinking of its clients is a focus on new technology, if an accountant is comfortable using online facilities and email and utilises things such as virtual signature systems, this can not only maximise your security but free up your accountant’s time allowing them to concentrate on the real business of saving you money.Finally a few myths busted:It is not essential and in fact it is often counterproductive to have everything in the hands of your accountant, small businesses benefit greatly from doing their own bookkeeping and it will certainly lower your fee. Locale is no indication of quality or convenience, an accountant being next door to your premises does not mean that they are necessarily your only or best choice; today’s information technology allows us to explore options further afield. If you are unhappy with your accountant it is easy and painless to change to another and there is absolutely no good reason for remaining a client of an accountant with whom you have lost confidence. Of course a good accountant alone is no guarantee of business success, but when you find an accountant that is right for you and your business you are at least starting as you mean to go on. Good Luck.