Launching a new product often feels like the timeless quandary of the chicken or the egg, a dilemma faced by companies of all sizes. The uncertainty looms: Is the product truly ready? What if it fails to resonate with the market? How much do I charge for it? Such questions are persistent within the corridors of decision-making.
With over two decades of experience in product launches across diverse industries—from pharmaceutical excipients to cosmetic actives, food ingredients and beyond—I've come to appreciate a consistent truth: until a theory is put to the test, you will just never know.
Allow me to illustrate with a case from 2001. Our team unveiled groundbreaking pharmaceutical excipients designed to enhance the longevity and efficacy of active ingredients. Pricing strategy was meticulously crafted based on cost and margin analysis as we would any other product. To our pleasant surprise, market reception far exceeded initial projections, validating our approach and ultimately driving us to a value pricing strategy. This ingredient was worth 10x what we thought, insight consumer research would never have told us.
Conversely, our foray into the food tech sector with protein-based products showcased the inherent unpredictability of consumer behavior. Extensive market research suggested a receptive audience who would pay for sustainability, an audience who really understood food tech. The reality starkly differed upon launch. This serves as a poignant reminder that while research is invaluable, empirical market feedback often provides the most accurate insights.
In my opinion, successful product launches all have a few approaches in common.
Test, learn, iterate, and repeat. This perpetual cycle of refinement serves as the bedrock for innovation and market adaptation.
Ask for help! Don't be afraid. Seeking counsel from seasoned professionals can only benefit, and whats the worst that can happen, they say no!
Find people smarter than you! You should not be the smartest person in the room, your team is what will propel you to success. Do not be afraid that “someone may take your job”. Spoiler alert, if you think that, they probably will do anyway!
Fail fast! Yes, it may be your pet project, or your dream, but you will know if its going to work very quickly. A major US retailer used to tell me that they would know in 3 weeks if a product will be a success. If it aint, it has to go
Talk to your customers (YES YOU!). I see so many people who have businesses, launch products and launch services think that someone else will have that chat. A sales team, an agency, trustpilot! You have to get your hands dirty, have those difficult conversations, you will learn massively!
I hope these learnings from 25 years can help you, please feel free to reach out paul@northernzing.com if you want to discuss anything!