What role does marketing have in all this? Essential, if you just think that the Product is part of the famous 4 Ps of the Marketing Mix, a model as old as it is current (in its amended versions) for the development of the company and its management on the target market.
Precisely for this reason, we will examine below all the step by step steps that startups (but not only) should follow to launch a new product , ensuring maximum efficiency and increasing the chances of obtaining exceptional results.
Product Ideation
The first step in launching a new product is ideation. Identify a market opportunity, a problem to solve, or an unmet customer need, then generate product ideas that can address these problems or satisfy these needs. The ideation phase requires a deep understanding of the target market , emerging trends, and consumer preferences. Engage your team in brainstorming sessions and evaluate ideas based on their market potential and the added value they can provide to customers.
Market research
Once you have a solid idea, it is time to conduct in-depth market research . Examine the market, competition, and target customer segment to assess the feasibility of the product and understand consumer trends and preferences. Market research is an essential and indispensable step: it will help you identify any obstacles, opportunities, and risks associated with your product launch and provide you with valuable information to develop an effective marketing strategy.
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Product definition
Has the market research yielded a favorable outcome in relation to the product concept submitted to the sample of your target market? The next step will then be to define the product in a clear and detailed way , also based on the results of the analysis of the market context and a clear definition of the needs that you will satisfy in your future customers. The objective of this phase is in fact to develop a unique value proposition and a concept product that can stand out in the market . Define the key features, benefits and requirements of your project and make sure that it fits the needs and expectations of the target customers. The product definition should be flexible enough to allow for changes and adjustments based on the feedback received during the subsequent phases of the process.
Feasibility analysis
Before proceeding with the development of the product, it is essential to evaluate its technical, economic and commercial feasibility . Make sure that it is feasible from the point of view of production, distribution and cost. The feasibility analysis must be done on the basis of the final concept product, and must consider factors such as the availability of resources, production capacity, associated costs and profit potential . An innovative and disruptive product that requires material resources or production times that are not compatible with distribution needs or the competitive context must, unfortunately, necessarily be discarded, bringing us back to box 1 of our snakes and ladders game on the marketing of the winning product.
Prototyping and validation
Once the product is established as feasible, it is time to create a prototype or a minimal version of the product. The prototype is used to test with real users and gather feedback to make improvements. This phase is crucial to identify any problems, gaps or areas for improvement before proceeding with large-scale production. Test the prototype with a group of target customers, organize test sessions and interviews to gather feedback and quantitative and qualitative data.
