Product Launch and Deployment
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Product launch and deployment are crucial stages in the product development process, as they determine the success or failure of a new product in the market. A well-executed launch and deployment strategy can help establish a new product in the market and create a buzz around it, leading to increased sales and profitability.
On the other hand, a poorly executed launch and deployment can result in negative feedback, low sales, and damage to the company’s reputation. It is essential to consider factors such as target audience, competition, timing, and marketing strategies while launching and deploying a new product. Organizations should also have robust post-launch plans in place to monitor the product’s performance and make any necessary improvements to ensure its long-term success.
some stats
These statistics highlight the importance of careful planning and execution in the product launch and deployment process. By taking the time to research, test, and refine new products, organizations can increase their chances of success and achieve their desired outcomes
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why spend effort on research
Investing in research before launching a product can provide valuable insights and help increase the chances of success. By taking the time to gather information and validate your ideas, you can increase your confidence in the product and minimize the risks associated with launching a new product.
- Market analysis: Conducting market research can give you a better understanding of the target market for your product, including their needs, wants, and purchasing behaviors. This information can help you tailor your product to better meet the needs of your target market, increasing the likelihood of success.
- Competitor analysis: Understanding the competition can help you identify opportunities and threats in the market. You can then use this information to develop a unique value proposition and differentiating features for your product.
- Product validation: Conducting user research can help validate your product idea and identify potential areas for improvement before launch. You can conduct surveys, focus groups, or user testing to gather feedback on your product concept and design.
- Cost savings: Investing in research before launching a product can help you avoid costly mistakes. For example, you may discover during your research that your product is not viable or that there are major design flaws that need to be addressed. Fixing these issues before launching can save you time and resources in the long run.
- Better positioning: Conducting research can help you better position your product in the market. You can use your findings to develop a marketing and positioning strategy that highlights the unique benefits of your product and sets it apart from the competition.
It's not always about success
It’s difficult to determine a specific percentage of companies with successful product deployment as success can be subjective and can vary greatly depending on a variety of factors such as the industry, size of the company, the target market, and the product itself.
However, various studies have shown that the failure rate of new products can be high. According to a study by the Boston Consulting Group, the failure rate of new products can be as high as 95%. Another study by Innosight found that the failure rate of new products is even higher in larger companies, with as many as 30% of all products being withdrawn from the market each year.
That being said, it’s also worth noting that success can be achieved even if a product isn’t an immediate commercial hit. For example, a product that is initially released with limited success can still be improved and eventually gain traction in the market. Additionally, the success of a product can also be measured in terms of the impact it has on the market or the knowledge gained through its development, even if it doesn’t become a commercial success.
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