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Launching new products or services: A step-by-step guide

Whether you’re a startup entrepreneur or an established business looking to expand, a well-executed launch can be the difference between success and failure.

This step-by-step guide is designed to walk you through the essential stages of a successful launch. From market research and product development to marketing strategies and post-launch evaluation, we’ll provide you with the

In this week’s edition of Let’s talk, our experts discuss ways and tools needed to ensure your new offering makes a significant impact.

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Trevor Rumble, Product & Innovation Director at BioPak

Trevor Rumble
Trevor Rumble, Product & Innovation Director at BioPak

“Launching new products or services requires a structured, customer-centric approach. At its core, innovation must be functional and add value to both operational and sustainable pillars. Begin by understanding your customers’ needs and objectives.

“Once you have a clear vision for the new product, it’s essential to implement robust and effective internal processes and structures. Utilise data and set a strategic framework to align everyone’s efforts with your key initiatives. Build a diverse and collaborative team passionate about excellence, with clear responsibilities and direction. This ensures that every step taken contributes to the overarching goal.

“Next, enhance capabilities to enable speed to market by formalising an R&D process and leverage technology to accelerate execution. Continuously measure results and effectiveness to refine future efforts, using insights to increase impact and drive continuous improvement. Be prepared to pivot by having a plan B ready for when things go wrong, ensuring resilience and adaptability.

“Adhere to industry-leading compliance standards and maintain gold-quality execution to ensure every product or service launched meets the highest standards of excellence. Building strong relationships and partnering with suppliers are critical.

“By following these steps, businesses can successfully launch new products and services that not only meet customer needs but also drive sustainable growth and innovation.”

Sharon Williams, Founder and Head of Strategy at Taurus Marketing

Sharon Williams
Sharon Williams, Founder and Head of Strategy at Taurus Marketing

“I recently launched the Taurus e-commerce offering, Taurus SHOP, which for the first time offers the ability to purchase fixed-priced brand (marketing and PR) services online – it’s been a 3 year undertaking and I know full well the steps involved to ensure a launch is successful, along with some of the challenges.

“Some of the steps I recommend when launching a new product or service include:

  • Research Is Key. Research the market and existing competitors to identify gaps your product or service can fill. How have similar products or services been launched?
  • Know Your Target Audience. When I started ideating Taurus SHOP, I knew I wanted to target global companies and entrepreneurs and have a service that streamlined international payments. It’s important to clearly define and understand your target audience, their needs and pain points to ensure your product or service is positioned to address them.
  • Test Test Test. The day you go live is the day the work starts. Your product or service will go through multiple iterations and improvements – a process of testing and collecting feedback. At the pre-launch, collect as much feedback as you can from your team, friends, extended network and existing customers. The Launch in an integrated campaign. Post-launch, feedback from your first customers will help you refine.
  • Seek an R&D Grant. Launching any new product or service is costly and I contributed substantial personal funds to Taurus SHOP. Consider whether you’re eligible for an R&D grant – while time-consuming, it’s a worthwhile step to recoup the hard work and finances you contributed to make your launch a success.
  • Celebrate. Then get testimonials from your first clients, engage them in the process and amplify their choices and success.”

Konstantin Klyagin, Founder and CEO of Redwerk

Konstantin Klyagin
Konstantin Klyagin, Founder and CEO of Redwerk

“Launching something new comes from a wealth of experience. It may take you several years to see that market gap and develop a good idea. At least, that’s what happened to me. Ten years after establishing my software development company (Redwerk in 2005), I saw the need for QAwerk, an independent testing company.

“But how do you spot that low-hanging fruit and turn it into a business opportunity? First and foremost, talk to your customers regularly. What are their pain points? What are they struggling with? For us, it was the lack of professional testing solutions. Many of our clients had in-house developers, but not the testers or the know-how to build a strong testing process.

“I feel like 99% of entrepreneurs don’t create anything new. I wasn’t the first one to found a software testing agency. It’s about doing it better. Analyze your competitors. What are they doing well? What are they doing poorly? Learn from their mistakes to offer a higher quality service. For example, you notice your competitor connects domain experts directly with clients, leading to miscommunication and missed deadlines. You can eliminate those frustrations by offering a managed service with dedicated project managers.

“So, follow my lead: find those under-served markets and solve their pain points with a more effective solution.”

Olivia Jenkins, Business Consultant at Olivia Jenkins Consulting

Olivia Jenkins
Olivia Jenkins, Business Consultant at Olivia Jenkins Consulting

“Every successful product launch begins with a winning strategy and world-class execution. Considering that as many as 95% of new products fail according to the Harvard Business School, the importance of a meticulous, strategic approach cannot be overstated.

“The first step is always thorough market research. Dive deep to understand the nuances of the target audience, ensuring that every product launched is precisely aligned with consumer needs and demands—no shooting from the hip.

“Leverage this initial research to meticulously tailor the product or service. Through prototyping, testing, and refining based on real feedback, align the offering with the highest customer expectations and industry standards.

“Craft a compelling brand story that resonates deeply with the target demographic. Position the product distinctively to stand out in the crowded marketplace. Utilizing strategic storytelling ensures the product doesn’t just enter the market but enters the conversation.

“Plan a dynamic go-to-market strategy that encompasses digital marketing, public relations, influencer partnerships, and possibly an unforgettable launch event. This integrated approach guarantees a cohesive and impactful market entry.

“Finally, post-launch, meticulously analyse the performance against key performance indicators (KPIs). Utilise customer feedback and sales data to continuously refine the product launch process and product performance.”

Elliot Cohen, Co-founder of Pebl Payments

Elliot Cohen
Elliot Cohen, Co-founder of Pebl Payments

“Launching a new product or service, like we did with Pebl, requires careful planning and execution. We started by identifying a clear market need and developing a strong value proposition. Our goal was to offer a simple, hardware-free payment solution for businesses.

“We conducted beta tests with a select group of users to gather feedback and make improvements. This thorough testing phase was crucial to ensure our product was ready for the market.

“Once the product was ready, we created a marketing campaign to generate excitement. We used social media, press releases, and strategic partnerships to reach our audience. When adding a new feature or improving an existing product, focusing on existing customers can be more effective than targeting new prospects.

“After the launch, we focused on providing excellent customer support and continuously updated the product based on user feedback. This approach helped us keep the product relevant and effective, ensuring long-term success. By following these steps, you can effectively launch your new product or service and meet the needs of your customers.”

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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