The use of this site and the content contained therein is governed by the Terms of Use. When you use this site you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms hereof and such terms as may be modified from time to time.
All text, graphics, audio, design and other works on the site are the copyrighted works of nasscom unless otherwise indicated. All rights reserved.
Content on the site is for personal use only and may be downloaded provided the material is kept intact and there is no violation of the copyrights, trademarks, and other proprietary rights. Any alteration of the material or use of the material contained in the site for any other purpose is a violation of the copyright of nasscom and / or its affiliates or associates or of its third-party information providers. This material cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way for non-personal use without obtaining the prior permission from nasscom.
The nasscom Members login is for the reference of only registered nasscom Member Companies.
nasscom reserves the right to modify the terms of use of any service without any liability. nasscom reserves the right to take all measures necessary to prevent access to any service or termination of service if the terms of use are not complied with or are contravened or there is any violation of copyright, trademark or other proprietary right.
From time to time nasscom may supplement these terms of use with additional terms pertaining to specific content (additional terms). Such additional terms are hereby incorporated by reference into these Terms of Use.
Disclaimer
The Company information provided on the nasscom web site is as per data collected by companies. nasscom is not liable on the authenticity of such data.
nasscom has exercised due diligence in checking the correctness and authenticity of the information contained in the site, but nasscom or any of its affiliates or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this site. The information from or through this site is provided "as is" and all warranties express or implied of any kind, regarding any matter pertaining to any service or channel, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement are disclaimed. nasscom and its affiliates and associates shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorised access to, alteration of, or use of information contained on the site. No representations, warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation.
nasscom or its affiliates or associates or its employees do not provide any judgments or warranty in respect of the authenticity or correctness of the content of other services or sites to which links are provided. A link to another service or site is not an endorsement of any products or services on such site or the site.
The content provided is for information purposes alone and does not substitute for specific advice whether investment, legal, taxation or otherwise. nasscom disclaims all liability for damages caused by use of content on the site.
All responsibility and liability for any damages caused by downloading of any data is disclaimed.
nasscom reserves the right to modify, suspend / cancel, or discontinue any or all sections, or service at any time without notice.
For any grievances under the Information Technology Act 2000, please get in touch with Grievance Officer, Mr. Anirban Mandal at data-query@nasscom.in.
Is there really such a thing as an optimal time for a product launch?
Do you have to plan your product launch for an auspicious time when the stars align and fireworks go off in the background?
The answer is yes, and yes. You can optimise your product launch timings to get the best reception from your end users.
Of course, you don’t have to wait for the stars to align, but you can rest assured that your product will create fireworks in the marketplace if you plan your product launch just right.
In this blog, we’ll take a look at some of the pertinent questions to ask when launching a new product and understand when is the best time to launch a new product.
Table of Contents:
What is a Product Launch?
Why is it Important to Time Your Product Launch?
What Are the Right Questions to Ask When Launching a New Product?
What is a Product Launch?
A product launch is the culmination of a business's planned effort to bring a brand new product to the chosen market and ensure that said product is easily accessible to the intended end users.
Or, simply put, it’s when you show the world your new product and hope they flock outside the gates for a price of the action.
Will your audience love your final product?
Did your preparations pay off?
Are you going to make it in a cutthroat marketplace?
If you plan your product launch well, you can answer all these questions with a single word: yes.
Why is it Important to Time Your Product Launch?
A well-timed product launch can make your business, while a badly timed one can break it. Even if your product is pretty amazing to start with.
Your product launch is the defining moment for all your months (and perhaps years) of hard work and perseverance. Which is exactly why you need to make sure that your product launch counts.
You only get one chance to make a first impression, so try to impress with your product launch.
Ideally, your product launch preparations must go hand in hand with your product development cycle. That way, by the time you’re ready to showcase your product, your end users will be ready to receive it.
You will need months of preparation (at least) to plan your product launch.
Let’s look at some of the key factors you need to keep in mind at all times when you’re planning your product launch.
1. Product Quality
Your product must be its best version possible before you can present it to your audience.
Consider these questions:
Is your product fully functional?
Is your product free of bugs and defects?
Are there any more ways you can optimize your product?
Have you taken the necessary precautions to avoid potential threats to your product?
Would you spend money on your product if you were an end user?
It’s important to ensure that your product quality is at its possible peak before you even think of launching it.
Sub-par products will not get a good reception from your target audience, especially when there are so many tech startups competing to innovative similar ideas.
If you launch a badly-made product, you will be forced to issue a product recall, which is an expensive process.
2. Customer Predilections
You’re creating products for your customers. If they don’t want anything to do with your product, then you might as well start over from scratch. Mull over these questions:
What are your customers’ preferences?
Does your product have the features that your target audience is looking for?
Will you be able to convince your end users that your product will make their lives easier?
Based on audience research, do you think your users are ready for your product?
Understand your customers and their mindset towards what you have to offer before you consider a product launch.
3. Competitor Product Launches
Yes, it is highly likely that there are other startups working on the same product concept as you are. Which is why you need to do adequate competitor research and also keep yourself up-to-date on their launch plans.
Do you want to be a first-mover?
Being a first-mover will give you a competitive advantage. Your product will be the first in the market and you will be able to cater to a niche demand.
It does come with its share of disadvantages too. If your product lacks necessary features, then your competitors can easily overtake you with a more advanced product.
Alternatively, you can wait for the first-movers to hit the market and work on improving your product while your target users get used to the feel of the product launched by your competitors.
This is a little risky, so you need to be sure that your product can easily overshadow the product launched by the first-movers.
While you don’t want to launch too early, it’s also not a good idea to wait too long.
4. Market Demand
Intensive market research is a prerequisite for any launch parties you plan. If there’s no market demand for your product, then there’s really no point in launching it amidst a big fanfare.
The market demand for the same product changes from time to time, so keep your eye on a good time to pounce!
Let’s look at a simple scenario to elucidate this point.
You decide that your novelty quilted jackets are ready for launch. The design is sleek, the quality of material is impeccable, and the functionality of your product is on point.
If you launch your jacket during the summer holidays, you’ve pretty much set yourself up for failure. Summer is for popsicles and beach vacations.
Your product is certainly desirable, but only during the winter season, when it will be able to serve its functionality.
5. Feedback Loops
Start implementing feedback loops before you start planning your product launch.
This will give you valuable insight on how you can improve your product quality, the right market conditions to launch, and the strategies needed to put your product right at the forefront of shelves (physical or digital).
You can create feedback loops by engaging with your stakeholders through surveys, questionnaires, and even the prototype you created for your product idea.
6. Marketing Strategies
Your product must be launched with as much visibility as possible. Once you have a loyal user base, your product’s quality will be your biggest marketing strategy. But, until users get a feel for your product, you need to market the heck out of it!
It is prudent to note that once you market a launch date, you need to stick to it. If you disappoint your eagerly waiting audience, they might become completely disinterested in what you have to offer.
Keep reading and we’ll give you a few ideas to market your product in accordance with the current user trends.
What Are the Right Questions to Ask When Launching a New Product?
1.Is Your Startup Launch-Ready?
It’s not enough to have a brilliant product that is ready to hit the market. It’s important that your startup is also ready to host a launch party.
Do you have enough funds to gear up for a product launch?
If your product is well-received, does your business have the ability to keep up with consumer demands?
Do you have sufficient investor backing to scale up as and when required?
Do you have the resources to engage with your users and address all their queries about your newly launched product?
Is your business prepared to handle all contingencies associated with a product launch?
Launch your product only after ensuring that your business has what it takes to continue without any disruption.
2. Have You Done Enough Research?
There’s no such thing as too much research.
There are different types of research that you will need to undertake before you can be ready for your product launch. These include:
Market research - Is the market ready for your product?
Competitor research - What Unique Selling Points will help you stay ahead of the competition?
Customer research - Who are your target audiences?
Financial projections - How soon can you break even?
Marketing Research - How can you increase your brand visibility?
Market research is crucial for a product launch. If you mistime your launch and hit a market that is not ready for your product or is already fully saturated with similar products, your business could get into trouble.
Without a quality product, there is no way you can hope to survive in a marketplace that is already overflowing with tech startups.
If you want to carve a name for yourself in your industry, your product must be beyond reproach.
To understand if your product quality is up to the mark, consider these questions carefully:
How can you improve your user experiences?
What new features can you bring to the table?
How can you innovate your product beyond the ordinary?
4. Is the Marketplace Receptive?
If you understand the importance of market research before launching a new product and you've done your market research well, you already know the answer to this question.
If you’re certain that your product will be in demand, go ahead and plan your product launch.
If you feel the market is not receptive to your product at present, it is best to hold your product for the time being. While waiting for market conditions to become favourable, you can keep innovating and marketing your product.
5. Do You Have the Necessary Funding?
If you don’t have enough money in the bank, stop all your product launch associated work.
You do not want to find yourself short on funds mid-way through a product launch. This will subsequently affect all your business interactions with your end users.
If your audience feels that your product is not backed by good investors, they might lose faith in the product and ultimately, your brand.
To make sure that you manage to convince investors to back your business, go through the vital factors investors evaluate before investing in your startup.
6. Is Your Schedule Accommodating?
Can you be present for everything associated with your launch? Will your schedule allow you to oversee the A to Z of your product launch?
If not, it’s better to postpone your launch till you are sure that you can accommodate all the intricacies of launching a product into your work schedule, as well as your team’s.
Product launches will never be seamless, no matter how much time and effort you pour into the strategizing part. You and your team will have to deal with technical glitches, customer services problems, and a million and one other unpredictable scenarios.
7. Have You Set the Right Launch Conditions?
A scientist wouldn’t launch a rocket into space without providing the optimal launch conditions, right? You should see your product launch the same way.
So, how can you tell if you’ve set the right launch conditions for your product?
Answer these questions after careful consideration:
Is your brand value noticeable by your audience?
Have you established yourself as a credible business with a great product?
Do you have enough funding to keep things running smoothly?
Is your business ready to handle your sales?
Are your payment gateways glitch-free and ready to mint money?
Do you have the necessary logistics for the last-mile of your sales worked out?
Is your customer service team ready to handle all user concerns?
If you answered ‘yes’ to all these questions, you’ve set the right launch conditions for your product launch. If not, get cracking!
8. Are You Marketing Your Brand the Right Way?
To have a successful product launch, you first need a unique and useful product.
The next thing you need is a fabulous marketing team.
Stay connected to your audience at all times and engage them with your brand in as many ways as possible. In a way, communication is a big part of marketing, and it needs to be two-way.
Tell your users what you can do for them, get their feedback, and implement what they expect of you.
Take a look at some of the popular marketing trends of today:
Digital marketing
Content marketing
Influencer marketing
Video marketing
Growth hacking
Affiliate marketing
SEO marketing
Social Media marketing
This is by no means an exhaustive list, but we do not want to digress from our main topic here: what is important when launching a new product?
9. Are There Innovations You Overlooked?
Innovation is a big part of staying relevant in the tech marketplace. With so many new technological advancements hitting the market, you need to be on the lookout for the ones that can improve your product.
Your stakeholders include every single person who is committed to your startup success. This means you need to think of your team members and your investors in addition to your end users.
Now, ask yourself this: Is my product ready to see the light of day?
If you are satisfied, proceed! Godspeed!
Conclusion
For every right opportunity to launch your product, there are ten wrong ones. So, you need to analyse your position carefully, align it with the needs of your audience, and then start devising an air-tight launch plan to put your product on the map.
That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.
Grow ideas into million-dollar businesses. We have a proud history of helping founders achieve multi-million dollar valuation and providing turnkey enterprise-grade solutions for their customers. Our blazing-fast products help revolutionize industries and are adopted by some of the world’s biggest companies like Facebook, LinkedIn, IKEA and Ubisoft. Our ability to provide the perfect blend of enterprise-level expertise and startup-style product development gives us that extra edge. Our strategic locations around the globe help us get a superior understanding of our client's culture and business to deliver products that best resonate with their target audiences. Neoito's Purpose: We exist to help people transform their ideas into turnkey technology that creates a positive impact on people's lives. Neoito's Vision: To be the go-to technology partner for entrepreneurs, where they can unleash the potential of their ideas and positively shape the future we live in.
FY2017 has not been as fast paced as FY2016 for the ecommerce segment but it has been a year of great resilience, market expansion, tough competition, and heightened interest from global players. Flipkart expanded its reach via acquisition, Snapdeal…
This post is based on the NASSCOM session on “Platforms and Harnessing their Power as Digital Deepens”, organised in association with Sonata Software at Hotel Leela Palace, Bengaluru on 8 March 2017. A daily digital interaction is the power that…
Design thinking has picked up pace and has become the most critical element pertaining to the functioning of any startup. Putting consumer need on a higher pedestal is the key to mastering the art of being a design thinker. You heard it right; I did…
…………..Excerpts from Strategic Review 2017: Software Products & Start-ups. Download the full report for insights on the India market from hereThe structural shift from an on-premise to cloud is imminent, with public cloud growing 7.6X the growth…
Design Thinking brought several layers to the functionality of a startup and at the same time this process in a way has been in a constant duel with technology. An ensuing debate about the importance of technology over design and vice versa is…
Flurry Analytics’ release of its ‘State of the App Nation in India’ report revives the conversation around Indian consumer’s appetite for apps. As an Indian, I can explicitly say that we as a nation are enthusiastic and experimental, when it comes…
