When it comes to launching a product, timing always matters. Poor timing can lead to a launch disaster, while the right timing can considerably boost product sales and help your product to garner the attention of consumers. But optimizing your product launch strategy can be a bit tricky. When deciding when to launch your product, be sure to take the following into consideration.
Launch at the beginning of the quarter
Launching at the beginning of the quarter provides a number of advantages, especially if your company reports quarterly. First and foremost, scheduling a launch at the beginning of a quarter allocates a time cushion for a delay. For example, if you schedule a launch date for the end of the quarter and the product development teams encounters an unanticipated technical glitch, that could easily push your launch date into next year. If you schedule to launch at the beginning of the quarter, an unanticipated dilemma or delay won’t necessarily push your launch date into the next quarter.
Be sure to take the sales cycle into consideration
Don’t just arbitrarily launch a product. Be sure to take the sales cycle into consideration, as this will affect product sales. Typically, the longer the sales cycle, the earlier in the year you will want to launch.
Don’t be afraid to pre-sell
Selling a product that isn’t shipping isn’t always a good idea. However, in some cases, it is. Pre-selling before a launch can be an effective way to boost consumer demand and build sales momentum, especially when products have a long and complex sales cycle.
Do your market research
Always take cultural factors specific to your target market into consideration when scheduling your product launch. For example, if you are launching a product in Europe it probably isn’t a good idea to launch in July or August, as most Europeans go on summer holiday during these months. Always be cognizant of any major holidays or dark periods when launching a product.
Pivot International is a product design, development, and manufacturing firm with extensive experience in the medtech industry. If you are interested in engineering a new product or updating an existing product, contact us at 1-877-206-5001 or request your free consultation today.