Should Your Agency Launch a New Product or Service?
In this episode of The Agency Accelerator Podcast, I dive into everything you need to know when considering developing and launching a new product or service. From knowing your market to research and product validation, I share all the tools needed to launch a successful product.
Here’s a glance at this episode…
[01:33] Launching a new product or service
Before diving into launching a new product/service it’s important to recognise your reason for doing so. If it’s just to increase revenues, chances are this product will not meet your expectations and you should double down on your existing core services.
[02:36] Two steps to follow when launching a new product:
1. Make sure you are clear about your core product. It is crucial that you must be seen as an expert with your current product before releasing a second one.
2. Make sure you know your market wants it! There’s a big difference between knowing that your market wants something versus thinking they need it. Expanding on your product portfolio directly correlates to meeting market demands.
[05:37] Talking to your marketplace
The only way to understand what your market needs is by researching and speaking with people. A good note to keep in mind is to record all conversations so you can utilise the language being used and identify key pain points that your product can solve.
[08:02] Outlining your minimum viable product/offer
Pre-selling a product before you formally launching is a sure way to discover if people are truly interested, before investing time and effort in developing and launching the full product.[11:38] Doing your research; two steps
1. Form focus groups to get feedback. From there you can refine the proposition.
2. After the proposition is refined, the 2nd step is to introduce this to your second audience.
[13:02] After going through the research and validations phase:
1. Get the product service ready. After you’ve done your research and have validated, now is the time to fully develop the product or service.
2. Think about how you will market and sell. Strategise by going to your existing clients and letting them know this product exists, explain what it does and how it can help you solve any of their pain points. Even if the client is not ready to buy at the moment, email nurturing is a great way to keep in touch with people until they are ready to buy the product.
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