3 Steps to a Successful Product/Service Launch
You’ve got a great idea… now what?
We have all been here. You’ve got a new way to serve your clients, you know you can do it, and you’re ready to launch it… like right now.
Who knew running a business included homework??
But before you do, here are 3 questions you should know the answers to.
Is it profitable?
do the math.
We recommend starting with good ole pencil and paper. Spend some time brainstorming every possible tangible expense. These can include: coffee/snacks for clients if it’s a workshop, new packaging if it’s a product, paying vendors and other things like shipping, time spent, hiring help, etc.
Next, brainstorm all of the intangible costs like taking time away from current projects, necessary follow ups, creating marketing/promo materials for the new service.
Finally, if you got 20+ orders at this exact moment - could you fill them and make a profit?
2. Is it sustainable?
Talk it out with someone you trust.
One of the first things we do with startups is walk through your client’s entire buying journey to work out any kinks. Refining services is a part of any business, but before you launch you should fine tune it as much as possible.
#ProTip: Limit the number of people you initially work it out with - too much input on the front end can stall your progress.
Walk through the best and worst case scenarios.
What if you get 10 new orders tomorrow? Will that be profitable enough to cover your expenses? What if you get 100 new orders tomorrow? Will you be able to fill them?
Brainstorming with the team!
3. How will it affect your team or business flow?
Test your product/service with clients you love.
Before we launched our DIY Marketing Workshops, we tested them out with some of our long-term nonprofit clients to see what they thought. We asked them for feedback on everything from time of day and content to potential pricing for the workshop.
It really helped us nail down the process as well as make a few adjustments to serve our clients better.
Make sure you (and/or your team) enjoy doing it!
Providing a product/service you don’t enjoy, even if it’s profitable, will not only hurt morale, but it’ll ultimately affect your growth. Of course, not every single part of your products or services are your favorites, but overall your new product/service should bring you joy and satisfaction!
— Kate Carnahan
Flannel advocate, Cubs fan, and our Chief Execution Officer