{"id":9820,"date":"2023-01-24T17:40:42","date_gmt":"2023-01-24T17:40:42","guid":{"rendered":"https:\/\/staginggembah.wpengine.com\/?p=9820"},"modified":"2024-12-03T16:34:34","modified_gmt":"2024-12-03T22:34:34","slug":"how-to-launch-a-product","status":"publish","type":"post","link":"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/","title":{"rendered":"How To Launch A New Product (A Guide For Established Brands)"},"content":{"rendered":"\n<p>Want to launch the next Macbook or become the next Harry&#8217;s?<\/p>\n\n\n\n<p>You&#8217;ve come to the right place.<\/p>\n\n\n\n<p>In this guide, we&#8217;re going to break down all of the critical elements of a successful product launch and walk you through the entire journey from vetting an idea to building a go-to-market strategy, to launch day and beyond.<\/p>\n\n\n\n<p>But first, we need to level with you:<\/p>\n\n\n\n<p>The reality is that only 55% of product launches happen on schedule. And even when products do launch on schedule, only <a href=\"https:\/\/www.inc.com\/marc-emmer\/95-percent-of-new-products-fail-here-are-6-steps-to-make-sure-yours-dont.html\">~5% of product launches are successful<\/a>.<\/p>\n\n\n\n<p>Between product development delays, supply chain challenges, poor launch planning, and more\u2014plenty can go wrong if you don&#8217;t plan. Even for established brands who&#8217;ve already successfully launched multiple product lines, success is not guaranteed every time.<\/p>\n\n\n\n<p>If you want to maximize the chances of your next product launch being a hit, bookmark this guide and keep reading. We&#8217;ll talk you through the overarching process&#8217;s pre-launch, launch, and post-launch phases.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_67_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#What_is_a_product_launch\" title=\"What is a product launch?\">What is a product launch?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#The_pre-launch_stage\" title=\"The pre-launch stage\">The pre-launch stage<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#1_Vetting_a_product\" title=\"1. Vetting a product\">1. Vetting a product<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#Study_the_ACTIONS_of_your_competitors_and_customers\" title=\"Study the ACTIONS of your competitors and customers\">Study the ACTIONS of your competitors and customers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#Study_the_THOUGHTS_of_your_potential_customers\" title=\"Study the THOUGHTS of your potential customers\">Study the THOUGHTS of your potential customers<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#2_Conduct_a_feasibility_study\" title=\"2. Conduct a feasibility study\">2. Conduct a feasibility study<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#3_Research_target_buyers_for_your_product\" title=\"3. Research target buyers for your product\">3. Research target buyers for your product<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#4_Define_your_budgets_and_secure_capital\" title=\"4. Define your budgets and secure capital\">4. Define your budgets and secure capital<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#5_Define_your_go-to-market_GTM_strategy\" title=\"5. Define your go-to-market (GTM) strategy\">5. Define your go-to-market (GTM) strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#6_Designing_your_product_and_creating_a_prototype\" title=\"6. Designing your product and creating a prototype\">6. Designing your product and creating a prototype<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#The_%E2%80%98design_thinking_approach\" title=\"The \u2018design thinking\u2019 approach\">The \u2018design thinking\u2019 approach<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#The_%E2%80%98lean_startup_approach\" title=\"The \u2018lean startup\u2019 approach\">The \u2018lean startup\u2019 approach<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#7_Determine_manufacturing_and_supply_chain_management\" title=\"7. Determine manufacturing and supply chain management\">7. Determine manufacturing and supply chain management<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#The_launch_stage\" title=\"The launch stage\">The launch stage<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#8_LAUNCH_Start_executing_on_your_GTM_strategy\" title=\"8. LAUNCH! Start executing on your GTM strategy\">8. LAUNCH! Start executing on your GTM strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#9_Rapidly_iterate_on_your_positioning_messaging_and_other_variables\" title=\"9. Rapidly iterate on your positioning, messaging, and other variables\">9. Rapidly iterate on your positioning, messaging, and other variables<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#10_Expand_product_distribution_channel_strategy\" title=\"10. Expand product distribution channel strategy\">10. Expand product distribution channel strategy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#The_post-launch_stage\" title=\"The post-launch stage\">The post-launch stage<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#11_Improve_your_cash_conversion_cycle\" title=\"11. Improve your cash conversion cycle\">11. Improve your cash conversion cycle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#12_Optimize_your_sales_cycle_for_each_distribution_channel\" title=\"12. Optimize your sales cycle for each distribution channel\">12. Optimize your sales cycle for each distribution channel<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#13_Continue_to_innovate_and_diversify_with_relaunches_and_updates\" title=\"13. Continue to innovate and diversify with relaunches and updates\">13. Continue to innovate and diversify with relaunches and updates<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#Product_Launch_Tips_to_Maximize_Your_Chances_of_Success\" title=\"Product Launch Tips to Maximize Your Chances of Success\">Product Launch Tips to Maximize Your Chances of Success<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#Build_the_right_team\" title=\"Build the right team\">Build the right team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#Secure_enough_funding\" title=\"Secure enough funding\">Secure enough funding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#Be_prepared_for_the_unexpected\" title=\"Be prepared for the unexpected\">Be prepared for the unexpected<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/#Tap_into_Gembahs_network_today\" title=\"Tap into Gembah\u2019s network today\">Tap into Gembah\u2019s network today<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-product-launch\"><span class=\"ez-toc-section\" id=\"What_is_a_product_launch\"><\/span><strong>What is a product launch?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A product launch encompasses everything that goes into the final release of a new product, including product research, supply chain establishment, revenue sourcing, marketing, and selling.<\/p>\n\n\n\n<p>A good product launch strategy begins with a target launch date, then works backward to ensure you have enough time and resources to succeed. With every product launch, you&#8217;ll need to consider everything from market fit and critical sales metrics to production and shipping logistics.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"550\" src=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image2-1024x550.png\" alt=\"\" class=\"wp-image-9821\" srcset=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image2-1024x550.png 1024w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image2-300x161.png 300w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image2-768x413.png 768w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image2-1536x825.png 1536w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image2.png 1999w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-pre-launch-stage\"><span class=\"ez-toc-section\" id=\"The_pre-launch_stage\"><\/span><strong>The pre-launch stage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before you get too far ahead of yourself with soft-launch parties or big announcements, the pre-launch <strong>planning <\/strong>stage is critical.<\/p>\n\n\n\n<p>If you skip or speed through the planning and research elements of launching a new product, you risk launching the wrong product to the wrong audience at the wrong time for the wrong price with the wrong logistics in place.<\/p>\n\n\n\n<p>The pre-launch stage is all about validating and planning. From <a href=\"https:\/\/gembah.com\/blog\/how-to-research-and-vet-a-product-opportunity\/\">vetting a product&#8217;s opportunities for success<\/a> and market potential to conducting <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/blog\/feasibility-study\/\">feasibility studies<\/a>, you can determine your product&#8217;s reception well before the launch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-vetting-a-product\"><span class=\"ez-toc-section\" id=\"1_Vetting_a_product\"><\/span><strong>1. Vetting a product<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>At Gembah, we often preach the importance of intentional <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/services\/research\/\">product development and research<\/a>.<\/p>\n\n\n\n<p>We believe it&#8217;s the most important part of a successful launch, relaunch, or update for your products. In this stage, you\u2019re exploring <a href=\"https:\/\/gembah.com\/videos\/million-dollar-product-launch-episode-1\/\">a particular product&#8217;s market potential<\/a> and vetting its current and future market opportunities.<\/p>\n\n\n\n<p>We recommend approaching <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/blog\/product-research\/\">initial product research<\/a> from two angles:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-study-the-actions-of-your-competitors-and-customers\"><span class=\"ez-toc-section\" id=\"Study_the_ACTIONS_of_your_competitors_and_customers\"><\/span><strong>Study the ACTIONS of your competitors and customers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Advertising data: <\/strong>Are your potential competitors for your new product advertising? How much are they spending? Which channels are they spending on? Which search terms are they targeting?<\/li>\n\n\n\n<li><strong>Search behavior &amp; frequency: <\/strong>How frequently are people searching for the product you\u2019re planning to launch across Google, Amazon, YouTube, etc? More searches means a larger potential market.<\/li>\n\n\n\n<li><strong>Retail &amp; e-commerce data:&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>A\/B testing product pages: <\/strong>Create a few simple landing pages for the product you\u2019re considering launching, testing different copy and product types. This method will work best when you\u2019re launching a new version of an existing product, or something that complements your existing catalog.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-study-the-thoughts-of-your-potential-customers\"><span class=\"ez-toc-section\" id=\"Study_the_THOUGHTS_of_your_potential_customers\"><\/span><strong>Study the THOUGHTS of your potential customers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Customer interviews: <\/strong>Go straight to the source. If your existing customers are the target buyer for your potential new product, talk to them directly. If not, talk to who you believe will be the ideal buyer. At this stage, you don\u2019t need to have a perfectly-defined ideal customer profile either.<\/li>\n\n\n\n<li><strong>Broad surveys: <\/strong>Similar to customer interviews, but at scale. You\u2019ll trade granularity in the responses for volume. The secret sauce is when you can combine the specific insights you get from interviews with the broader insights you get from surveys to spot trends.<\/li>\n<\/ul>\n\n\n\n<p>These data points offer you opportunities to <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/blog\/how-to-create-a-product-to-sell\/\">improve the product<\/a> prior to manufacturing and find new ways to generate customer interest during the marketing planning stages.<\/p>\n\n\n\n<p>Use the data from both types of research to decide whether your product has what it takes to generate a worthy return on investment, enhance your brand value, and sustain sales through a lengthy <a href=\"https:\/\/gembah.com\/blog\/product-life-cycle\/\">product life cycle<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-conduct-a-feasibility-study\"><span class=\"ez-toc-section\" id=\"2_Conduct_a_feasibility_study\"><\/span><strong>2. Conduct a feasibility study<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Before jumping to the next step of your launch, it\u2019s important to understand whether or not the product you\u2019re planning to launch is actually <em>feasible.<\/em><\/p>\n\n\n\n<p>Does it even make logistical sense to create this product?<\/p>\n\n\n\n<p>This is where <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/blog\/feasibility-study\/\">a feasibility study<\/a> comes in. With a feasibility study, you\u2019re able to identify challenges, explore costs and timing, and truly answer the question, &#8220;should we even build this?&#8221;&nbsp;<\/p>\n\n\n\n<p>There are typically six stages in a new product development feasibility study:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Ideation &amp; Research<\/li>\n\n\n\n<li>Product Design<\/li>\n\n\n\n<li>Sourcing<\/li>\n\n\n\n<li>Production Management<\/li>\n\n\n\n<li>Logistics &amp; Compliance<\/li>\n\n\n\n<li>Supply Chain Management<\/li>\n<\/ol>\n\n\n\n<p>Across each stage, you\u2019re assessing whether your new product is actually <em>feasible.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How much effort (and budget) will need to go into product design?<\/li>\n\n\n\n<li>Are there people that can actually make what you\u2019re planning to create?<\/li>\n\n\n\n<li>Where could production potentially fail and can you get ahead of it?<\/li>\n\n\n\n<li>Once the product is produced, can you deliver it to warehouses, stores or front doors?<\/li>\n\n\n\n<li>Will your product meet all regulations in the regions you plan to sell?<\/li>\n\n\n\n<li>How effectively will your product scale?<\/li>\n<\/ul>\n\n\n\n<p>When your study is complete, you should have a clearer picture of what should be prioritized for your product launch, what potential problems may arise, and a plan in place for growth and scaling. Get creative in finding solutions to every pitfall your team can think of, even if there&#8217;s only a marginal chance it may happen with your product launch.<\/p>\n\n\n\n<p>If you\u2019re looking for support with running your own feasibility study, there are plenty of product experts in <a href=\"\/expert-help\/\">the Gembah network<\/a> that\u2019ve been through it many times over.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-research-target-buyers-for-your-product\"><span class=\"ez-toc-section\" id=\"3_Research_target_buyers_for_your_product\"><\/span><strong>3. Research target buyers for your product<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The research you\u2019ve already conducted by this stage will likely have narrowed down the target buyer for your product to a degree. You may also have already identified some of their shared characteristics, buying habits, and pain points.<\/p>\n\n\n\n<p>If the target buyer for your new product will be similar to your existing customer base, we\u2019d <strong>highly recommend<\/strong> talking to them directly.&nbsp;<\/p>\n\n\n\n<p>Ask them for feedback. Ask them about what problems they\u2019re facing. Ask them if they\u2019d be interested in a product similar to the one you\u2019re planning.<\/p>\n\n\n\n<p>However, you may be planning to launch your next product to a difference audience entirely from the one you\u2019ve already built up. In that scenario, you\u2019ll need to buckle up your bootstraps and research what they\u2019re interested in and what their motivations may be.<\/p>\n\n\n\n<p>With so many audience intelligence and research tools available like <a href=\"https:\/\/sparktoro.com\/\">SparkToro<\/a> and <a href=\"https:\/\/www.audiense.com\/\">Audiense<\/a>, you can see what podcasts they&#8217;re listening to, which influencers they&#8217;re following, which publications they read, and which factors they\u2019re likely to care most about when making purchase decisions.<\/p>\n\n\n\n<p>For example, you can use these tools to see how much more or less likely you\u2019re audience is to value brand names or product utility compared to the general public:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"537\" src=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image1-2-1024x537.png\" alt=\"\" class=\"wp-image-9822\" srcset=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image1-2-1024x537.png 1024w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image1-2-300x157.png 300w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image1-2-768x403.png 768w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image1-2-1536x805.png 1536w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image1-2.png 1999w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/blog.hubspot.com\/marketing\/target-audience\">This guide from Hubspot<\/a> does a great job of walking through how to define your target audience and research what\u2019s most likely to make them tick as well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-define-your-budgets-and-secure-capital\"><span class=\"ez-toc-section\" id=\"4_Define_your_budgets_and_secure_capital\"><\/span><strong>4. Define your budgets and secure capital<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Data is a great starting point, but it&#8217;s there to help you make concrete decisions. With so much information at your fingertips, it&#8217;s time to start thinking about the numbers. Settle your product production budget, marketing budget, and inventory plans to ensure you have the finances to see your product launch through.<\/p>\n\n\n\n<p>A few core areas to consider as you plan and strategize your financing:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Salaries, wages, &amp; employee benefits<\/li>\n\n\n\n<li>Equipment &amp; fabrication costs<\/li>\n\n\n\n<li>Travel, communications, &amp; rentals<\/li>\n\n\n\n<li>Managing your inventory plan<\/li>\n\n\n\n<li>Supplies, materials, &amp; manufacturing partners<\/li>\n\n\n\n<li>Consultants &amp; contractor fees<\/li>\n\n\n\n<li>Marketing &amp; advertising<\/li>\n<\/ul>\n\n\n\n<p>Something like product branding may feel lower on the priorities list during the early stages, but failing to plan for the costs associated with it down the road can lead to budget surprises and potential timeline delays.<\/p>\n\n\n\n<p>Each of these categories is especially important if you&#8217;re creating a proposal for investors, as they&#8217;ll want to see your estimates for each and every detail. You&#8217;ll have to sell them on the success of your product before you can even start proper research, development, and design.<\/p>\n\n\n\n<p>In addition to budget planning, you\u2019ll also want to begin <a href=\"https:\/\/gembah.com\/blog\/how-to-overcome-your-toughest-ecommerce-cash-flow-challenges\/\">securing the financing required<\/a> to build and launch your new product. Here are a handful of ways we\u2019ve seen seasoned product teams lock in the funding required:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Business term loans: <\/strong>One of the traditional paths to securely capital. To fund your product, you can take on debt from banks, credit unions or direct lenders. By taking the debt route rather than raising capital in exchange for equity, you\u2019re able to retain a higher percentage of the business itself, which keeps the upside high if your goal is to exit.<\/li>\n\n\n\n<li><strong>Credit cards &amp; business lines of credit: <\/strong>Similar to a term loan, but often with greater flexibility and higher interest rates. If you need capital quickly for short-term expenses, a line of credit can be helpful. As you plan for the long-term expenses that will come with initial product development pre-sales revenue though, a more secure term-based loan may be the better option.<\/li>\n\n\n\n<li><strong>Microloans for small businesses: <\/strong>Depending on the size of your business today and the state of your credit, you may qualify for a <a href=\"https:\/\/www.nerdwallet.com\/article\/small-business\/microloans\">microloan<\/a>. Microloans typically go up to $50,000 for startups and small businesses to cover expenses, fund product development, and more.<\/li>\n<\/ul>\n\n\n\n<p>Of course, the funding routes available to you will vary based on your location, the size and stage of your business, the type of products you sell, etc. <a href=\"https:\/\/www.nerdwallet.com\/article\/small-business\/types-of-business-loans\">This guide from NerdWallet<\/a> is a good high-level look at some of the more common types of business loans you can pursue.<\/p>\n\n\n\n<p>And if you\u2019re looking for support with all of the financial planning aspects of your next product launch, <a href=\"https:\/\/gembah.com\/\">Gembah\u2019s network of product experts<\/a> can guide you through every step of the process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-define-your-go-to-market-gtm-strategy\"><span class=\"ez-toc-section\" id=\"5_Define_your_go-to-market_GTM_strategy\"><\/span><strong>5. Define your go-to-market (GTM) strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This final stage of pre-launch should encompass a comprehensive plan of action to outline how you will enter new markets, win customers, increase your market share, and achieve your marketing and sales goals.<\/p>\n\n\n\n<p>To <a href=\"https:\/\/www.gartner.com\/en\/sales\/glossary\/go-to-market-gtm-strategy\">create a new product launch GTM strategy<\/a>, you may want to start with the basics and answer your product&#8217;s who, what, where, when, why, and how.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Who: Identify your target audience<\/li>\n\n\n\n<li>What: Define the problem your product solves for your ideal customer<\/li>\n\n\n\n<li>Where: Determine the best markets for your product, including B2B and B2C<\/li>\n\n\n\n<li>When: Consider the best timing for your launch, including competitors and seasonality<\/li>\n\n\n\n<li>Why: Detail your reasons for <a href=\"https:\/\/researchservices.cornell.edu\/resources\/overview-costs-project-budgets-budget-and-costing-guide\">budgeting and spending appropriately<\/a><\/li>\n\n\n\n<li>How: Strategize distribution and marketing tactics to drive conversions<\/li>\n<\/ul>\n\n\n\n<p><br>Again, by this stage you\u2019ll already have the answers to \u201cwhat\u201d and \u201cwhy\u201d from your earlier research. The focus at this stage becomes where, when, why and how.<\/p>\n\n\n\n<p>As you answer each question, you may see potential challenges, unique solutions, and alternative openings in the market that will help you craft the ideal GTM strategy.&nbsp;<\/p>\n\n\n\n<p>We recommend exploring an initially digital-led strategy that builds awareness through social channels, online ad campaigns, influencer partnerships, email if you have an existing customer or audience list, and other forms of content.<\/p>\n\n\n\n<p>As awareness grows and your product generates initial traction, you can begin to explore additional distribution channels like wholesale and retail, but more to come on that shortly!<\/p>\n\n\n\n<p>For some extra inspiration, we\u2019d recommend digging into <a href=\"https:\/\/www.drip.com\/blog\/harrys-marketing\">Harry\u2019s initial go-to-market strategy<\/a> as well, which they based their launch around a trial offer. Harry\u2019s claimed their cheaper razors were better quality than anything you could find in store. To convince potential long-term customers, they used a simple tactic to turn a one-time freebie into a lifetime buyer. Harry&#8217;s now consistently hits over $200 million in revenue each year.<\/p>\n\n\n<div class=\"banner\">\r\n    <div class=\"title\">\r\n        <span class=\"light\">Launch Your Product Faster<br> with<\/span>\r\n        <span class=\"bold\">Gembah<\/span>\r\n    <\/div>\r\n    <div class=\"subtitle\">\r\n        <span>1000\u2019s of vetted factories, designers, and experts are a few clicks away!<\/span>\r\n    <\/div>\r\n    <a href=\"\/expert-help\/\" target=\"_blank\" class=\"cta-button\">Get Started Now<\/a>\r\n<\/div>\r\n<style>\r\n    .banner {\r\n        background-color: #0692FB;\r\n        background-image: radial-gradient(rgba(255, 255, 255, 0.07) 1.6px, transparent 1px);\r\n        background-size: 7px 7px;\r\n        color: #ffffff;\r\n        padding: 30px;\r\n        text-align: center;\r\n        font-family: Arial, sans-serif;\r\n        border-radius: 12px;\r\n        max-width: 540px;\r\n        margin: 20px auto 40px;\r\n        box-shadow: 0px 8px 16px rgba(0, 0, 0, 0.2);\r\n        display: inline-block;\r\n    }\r\n\r\n    .banner .title {\r\n        font-family: 'Poppins', sans-serif;\r\n        font-size: 28px;\r\n        margin: 5px 20px 0;\r\n        text-shadow: 1px 1px 4px rgba(0, 0, 0, 0.2);\r\n        line-height: 1.2;\r\n        color:#ffffff!important;\r\n    }\r\n\r\n    .banner .title .light {\r\n        font-weight: 400;\r\n    }\r\n\r\n    .banner .title .bold {\r\n        font-weight: 900;\r\n    }\r\n\r\n    .banner .subtitle {\r\n        font-family: 'Jost', sans-serif;\r\n        font-size: 18px;\r\n        font-weight: 400;\r\n        line-height: 1.25;\r\n        margin: 14px 60px 20px;\r\n        text-shadow: 1px 1px 4px rgba(0, 0, 0, 0.2);\r\n        word-spacing: 0.8px;\r\n        color:#ffffff!important;\r\n    }\r\n\r\n    \/* More specific selector with !important overrides *\/\r\n    .banner a.cta-button {\r\n        background-color: #fdbc52 !important;\r\n        color: #1e1e1e !important;\r\n        font-family: 'Jost', sans-serif !important;\r\n        font-size: 20px !important;\r\n        font-weight: 900 !important;\r\n        padding: 9px 19px !important;\r\n        border-radius: 6px !important;\r\n        margin: 15px 0 10px !important;\r\n        cursor: pointer !important;\r\n        text-decoration: none !important;\r\n        display: inline-block !important;\r\n        transition: background-color 0.3s ease !important;\r\n        box-shadow: 0px 6px 12px rgba(0, 0, 0, 0.3) !important;\r\n    }\r\n\r\n    .banner a.cta-button:hover {\r\n        background-color: #e6a946 !important;\r\n    }\r\n\r\n    @media (max-width: 600px) {\r\n        .banner {\r\n            max-width: 90%;\r\n            margin: 20px auto;\r\n        }\r\n\r\n        .banner .title {\r\n            font-size: 20px;\r\n            margin: 0px 0;\r\n        }\r\n\r\n        .banner .subtitle {\r\n            font-size: 16px;\r\n            font-weight: 500;\r\n            margin: 20px 20px 0;\r\n            margin-bottom: 30px;\r\n        }\r\n\r\n        .banner a.cta-button {\r\n            font-size: 16px !important;\r\n            padding: 10px !important;\r\n            width: 100% !important;\r\n        }\r\n    }\r\n<\/style>\r\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-designing-your-product-and-creating-a-prototype\"><span class=\"ez-toc-section\" id=\"6_Designing_your_product_and_creating_a_prototype\"><\/span><strong>6. Designing your product and creating a prototype<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>By now, you&#8217;ve already established an unmet need in your market and taken an idea as far as it can go in the research phases. Now it&#8217;s time to move ahead with design and prototyping.<\/p>\n\n\n\n<p>Where we often see builders and teams trip up during the product design phase is when they take a <strong>traditional business approach <\/strong>to design that focuses <em>solely on <\/em>viability and feasibility. Essentially, you ask whether this is a product you can and should create.<\/p>\n\n\n\n<p>What this approach <em>does not <\/em>factor in is the actual end user of your product. Beyond whether or not you can actually build the product, what is about the product they\u2019re going to care most about? What\u2019s going to jump out at your eventual buyers that makes them say yes?<\/p>\n\n\n\n<p>If you aren\u2019t taking a human-centric approach to product design from the jump, you risk investing lots of capital into building something that doesn\u2019t deliver on what your buyers actually want.<\/p>\n\n\n\n<p>Instead, we recommend two different approaches:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-design-thinking-approach\"><span class=\"ez-toc-section\" id=\"The_%E2%80%98design_thinking_approach\"><\/span><strong>The \u2018design thinking\u2019 approach<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><a href=\"https:\/\/designthinking.ideo.com\/\">Design thinking<\/a>, made popular by Tim Brown and IDEO, is all about putting the end user first. They position design thinking as the intersection between <em>viability, feasibility <\/em>and <strong><em>desirability<\/em><\/strong>\u2014emphasis on the desire. It\u2019s not enough to build a product that\u2019s viable and feasible. You need to build a product that people <em>want to buy.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"675\" src=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image3-1-1024x675.png\" alt=\"\" class=\"wp-image-9823\" srcset=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image3-1-1024x675.png 1024w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image3-1-300x198.png 300w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image3-1-768x506.png 768w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image3-1-1536x1013.png 1536w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image3-1.png 1638w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-lean-startup-approach\"><span class=\"ez-toc-section\" id=\"The_%E2%80%98lean_startup_approach\"><\/span><strong>The \u2018lean startup\u2019 approach<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The lean startup or lean UX approach is about testing, learning, and iterating. Rather than over-investing into product design without any system for <em>testing what you\u2019ve built<\/em>, the lean startup approach focuses on the idea of prototyping. Using the principles of design thinking, creative iterative versions of your product where your taking small steps forward and collecting feedback along the way.<\/p>\n\n\n\n<p><strong>The design and prototype phases can get costly if you aren\u2019t strategic with how you approach them.<\/strong><\/p>\n\n\n\n<p>For example, if you move too quickly through the design phase without considering the production logistics of whether or not it\u2019s even possible to produce each unit at scale, you\u2019ll end up needing to spend the time and money to retool the design.<\/p>\n\n\n\n<p>Whether you do it on your own or bring in a <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/blog\/industrial-design-vs-product-design\/\">professional product design expert<\/a>, the functionality of your product and the needs of your target market will be at the core of your design.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-determine-manufacturing-and-supply-chain-management\"><span class=\"ez-toc-section\" id=\"7_Determine_manufacturing_and_supply_chain_management\"><\/span><strong>7. Determine manufacturing and supply chain management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After you&#8217;ve been through design and prototyping, it&#8217;s time to figure out how you will manufacture the product and manage the supply chain.<\/p>\n\n\n\n<p>We\u2019re biased, but we do truly believe the best way to tackle manufacturing and supply chain planning is by working with <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/services\/production-management\/\">a network of experts<\/a> who\u2019ve been there and done that many times before. The Gembah network, for example, has over 2,000 vetted manufacturers and experts across a wide range of industries.<\/p>\n\n\n\n<p>Whether you work with the Gembah network or elsewhere, there are a two primary keys to keep top of mind when it comes to manufacturing and supply chain management:<\/p>\n\n\n\n<p><strong>1. Importance of having a local contact:<\/strong><\/p>\n\n\n\n<p>If you live in The United States and your product is going to be manufactured in China, India, Mexico\u2014any country internationally where you aren\u2019t located\u2014it\u2019s tough to understate the value of having someone local in the manufacturing region you can work with.<\/p>\n\n\n\n<p>This person will be able to more closely monitor the production process, they\u2019ll have a better understanding of local policies, they\u2019ll be able to meet face-to-face with partners on your behalf, among plenty of additional benefits.<\/p>\n\n\n\n<p><strong>2. Value of product testing and quality control:<\/strong><\/p>\n\n\n\n<p>If you aren\u2019t actively focusing on testing and quality control during a new product launch, it\u2019s far too easy for the product launch to go sideways. The last thing you want is to produce hundreds or thousands of units, only for there to have been a small error or bug in the product itself. Not only will this be costly to reproduce the units, it could result in potential legal challenges if the errors or malfunctions aren\u2019t caught until after the product is sold.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-launch-stage\"><span class=\"ez-toc-section\" id=\"The_launch_stage\"><\/span><strong>The launch stage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You&#8217;ve hit all the high notes of your pre-launch stage, you\u2019re armed with research, validation, a designed and tested product, budgets in place, supply chain logistics mapped out, and a go-to-market strategy that\u2019ll help you make noise.<\/p>\n\n\n\n<p>It\u2019s time to <strong>launch the product<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-8-launch-start-executing-on-your-gtm-strategy\"><span class=\"ez-toc-section\" id=\"8_LAUNCH_Start_executing_on_your_GTM_strategy\"><\/span><strong>8. LAUNCH! Start executing on your GTM strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Your GTM strategy is the make-or-break point for your product launch. Answering the questions above should have helped you develop a solid plan and streamline each stage.<\/p>\n\n\n\n<p>As you implement your strategy and introduce your new product to the market, pay close attention to what seems to be working or not working. At this stage, moving fast is key. Don\u2019t be afraid to deviate from your initial launch plan if you spot an opportunity to adjust.<\/p>\n\n\n\n<p>By this stage in the process, you should be in market with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sales, marketing and advertising campaigns promoting your new product<\/li>\n\n\n\n<li>If you\u2019re selling online, product pages with the ability to A\/B test all elements<\/li>\n\n\n\n<li>Various unique offers to drive product sales and adoption (i.e. Harry\u2019s trial offer)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-9-rapidly-iterate-on-your-positioning-messaging-and-other-variables\"><span class=\"ez-toc-section\" id=\"9_Rapidly_iterate_on_your_positioning_messaging_and_other_variables\"><\/span><strong>9. Rapidly iterate on your positioning, messaging, and other variables<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Iterating your marketing, messaging, and product value propositions can help you run rapid testing that will get you closer to your goal.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you\u2019re running social ad campaigns, test the ad creative and messaging <em>frequently <\/em>to see what seems to resonate best.<\/li>\n\n\n\n<li>If you have a landing page or sales page for your product, test the headings, descriptions or visuals on the page.&nbsp;<\/li>\n\n\n\n<li>If you\u2019re already in market, test different price points or offer structures.<\/li>\n<\/ul>\n\n\n\n<p>What\u2019s important to understand here that is that you also don\u2019t <em>overdo it <\/em>with testing and iterating. The more tests you run, especially in parallel, the higher your sales and marketing costs are likely to be, and the more difficult it will be to isolate which test is actually driving the best results.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-10-expand-product-distribution-channel-strategy\"><span class=\"ez-toc-section\" id=\"10_Expand_product_distribution_channel_strategy\"><\/span><strong>10. Expand product distribution channel strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>How you approach distribution channels will be a critical factor in how much revenue you can expect to generate, as well as how quickly you can expect that revenue to be realized.<\/p>\n\n\n\n<p>There are essentially three product distribution channel categories: <strong>Online, wholesale, and retail<\/strong>.<\/p>\n\n\n\n<p>Yes, there\u2019s plenty of nuance within each category and we could rattle of dozens of subcategories across the board, but broadly speaking\u2014you\u2019re likely selling online, through wholesale distributors, or in-store through retail businesses.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"550\" src=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image4-1-1024x550.png\" alt=\"\" class=\"wp-image-9824\" srcset=\"https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image4-1-1024x550.png 1024w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image4-1-300x161.png 300w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image4-1-768x413.png 768w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image4-1-1536x825.png 1536w, https:\/\/gembah.com\/wp-content\/uploads\/2023\/01\/image4-1.png 1999w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>A channel like <strong>online <\/strong>requires less investment and time to get up and running, but doesn\u2019t have as safe of a projected revenue floor as the other channels. A channel like <strong>retail <\/strong>will take longer to bring to life, but carries more projected revenue security.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Online Channels: <\/strong>Easy and quick market to enter, but they deliver lower expected revenue due to intense competition and market saturation.<\/li>\n\n\n\n<li><strong>Wholesale Channels: <\/strong>Offer predictable returns, but don&#8217;t always carry the same potential of a mainstream hit. You\u2019ll likely face brand recognition and loyalty challenges if you narrow your strategy to solely wholesale-based.<\/li>\n\n\n\n<li><strong>Retail Channels: <\/strong>Generally slow to enter but have a higher expected revenue because their physical location presents you with a ready-made group of buyers.<\/li>\n<\/ul>\n\n\n\n<p>Over time, the best approach is to blend all three channels together. This allows to you to get up and running quickly with <strong>online channels <\/strong>to generate early revenue, while building for the long-term through <strong>wholesale <\/strong>and <strong>retail <\/strong>channels.<\/p>\n\n\n\n<p>If you\u2019re not sure where to start with wholesale and retail in particular, we\u2019d recommend tapping into <a data-wpil=\"url\" href=\"https:\/\/gembah.com\/experts\/\">the Gembah network of experts<\/a>. You\u2019ll be able to work directly with product experts who <em>already have <\/em>relationships with top retailers and wholesale chains.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-post-launch-stage\"><span class=\"ez-toc-section\" id=\"The_post-launch_stage\"><\/span><strong>The post-launch stage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We&#8217;re now at the final stage of your product launch cycle \u2014 the post-launch stage. This stage is another opportunity to review data and maximize profits through what you&#8217;ve learned. Find ways to prolong the growth of your product life cycle, improve your cash conversion cycle, and explore even more distribution channels to enhance success post-launch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-11-improve-your-cash-conversion-cycle\"><span class=\"ez-toc-section\" id=\"11_Improve_your_cash_conversion_cycle\"><\/span><strong>11. Improve your cash conversion cycle<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/www.investopedia.com\/terms\/c\/cashconversioncycle.asp\">cash conversion cycle (CCC)<\/a> measures how long it takes you to convert your investment in a product into sales, or realized cash. The shorter, the better.<\/p>\n\n\n\n<p>If you\u2019re able to improve the turnaround time for turning money spent into money earned, the faster you\u2019ll be able to move\u2014whether that be scaling up your sales efforts or potentially developing even more products.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.investopedia.com\/terms\/c\/cashconversioncycle.asp\">formula for CCC<\/a> is as follows:<\/p>\n\n\n\n<p><strong><em>CCC = DIO + DSO \u2212 DPO<\/em><\/strong><\/p>\n\n\n\n<p>Where:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>DIO=Days of inventory outstanding<\/li>\n\n\n\n<li>DSO=Days sales outstanding<\/li>\n\n\n\n<li>DPO=Days payables outstanding<\/li>\n<\/ul>\n\n\n\n<p>As is the case in any line of business,<em> cash is king<\/em>. When you\u2019re able to forecast when you&#8217;ll have a steady cash stream available for various development and marketing endeavors, you can more efficiently use short-term assets to address the most pressing concerns.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-12-optimize-your-sales-cycle-for-each-distribution-channel\"><span class=\"ez-toc-section\" id=\"12_Optimize_your_sales_cycle_for_each_distribution_channel\"><\/span><strong>12. Optimize your sales cycle for each distribution channel<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The sales cycle for each distribution channel will look a little different.<\/p>\n\n\n\n<p>While your online sales could all come through inbound channels like SEO or social ad campaigns, your wholesale marketing may be managed by an in-house sales team that takes more time to build relationships. Optimizing your sales cycle for each distribution channel allows you to efficiently allocate funds and resources where necessary for a more agile, cost-effective strategy.<\/p>\n\n\n\n<p><strong>Online Sales:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Target your ideal customer profile<\/li>\n\n\n\n<li>Generate leads through simultaneous SEO, ads, email, and social media marketing<\/li>\n\n\n\n<li>Conduct A\/B testing with ads and email campaigns<\/li>\n\n\n\n<li>Offer multi-channel shopping through Amazon, Google Shopping, and other platforms<\/li>\n\n\n\n<li>Ensure you accept as many payment methods as possible<\/li>\n<\/ul>\n\n\n\n<p><strong>Wholesale:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Outsource administrative tasks so salespeople can focus on client-relations<\/li>\n\n\n\n<li>Ensure persistent follow-ups to close deals and maximize orders<\/li>\n\n\n\n<li>Start with small commitments to establish trust before working up to larger orders<\/li>\n\n\n\n<li>Supplement your sales cycle with a service cycle to ensure synchronized service<\/li>\n<\/ul>\n\n\n\n<p><strong>Retail Sales:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Train your staff to share <a href=\"https:\/\/gembah.com\/resource-center\/?post_types=case-studies\">product case studies<\/a> and product USPs<\/li>\n\n\n\n<li>Set in-store sales goals for every month<\/li>\n\n\n\n<li>Study seasonality for product demand and inventory resupply<\/li>\n\n\n\n<li>Expand store reach with delivery and shipping services<\/li>\n\n\n\n<li>Offer competitive franchising packages in other locations<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-13-continue-to-innovate-and-diversify-with-relaunches-and-updates\"><span class=\"ez-toc-section\" id=\"13_Continue_to_innovate_and_diversify_with_relaunches_and_updates\"><\/span><strong>13. Continue to innovate and diversify with relaunches and updates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>We believe <strong>product development<\/strong> should never truly stop.<\/p>\n\n\n\n<p>You should always be iterating. Always researching. Always looking for the next product line or version to launch.<\/p>\n\n\n\n<p>If you sit back and bask in the success of one or two product lines, you run the risk of your cash cow\u2019s all hitting the decline stage of their life cycle simultaneously without any up-and-coming product lines to balance the books. This could be something brand new, or it could be version 2.0 of something you\u2019ve already seen success with.&nbsp;<\/p>\n\n\n\n<p>Your innovation is the only thing pushing back a product&#8217;s decline stage (hopefully forever).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-product-launch-tips-to-maximize-your-chances-of-success\"><span class=\"ez-toc-section\" id=\"Product_Launch_Tips_to_Maximize_Your_Chances_of_Success\"><\/span><strong>Product Launch Tips to Maximize Your Chances of Success<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After reviewing the product launch from beginning to end, there are still a handle of pro tips that will help you maximize your chances of success.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-build-the-right-team\"><span class=\"ez-toc-section\" id=\"Build_the_right_team\"><\/span><strong>Build the right team<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>No matter how experienced you are as a business owner or product leader, you still want to ensure you have the right people around you to manage a successful product launch. You want experts on your side who&#8217;ve done it all before. They know how to do the research, read the data, and apply it to the big decisions you have coming your way.<\/p>\n\n\n\n<p>With Gembah in particular, you can <a href=\"https:\/\/gembah.com\/expertise\/\">build your dream team of product experts<\/a> ranging from Product Design and Crowdfunding to Supply Chain and Amazon FBA professionals. You can customize your experience by choosing the experts you need for your specific industry, launch goals, and product life cycle stage. And with one central platform to manage it all, you&#8217;ll be able to streamline every element of your next product launch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-secure-enough-funding\"><span class=\"ez-toc-section\" id=\"Secure_enough_funding\"><\/span><strong>Secure enough funding<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>We&#8217;ve already mentioned that running out of money is a big hurdle that stands in the way of a successful product launch. It&#8217;s impossible to plan for everything, but creating a product launch plan with budgeting specifics and then adding 10-15% extra on the top could go a long way to mitigate money pitfalls.<\/p>\n\n\n\n<p>If you\u2019re looking for support with budget planning, we\u2019d recommend reviewing <a href=\"https:\/\/researchservices.cornell.edu\/resources\/overview-costs-project-budgets-budget-and-costing-guide\">this report from Cornell University<\/a> on how to effectively estimate and plan for costs across the entire cycle of a project.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-be-prepared-for-the-unexpected\"><span class=\"ez-toc-section\" id=\"Be_prepared_for_the_unexpected\"><\/span><strong>Be prepared for the unexpected<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Curve balls will always come your way, no matter how well you plan every step. You&#8217;ll prevent your product launch from going off track when you expect the unexpected. Some unexpected concerns you might want to consider include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Added costs<\/li>\n\n\n\n<li>Schedule delays<\/li>\n\n\n\n<li>Supply chain issues<\/li>\n\n\n\n<li>New competition<\/li>\n\n\n\n<li>Failing marketing campaigns<\/li>\n\n\n\n<li>Slow conversions and sales<\/li>\n\n\n\n<li>Pandemics<\/li>\n\n\n\n<li>Funding delays<\/li>\n\n\n\n<li>Lackluster distributor promotion<\/li>\n\n\n\n<li>Poor reviews<\/li>\n<\/ul>\n\n\n\n<p>You can increase your chances of success by planning ahead and partnering with someone with the experience you need with these potential disasters. You don&#8217;t have to do it all alone when you add product launch experts to your budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tap-into-gembah-s-network-today\"><span class=\"ez-toc-section\" id=\"Tap_into_Gembahs_network_today\"><\/span><strong>Tap into Gembah\u2019s network today<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The product launch process is complex, with many moving parts.<\/p>\n\n\n\n<p>Tackling every single element entirely on your own can lead to critical steps falling through the cracks and hurt your chances of success. Instead, tap into Gembah&#8217;s network of product development experts, product launch experts, supply chain experts, and more.<\/p>\n\n\n\n<p><a href=\"\/expert-help\/?LeadSource=Website&amp;event=hero-click\">Get started with Gembah today.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to launch the next Macbook or become the next Harry&#8217;s? You&#8217;ve come to the right place. In this guide, we&#8217;re going to break down all of the critical elements of a successful product launch and walk you through the entire journey from vetting an idea to building a go-to-market strategy, to launch day and &#8230; <a title=\"How To Launch A New Product (A Guide For Established Brands)\" class=\"read-more\" href=\"https:\/\/gembah.com\/blog\/how-to-launch-a-product\/\" aria-label=\"More on How To Launch A New Product (A Guide For Established Brands)\">Read more<\/a><\/p>\n","protected":false},"author":14,"featured_media":9825,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[],"topics":[],"class_list":["post-9820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.1 (Yoast SEO v23.5) - 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