The 3 R's to Keeping it Real
When it comes to launching a new product, the 3 R's can often be a good reminder to keep you on track. Research - Relevance - Refresh
- First, have you done your research? re·search — noun — the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusion. verb — investigate systematically. Knowledge is power, so doing your research to get to know your audience, competitors and role your product will play in the marketplace is key.
- Second, is your product or service relevant? rel·e·vant — adjective — connected or appropriate to the matter at hand. We all want to be unicorns and stand out in the masses, but lets face facts, unicorns wouldn't be unique if they were found in abundance. It is just as important to know your niche or create one and keep the product/service you provide relevant to the consumer need.
- Third, does your product refresh the market? re·fresh— verb — give new strength or energy to reinvigorate. noun - an act or function of updating. Whether you are providing a product or service that has been around for decades or launching a 'brand new baby' in the marketplace, you have to ask yourself does this product or service bring new energy or better yet does it provide an update to a current consumer need? Sometimes a product that has been on the market for years can gain new traction and revenue growth with just a simple refresh to make it relevant to the current consumer market.
Keeping the three R's in mind as you plan your strategy for a product launch can mean the difference between a poor product launch and a successful one. Although it may seem like a product/service launch is a single point in time it, can have far-reaching effects.