New product introduction: springboard success

New product introduction: springboard success

New Product Introduction Img

New product introduction: Launching a new product comes with great risk. So what can you do to rationalise the decision-making process in order to commit to a new product introduction with confidence?

How can you estimate demand in advance of a new product introduction?

Launching a new product is an exciting time for any business. However, working out how exactly how much demand to expect can be a real challenge. On one hand, if the new product introduction is a roaring success, you want to ensure you have enough stock to exploit the sales opportunity fully. Equally, if you overestimate demand, this could easily result in a huge amount of excess. Consequently, it’s vital that when anticipating demand, you remain realistic!

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Is there sufficient margin to justify a new product introduction?

Even if there is plenty of interest in your new product concept, there is little point in pursuing a new product introduction if it will never achieve a sufficient return on investment. As a result, it is important that you do your homework before making any final decisions. Through confirming costs, order volumes and lead times with suppliers, it will quickly become evident whether it’s worth taking the risk.

If your product offers an ample return than that is a positive indication to proceed with a new product introduction. However, if the margins are not quite enough, perhaps the supplier is willing to negotiate on prices. Alternatively, maybe you can work with your customers to increase the sales volume.

To launch, or not to launch!

Download and discover what considerations you need to make in order to justify a new product introduction!