Connect with us

Technology

10 Key Considerations Before a New Product Launch

Published

on

If launching a new product was easy, then everyone would be doing it.

Instead, even as we’ve discovered in our planning for the launch of our new “coffee table” book of infographics, it requires an incredible combination of vision, deliberation, teamwork, and project management expertise to accomplish something that’s never been done before.

And even if you are lucky enough to nail many of those things, external factors can be just as deadly.

Getting a Launch Right

Today’s infographic comes from To The New, and it details 10 key points to consider before any new product launch. While it has a slant towards technology and startup products, many of the points are relevant for any new endeavor.

10 Key Considerations Before a New Product Launch

The fact is: launching a product can be ripe with pitfalls. Mckinsey says the chance of success for a new product is 14%.

That’s why preemptively addressing the most common slipups for new products can be an invaluable step for any prospective entrepreneur.

Ten Areas to Focus On

Here are 10 areas that experts say must be addressed to increase the odds of a successful product launch:

1. Market Analysis
According to CB Insights, 19% of startup failures were as a result of ignoring competition. Instead, the market potential must be properly analyzed and assessed to give a realistic perspective on a product launch.

2. Unclear Requirement and Strategy
If expectations for team members are unclear, then it will have a ripple effect. Product development will be delayed, and it could impact timing and profit potential.

3. Product Roadmap
This high-level plan keeps team members on the same page as product development and the launch are executed.

4. Poor Design
An easy thing to overlook – product design should be tested with extensive user research. Otherwise, users may not be aware of key features.

5. Engineering Best Practices
Following best practices for engineering helps to guarantee the product will be ready and glitch-free come launch time.

6. Poor Project Management
Unrealistic timelines, a lack of communication, and inadequate resource allocation can have a big impact on project success.

7. Funding and Capital
Getting the right amount of capital is key. Allocating it wisely to ensure project success is just as important.

8. Launch Timing
Poor timing can also lead to failure. As a result, project scheduling should be carefully planned and thought out, taking into account possible roadblocks or other adverse circumstances that could derail the plan.

9. Performance and Usability
For software or web-based products in particular: no one wants to deal with long loading times, slow responsiveness, or other usability issues. It’s best to clear these up before the product hits market.

10. Availability and Maintenance
If the product is connected to the web, the team needs to ensure that servers and security measures are taken to ensure uptime and availability.

A Final Note

Even the most powerful corporations are aware of the many potential pitfalls when launching a new product.

It’s why every CEO is so adamant that their organization maintains the focus on their core vision, competitive advantage, and current brand value proposition. If any new product does not fit all this criteria, it’s not worth the risk of the company being distracted. This is true for even the most resourceful and innovative corporations.

Luckily, and consequently, this conservatism that permeates big companies is exactly what opens up the tiny window for you to succeed with your next product launch!

Click for Comments

AI

Charted: The Jobs Most Impacted by AI

We visualized the results of an analysis by the World Economic Forum, which uncovered the jobs most impacted by AI.

Published

on

Charted: The Jobs Most Impacted by AI

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Large language models (LLMs) and other generative AI tools haven’t been around for very long, but they’re expected to have far-reaching impacts on the way people do their jobs. With this in mind, researchers have already begun studying the potential impacts of this transformative technology.

In this graphic, we’ve visualized the results of a World Economic Forum report, which estimated how different job departments will be exposed to AI disruption.

Data and Methodology

To identify the job departments most impacted by AI, researchers assessed over 19,000 occupational tasks (e.g. reading documents) to determine if they relied on language. If a task was deemed language-based, it was then determined how much human involvement was needed to complete that task.

With this analysis, researchers were then able to estimate how AI would impact different occupational groups.

DepartmentLarge impact (%)Small impact (%)No impact (%)
IT73261
Finance70219
Customer Sales671617
Operations651817
HR57412
Marketing56413
Legal46504
Supply Chain431839

In our graphic, large impact refers to tasks that will be fully automated or significantly altered by AI technologies. Small impact refers to tasks that have a lesser potential for disruption.

Where AI will make the biggest impact

Jobs in information technology (IT) and finance have the highest share of tasks expected to be largely impacted by AI.

Within IT, tasks that are expected to be automated include software quality assurance and customer support. On the finance side, researchers believe that AI could be significantly useful for bookkeeping, accounting, and auditing.

Still interested in AI? Check out this graphic which ranked the most commonly used AI tools in 2023.

Continue Reading
NOVAGOLD. Pure Gold. Precious Opportunity.

Subscribe

Popular