When you launch a new product for your small business, you open up new possibilities that can help your company not only to survive, but grow. While you may worry about the funds you have to commit to a product launch, you can measure the risk of your capital against the potential rewards. A level-headed evaluation of the advantages of a new product will help you justify your commitment of time and money to the project.
Your new product offers you an opportunity to build trust with your customers. According to the website Online Business Success, your efforts to convince customers through articles, press releases and white papers can overcome skepticism and win product acceptance. You not only gain acceptance of the product, you gain trust and confidence from your customers.
Your new product can provide revenue streams you haven’t explored before. A revenue stream is a route for money into your company. For example, if you currently make your money from over-the-counter sales, a new revenue stream could be Internet orders. When you launch a new product, try new marketing outlets such as advertising on websites, distributing mobile phone ads and notices on social networking sites. Your new product may attract customers through new avenues, thus broadening your sources of income.
A new product can help you compete better in the marketplace. Even if a similar product already exists in the market, you can take advantage of the excitement and newness of your product to get people’s attention. This can win you first-time buyers who become loyal customers, thus increasing your share of the market.
Newness makes the job interesting. A new product launch encompasses new goals, new ways of doing things and new lines of cooperation and communication among employees. When you convey to employees that yours is a growing, dynamic company that launches new products, you are more likely to retain employees who want to grow with you.