6 Tips Which Will Transform Your Exceptional Idea into a Prosperous Business – Tip 5

This is the fifth of six articles which will assist you in transforming your great idea into a successful business. The tips listed below sequentially follow the steps you need to make. We have already covered quite a lot so you let’s see what’s next.

1. Have a stunning, different, exceptional idea
2. Choose the most suitable structure for your business
3. Think branding
4. Appoint an accountant
5. Get ready to launch
6. Open for business and start making money

Tip 5 – Getting ready to launch

You are almost there but now there are so many bits and bobs to think about that you need to stay focused and be really organised. Get your check list out and see how many boxes you have ticked. So far you should have conducted some market research to better understand demand and competition, have all your business plan ready and all documentation set up, and appointed an accountant.

The next steps include testing your product just before launch, training your staff and ensuring that

the marketing communications strategy is developed with an opening campaign ready to be rolled out.

1. Testing your product

The product or service is which you’ve developed needs to be tested within the target market before you go to the expense of a full market release. I mentioned product testing in the first article of the series but now you are looking for different type of insights.

Even though you probably have done some research in the very beginning, the results have enabled you to decide if there is any market potential behind the idea and if it is worth going into this field. The second marketing research is conducted before launch and its objective is to give you up-to-date information on consumer needs and demands. It's best to examine both your product or service bundle and your marketing message and marketing materials At least few months have passed since you have decided to set up your business. So there might be a change on demand. Also, now your idea is likely to be much clearer and therefore your research will yield better insight into what your target audience, its needs and its readiness to buy your product.     

• Develop research strategy and determine what you want to find out. 
• Define success criteria. That is, what sort of feedback will convince you to fully release your product to the market? 
• Conduct the research among people within your target consumer segments. 
• Manage and monitor the test process carefully and analyse the results. It is critical to stay impartial all of the time. It will be better if you do not reveal your relation to the product. This does not mean to keep your identity in secret. If a respondent requires this, you have to legitimate yourself. And so must anyone who is collecting data on your behalf. 
• If appropriate, test the packaging and service along with the product. 
• Make any adjustments or modifications that may be required. 
• Retest and analyse again if the investment of resources and time is necessary. 
• Remember, only after testing is complete, should you proceed to the final creation of your offer, marketing tools and materials...

2. Create a unique value proposition

The greatest benefit of conducting this research is that it will give you the opportunity to gain a competitive edge. The insights will provide you with clear understanding of what you must offer in order to stand apart from the competitors. When creating your proposition think about who will want to take advantage of your offer, what benefits and features will be most valuable and attractive to your potential customers, the impact which your proposition will have on your market positioning. Kim Gordon, Entrepreneur Media, Inc., says, ‘The bottom line is that your product or service "bundle" should be unique and meet the needs and desires of your best prospects’.

The picture below shows Nielsen’s 12 steps to consumer adoption. It takes a rather complex look at the issue, but let’s be realistic and honest. Acquiring customers in today’s competitive marketplace is a difficult task. It requires a lot of effort and in-depth understanding of the market.

3. Train staff

Train your staff and salespeople. Not only should you take care equally of front of house and back of house training, but also you must build a good team and ensure that key information is flowing up and down the organisational structure. All employees should be aware of what is going on because effective communication lies in the basis of success. No matter if the employee answers the phone, takes general customer enquiries, or is responsible for the technical support, each one of them must be must be fully briefed so they can refer customer leads to the right person, or provide support or appropriate responses to any queries about the new product.

4. Ensure the marketing communications strategy is well developed

You should have had your business plan and branding sorted out. However, an integrated and complete marketing communications strategy is necessary. How will you communicate your message to your target audience? What will the message be? What media will be most suitable for your target audience? How would you reach them most efficiently and cost effectively? I would advise you to benefit from modern technology and recent developments at their fullest. Use as many channels and marketing communication tools to communicate your message as you can afford (without becoming intrusive, of course!)

Brief fully all third-party agencies on what they have to do, when, and how. Encourage and facilitate communication between them, too. Try to obtain the best service and prices from the agencies. For example, the branding agency may take care of your website design and online PR, your accountant may provide business advice and if you have virtual office provider, they probably can take care of your phone calls, too. This way you will have all third parties working in synergy.

5. Roll out a promotional campaign to create buzz around your business.
Although I particularly like direct marketing, in this situation public relations are more appropriate. PR often plays a vital role in the launch of a product or service. It can work miracles for you if you utilise media relations tactics properly to place articles and win interviews, get coverage by allowing key press to review your product, hold a launch event, or use grass roots marketing to build buzz. This should be one of the last things you do. Once you start marketing, you must be ready to sell and handle response. Therefore your product must be completely ready and available for purchase in order to maximize returns from the coverage you receive. Your press roll out should be consistent with your other marketing effort. Timewise, it is best if they overlap with or follow closely on the heels your public relations campaign. Monitor and measure the results from all media. Compare the response rates after each new promotional activity day by day and like for like. In the first weeks and months you should be prepared to adjust your campaign to take advantage of what's working best.

Finally, launching new products takes a lot of time and effort in planning and implementation. It could take even longer if you are a budding entrepreneur or a start-up company. Many things can go wrong and unfortunately, they often do. You need tonnes of persistence, confidence and belief. But the good news is that if the products are well tested, and the process is managed well, you are already transforming your exceptional idea into a prosperous business!!