The failure rate for new products and services can be as high as 90% in some sectors.

Whether you’re preparing to create your first product or your fifteenth, when you stop to consider all the decisions that have to be made and all the elements that go into a good product, you can easily get overwhelmed.

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Not only do you have to know what your product is about, but you also have to determine:

• Format

• Pricing

• Audience needs/wants

• Marketing

• Bonuses

And that’s all before you even get to the creation process.

Luckily there are some simple ways to increase the odds your product will avoid the same fate. Follow these three steps to up the chances of your new product’s success:

1. Identify An Opportunity And Generate A New Idea To Fill It

If nobody wants or needs your product, it is bound to fail. The starting point for all product development should be to analyze the needs of current and potential customers, their levels of satisfaction with what the competition is offering, their consumption habits and the technical possibilities for improving existing products.

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2. Measure The Opportunity

Once you’ve gathered information on market trends and your strategic objectives, the next step is to analyze the segment or segments that the product is geared toward and predict future buying habits as much as possible.

3. Position And Launch

With the product designed and studied thoroughly, the next step is to decide on its strategic positioning. How do you want potential customers to perceive the product? This stage needs to take into account economic, but also functional and emotional factors.

Planning carefully and remembering the human factor can pay dividends when launching new products.

You can make it easier on yourself by following a step-by-step system that’s outlined in the Product Creation Planner.

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Written by : Nikki Woods

I teach entrepreneurs and influencers how to grow their business to 6 figures+ by leveraging the media and monetizing their expertise.

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