When your business is preparing to launch a new product, you want to be able to showcase its unique and appealing features, demonstrate why it’s going to be helpful for your customers, and mostly, you want it to be better priced among your competitors. Research Optimus (ROP) with its product launch risk assessment helps organizations in accessing the product potential before launching or re-launching a product or service.
More than 25 percent of total revenue and profits across industries stems from the launch of new products, so the launch of a product or service is crucial to any organization. Even though an organization has a great product that might not ensure the success of the product in the market and is dependent on several factors such as whether:
- The product targets the right audience.
- The business objective of the product meets the needs of your consumers.
- Your company is positioned properly within the market.
- Your prices are on point.
ROP’s risk assessment helps optimize your product launch so that when you launch a product, you are taking steps to ensure that you can increase the chance of success by using research to identify and target potential factors that will result in a failed release. Identifying potential risk scenarios can better prepare your organization to deliver a successful product launch.
Risks Involved in Product Launches
There are challenges and risks involved in launching products in today’s competitive market landscape, and it can negatively impact the release of a new product. With money, time, and resources on the line, businesses need to be aware of the challenges that arise when preparing for a product launch.
Marketing studies say that of the 40% of products that make it to the market, only 60% generate any revenue. These numbers indicate a strong need to support product launches with an assessment of all risks so that your product is better situated to be successful upon release.
ROP’s suggested list of key challenges related to product launch:
- Social MediaThe sheer variety of platforms, such as email, Instagram, and SnapChat, makes it more difficult for new products to stand out.
- Technology Digital technologies enable companies to launch products faster, and they pilot and scale new services so rapidly that it has lowered the standard for product development, and companies often release sub-par products.
- Expenses New product launches are costly, and businesses need to have a reliable strategy and plan in place, such as outlining objectives, targeting customers, core messages to relay to customers, and driving the plan to success.
- Insufficient Research Product launch plans are often not backed by thorough risk assessment, and companies need to identify potential risk scenarios and create risk-mitigation plans.
ROP’s Approach to Product Launch Risk Assessment
ROP believes that structured research process, rather than assumptions, guides toward a successful product launch. With a team of skilled market research analysts, ROP provides various types of product launch risk assessments that can be conducted to help businesses deliver a winning product launch. ROP’s risk assessments address specific targeted areas of your business strategies that will help you to anticipate outcomes, avoid pitfalls, and increase the chances of success of your campaign.
How ROP Customizes Risk Assessment According to Business Needs
Companies need to evaluate the likelihood of losses in marketing and launching a product. It’s managed to utilize a product risk management evaluation process:
- Identifying, treating, controlling, and monitoring risk related to product development and product management.
- Assessment of operational risk can help businesses evaluate if they need to address certain efficiency issues to better prepare themselves for a product launch. This reveals risk-based insights related to human error, technology, processes, and quality.
ROP also help businesses determine whether or not a demand forecast will meet the potential consumer demand. All marketing and sales decisions are based on demand forecasts and directly impact product launch performance. This type of demand risk assessment covers:
- Demand Shortfall
- Latent Demand
- Seasonal Demand
- Excess Demand
- Demand Volatility
Additionally, ROP assists businesses in knowing why consumers choose one product over another, which correlates to the specific value and image of your unique brand. This insight is generated via brand risk assessment and could include data regarding:
- Social media perception
- Competitor products
- Similar products on the market
Risk assessment is highly personal to the type of industry, business model, product, market, and more, and can be customized and adapted to procure the specific type of information that will further enhance your product launch.
Make Product Launches Successful by ROP’s Risk Assessment
Businesses don’t have to fall victim to a failed product launch with ROP’s product risk management suggestions. Augmenting your knowledge of the market, competitors, consumers, and product demand with research-backed insights can ensure that you’re evaluating all the risks that could potentially affect the success of your product launch. Research Optimus provides the expertise of highly trained, experienced research specialists and analysts to assist businesses in strategizing for a successful product launch.
Through ROP’s customized and comprehensive Risk Assessment Services adapted to suit your unique needs, your company can better position your product for a favorable and profitable launch. Contact us today to discuss your requirements in detail and get the initial quotation.