First things first: before introducing new products, do some market research. Without the necessary information, you’re flying blind. Next up, is the timing right? Many products need to be timed to critical points in the business cycle. Is your business ready if the new product becomes a hit? I’m talking personnel and manufacturing. It’s a good idea to test-market the product too. Last but not least, start coming up with a promotional plan as well as a risk mitigation strategy in case things don’t work out.
