Launching A Product In A Competitive Market With No Prior Experience

The Entrepreneurial You

Today's episode is with Lucas Walker, a serial entrepreneur who has started three successful businesses in the software, e-commerce, and media spaces, working on bootstrapped and venture-funded companies. He has reviewed more than 10,000 eCommerce stores as a part of his work over the past couple of years and, today we will discuss 'Launching a Product in a Competitive Market with No Prior Experience.'
Here are three reasons why you should listen to the full episode:
Learn about the key things to consider when launching a new product.
Learn about some of the costs to consider when starting or launching a business.
Learn about a checklist of things needed to successfully launch a business in the 'new normal.'
Episode Highlights
What is the difference between a product and a service launch?
When launching a service, business owners must focus on grabbing the attention of their potential clients. When launching a product, business owners must focus on making sales and tap into other markets.
It is also vital that when a business is launching a service it accounts for the cost to offer the service and ask questions such as 'who will it cater to?’ 'How will it make your profit?’ As for a product, it's key to knowing how much needs to be produced and how much time it will take.
Costs to Consider when Starting up:
The Software
A Legal team for potential Lawsuits or other Law related matters
Taxes
Revenue and its turnover time
Contingencies
Customer care
Time - How much of my time will it cost me to carry out a given task.
What is the Sales Process like?
It is essential to build a relationship with potential buyers/distributors for at least 6-8 months before they begin to sell your products.
Work with your buyers and do not be afraid to ask for help so they can give you advice about the marketplace and what would ensure that you have a successful launch.
The Entrepreneurial Checklist for Launching a Product in the “New Normal”
Audience Collection - Start thinking about your potential clients or customers and reaching out via email or SMS;
Create a low-cost (not free) Landing page or website - Use this platform to build customer engagement and collect relevant data and feedback from your customers.
Find the appropriate channel for business - Find a supplier for your product that has existing dominance in that industry space.
Post Launch - Find out what your customers like or didn't like and be very upfront about what you are working on and the changes you plan to make.
Who do you need on your team?
When launching a new product or service a few team members are vital to ensure all goes well, these include;
Strong Writer - A business requires a lot of communication. It is good to have someone with excellent communication skills both for internal and external matters.
Sales Representative
Marketing Personnel
Other positions can be filled with Freelancers from platforms such as Upwork or Fiverr
3 Powerful Quotes from This Episode
“Don't be impatient.”
“Be ready to move quickly.”
“Don't be afraid to go out and ask for help from people who have done it."
About Lucas Walker
Lucas Walker is a serial entrepreneur. He has started three successful businesses in the software, e-commerce, and media spaces. He has worked on bootstrapped and venture-funded companies. Some of his accomplishments include launching the first Canadian University Twitter account for the Acadia Athletics department in 2009. --- Send in a voice message: https://podcasters.spotify.com/pod/show/the-entrepreneurial-you/message