Wednesday, October 20, 2021

4 key things to consider when starting a new project

Yug Times Photos
by Lucas Miller

Whether you’re a first-time entrepreneur or planning your next big product launch within your current company, any new project requires a considerable amount of pre-planning before it’s ready for the masses. But in the midst of the excitement of a new idea, it can be easy to leave some important ideas behind.

Slowing down to make sure everything is accounted for can make all the difference in the successful launch of a new venture. Having a strong, robust plan around your business objectives and strategy helps you save (more) money and make (more) money in the long run, than having the advantage of time or being first to market .

So, ask yourself and your team why you feel compelled to rush. Then, create a full-scale launch plan that includes each of the following four ideas and initial steps. Trust me on this one; You’ll be glad you did.

1. Market Research

First things first: did you know that people want what you’re selling?

Whatever you do, don’t make assumptions. Verify your hunch with real data. According to research conducted by Think with Google, less than 40 percent of marketers rely on consumer research for their decisions. Final result? Total omission and loss of time, money and reputation – all these could have been avoided.

This is best exemplified by Netflix’s failure to launch its spin-off company, Quikster. When Netflix decided to become a streaming service rather than a DVD-delivery service, it wanted to make things easier and more straightforward, so his team hastily created Quikster as a separate company designed to distribute DVDs to customers. Will focus on nothing else. Naturally, Netflix will exclusively handle the streaming side of things.

In the end, it proved to be an epic failure, as DVDs in the mail were the last thing customers wanted more. Without actually taking steps to communicate with his customers and see if this separation was of interest, he disappointed many within his base who had to create two separate accounts if they still had DVDs. There was access to both distribution and streaming.

It’s not just about whether your customer wants it, believe it or not. provide customers with a unique vantage point; They can offer some of the most invaluable tips that will benefit your business. You are meeting one or more of their needs. As such, no one is better equipped to explain what they really are than them. Market research or focus groups can generate brand new ideas and strategies that will be of great help.

relatedBest ways to do market research for your business plan

2. Build Excitement

One reason many companies are in a hurry to launch is because of perceived timing. There are certain periods of the year when customers are more likely to pay for specific products. Personal development- and self-help-focused services, for example, are extremely popular right after the New Year. The time of year or quarter isn’t nearly as important, however, as how well you prepare your customers for the launch of your new product or service.

Hypothetically speaking, you could launch a new self-help product on Thanksgiving and have more initial success due to your pre-marketing campaign than you would at the beginning of the year with little or no pre-marketing time. could try to do the work. Preparation for launch.

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Of course, all this “success” ultimately depends on your goals for the launch. Still, consider the marketing “rule of 7,” which states that it takes at least seven times for a customer to see or hear something before buying it.

If you can promote a soon-to-be-released product or service seven times (or more, if possible) before its release date, it’s more likely to see an increase in sales at launch.

3. Set up OKRs

Of course, how you want your launch is up to you and your team’s discretion, but it’s important to get on the same page before discussing the pre-launch phase.

Mobile engineer Melody Yang is the founder of several popular apps, such as the Japanese learning app Nukon. To this day, Yang says she tackles the plan extensively before she starts a new project. As she noted to Yang during a recent Zoom interview, “During the planning phase, I would ask my team and myself these questions: ‘What are our OKRs (objectives and key results) for the current milestone? What are some potential roadblocks? Do we have enough resources within the constraints?

OKRs are most effective when applied to overall project results, not just an individual’s performance, as outlined by Harvard Business Review. This level of planning and analysis of key data points is not only helpful for designing courses before the journey begins – it’s also a great way to stay organized and on-track throughout the entire build and launch process.

When in doubt, bring these trackable data points to the process. They may seem like guesswork at first, but if you’re not aligning with or outperforming pre-set goals, you’ll know course-correction is necessary sooner, not later. In.

4. Assess Past Launches

Finally, if it’s relevant, look at past launches to identify what made them successful or improved based on your KPIs (key performance indicators) and the new results you’re hoping to replicate or achieve could.

You can do the best research on your products with our team. If a previous launch was swiftly successful, map out everything leading up to that point: the content you’re publishing, the marketing strategies implemented, how long it took to plan, etc.

Also, be sure to note any variables such as viral videos or the seasonality of a trend (be careful, though—see above) or trending fads that aided the launch. Take these variables into account in your new plan and recreate them when possible.

related5 Important Marketing Metrics to Follow

Think of new projects as research for your company as well. You will continue to master the art of launch during your time as an entrepreneur, and you will find that market research, promotion creation, setting up OKRs and learning from your past efforts will always be at the fore and center of successful new launches. .

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This News Originally From – The Epoch Times

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