MBE University
Content published under the MBE University™ logo is designed to help Entrepreneurs of Color and new MBEs thrive and succeed.
7 Steps to New Product Creation
Is everyone on the same page?
Ensure your team is aligned; this includes Sales, Operations, Marketing, and other key departments. Everyone needs to work together to help win new business.
Establish a cross-functional launch team.
Ensure your team is aligned; this includes Sales, Operations, Marketing, and other key departments. Everyone needs to work together to help win new business.
Leverage past successes.
Review past success stories regarding this product or service. This can help you develop selling points for meetings and proposals.
Formalize a launch plan.
Establish a detailed, formal launch plan that includes sales objectives, sales channel strategy, promotional plan, contingencies, and schedule with key milestones. Get buy-in from the entire executive team so they are onboard before the launch starts.
Expand your organization with consultants.
With a new product, you will need support. It’s okay to bring in additional talent to cover these gaps. Using consultants let you scale up or down without disrupting the company.
Launch aggressively and pre-empt the competition.
When you launch, be ready to do so in a dominant fashion. Before you do, create a pre-launch strategy.
Track progres
Whatever direction you’re moving in, support your decision with data and in a language that your stakeholders will welcome and understand. Explain how your product is faring and what needs to shift to succeed.