New products push the boundaries of innovation in business every day. The question is: What draws the line between successful and disastrous products? Why do some products such as Coca Cola remain popular among Nepali bhatti goers, whereas othercold drinks disappear into the abyss in the first week of their launch? In the risky venture of establishing a new brand or product, the first step is, of course, to create the product.

The inception

In contrary to popular opinion, selling is largely dependent on customers rather than the product itself. In principle, customers are the ones who give the product its value. They are the ones who make or break the product. A realisation of this principle should result in demographical as well as psychological research on the target audience before one attempts to create a product. If entrepreneurs did not take the time to understand customers’ tastes, behaviours, habits, values, ages and demographics, customers would not take the time to consider the product either.

“The essence of a new product is to solve a previously unsolved problem or fulfil a previously unfulfilled desire among the customers,” Raiesh Bhatta, marketing head of ANS Creation, remarks,“It is worth considering if customers actually need the product. It is absurd to create something which has no demand. Another question to consider is if there are other products in the market which already fulfil this demand. If so, how will yours stand out?” Indeed, unless the product has an X factor to it, customers would definitely prefer brands that they know and trust already.

Let’s launch

After the product (with a twist) has been fully crafted—hopefully with a lot of deliberation and planning—it is time to put it to test and unleash it onto the market.

As you prepare to launch your product, it is essential that you enforce a strict cessation of all outbound communication regarding the product until the launch. The launch is a monumental stage in the process of establishing a new brand or product. It is the unveiling of a creation, and it should be treated as such. Just like spoilers ruin a perfectly good series, large leaks of information before the launch saps out useful anticipation and excitement.

A Steve Jobs-esque star studded presentation is not the only way to launch a product. The nature of the launch, as well as the audience, depends heavily on the kind of product being launched. Relevant press members, possible business partners, as well as distributors should be carefully selected, filtered and invited. According to Sumit Aggarwal, business development director at King Koil Mattress, the company invited dozens of furnishing store owners to their launch.Another attraction was that people could actually sleep on King Koil mattresses. A product launch which gives you the option of sleeping on a mattress is uniquely appealing indeed.

King Koil, which was launched two years ago in Nepal, is a relatively new player in Kathmandu. It needed an extra touch to match wits with existing mattress giants. “King Koil mattresses are the only ones which are doctor approved. They prevent and even relieve back pain by adjusting its shape to the position of the sleeper,” says Aggarwal, “This unique aspect gives us an edge in the industry.”

Another product which has made its way to the market is Carlsberg’s Somersby Apple Cider which was brought to Nepal by Gorkha Brewery. The drink, on the other hand, was presented in a completely different way during its launch, highlighting its refreshing flavour and all-natural ingredients. The mildly alcoholic apple drink is the first of its kind in the Nepali market.

Hold the line

Simply creating a product and launching it is only the beginning.Competitors would most likely start getting uncomfortable with the arrival of a new player in the industry and upgrade their own plans. Continuous maintenance and upgrading of the product based on valid research, feedback and customer response is a must in order to maintain its status in the market.

A torrent of advertisements and marketing strategies are a result of healthy competition. Advertising is a highly complex process requiring much strategic planning and creativity. Creating an advertisement which sticks witha customer can play a monumental role in moving the product forward. For instance, advertisements along the lines of the Shikhar Shoes’ advert “Deepak Ji, kata? Party ma?” or Kwik’s  “Cheese balls bhanekai Kwik’s Cheese Balls” remain in the memories of numerous Nepalis, largely influencing product sales.

Simply advertising the product without paying attention to customer feedback or their needs could lead to disastrous results. For example, the drink Jolly Shandy was heavily advertised. However, it did not penetrate the market effectively.

A counter example is King Koil’s upgrade of their system. The companyused to exclusively provide larger mattresses for hotels and high-end customers. After two years, and after paying attention to customer response as well as market evaluation they shifted focus into creating smaller mattresses for the general public. King Koil hopes to progress further as a result of this decision, says Agarwal.

The bottom line

Establishing a new product is no easy task, and it never truly stops. Starting from the time of inception to the phase of launching, advertising and monitoring, it requires creativity, diligence and patience. Have a great product idea? If so, gear up. Prepare for a long, challenging venture. The rewards are a-plenty.