When is the right time to release a new product or service? As a business educator, my goal is to explore the optimal time for introducing a new product or service in a competitive market and to identify the parameters to which this optimal time is most sensitive. There is a tradeoff between introducing the product too early and thus losing out on future technological efficiencies and the risk of another firm introducing the product first and capturing market share. The results indicate that estimating the expected time of entry by the competitor is a critical part in this decision making process. I hear that question often. Like everything in business, the answer is complicated. It’s highly dependent on who’s asking and what kind of business they’re in, and it comes with a string of “ifs,” “ands,” and more than a few “buts.” The shortest possible answer would have to be “it depends.” The longest possible answer would fill a textbook.
For the best chance at a successful product release, companies need to do their research on how, where, and when to release a new product.The “when” of this formula is known as time marketing – the process behind timing the release of a new product to the market. Depending on the product and the industry, many factors must be considered about the timing of new products.
Tips of Product Best Timing
Make sure your brand’s credibility is enough to justify excitement for your new product and also be sure that your business infrastructure is prepared for the jump in sales. Have you advertised? If you haven’t already given your consumer base a reason to trust you, it’s time to lay that groundwork down. This way, more customers will be willing to gamble whatever the price of your product is on the certainty that it will meet their needs.
Your distribution system have to be in place
You have to good payment system
Be sure that your team members standing by for customer service and tech support
There are several reasons why many product fail apart from poor product launch timing among those reasons here are some that I think you should know,