Reacting To A Product Launch More Successful Than Anticipated
It’s completely normal to get goosebumps and butterflies in your stomach just as you’re about to launch a product. Days before the official launch, CEOs and small business owners of all kinds get nervous.
The main fear is that the product will not be setting sail on the calmest of waters. Maybe there is economic turmoil, consumer confidence is low, a rival company is also going to release a product around the same time and perhaps you’re not sure if you executed the product the best you could.
So many questions and doubts fill your mind that when things finally do go well, you’re pleasantly surprised. That initial surprise can turn into panic if your product does so well that you have not planned for a massive boost in sales.
The popularity of your product could overwhelm your business if you don’t react to it swiftly.
The three I’s
Immediate inventory increase is the first course of action you need to commit to. If you can see that the orders you’re getting from distributors, online retailers and even from your own staff are increasing, then you need to swing open the doors to more inventory storage.
However, where do you get the money to drastically increase production? One way is to look for online business loans that specifically finance inventory.
With this type of loan, you can buy more materials, expand the production line, buy more tools and equipment and increase a contract for manufacturing the products with a partnered business. The money you make from shipping and selling the product can be used to pay the loan.
The reason why this loan is popular is that the loan is used mainly for an increase in material purchasing. If one would default on the loan, the creditor can still sell the raw materials to gain some of the money back.
Contract widening and logistics
Businesses need to warn their distributors that they may need to make way for more of your products. However, this goes ahead after the leading employees and CEOs have had a talk about widening the contract.
If you signed a deal that was for 40,000 products in the span of 6 months, but now would like to increase it to 100,000 in the same time frame or more, the contract needs to be rewritten. This is why clauses for changing circumstances regarding sales are so important.
Next, you need to warn your logistical teams that you will need more loads delivered and at a more rapid pace. This will give the logistical company you have hired time to hire more drivers, change their schedule and perhaps use larger trucks, trains, and planes for your hauling needs.
It’s vital that your production line, warehouse storage and logistics teams work together so you can deliver the products to the distributors to keep up with their customer demands.
It’s a fantastic feeling when your product is far more successful than you thought it would be. But the train of success can derail if you’re not managing to satisfy the sudden demand.
How are you dealing with your product launch?
