How to launch a product successfully

EPISODE SUMMARY In this episode of Chan With A Plan, host Max Chan speaks with Nicole Andani, VP of International Sales & Marketing at Northern Response, a company that reaches 90 countries worldwide. We go in depth on product development and product marketing, from finding the right product to build, finding key subject matter experts to help you with your launch and marketing your product effectively to your target market.  QUOTES “I always say when something is in the market and successfully selling, it’s proof of market, it is selling and so if you can capture just a piece of that pie by having just a unique spin or twist on those types of things, then you can make a good living for yourself.” - Nicole Andani [6:16] “Everything is Google searchable now, you will be surprised how many resources are online and how many angel investors want to invest in this process [of building a product].” - Nicole Andani [27:03] “One of the biggest mistakes [entrepreneurs make] is not planning and giving yourself enough time for a product launch.” - Nicole Andani [58:48] TIMESTAMPS [0:30] Meet Nicole [3:07] Popular product categories you should build in  [6:07] Building a product in a category that already has a lot of competition [8:36] Finding and researching the right product to start your business and understanding the marketing fundamentals in order to have a successful product launch [17:42] How much should one plan before starting to invest in a prototype and how to acquire funding [27:37] Finding resources to help build your design and build your product if you don’t have that expertise [29:10] The use of focus groups to ensure you are building the right product for your target customer, finding your unique value proposition and the consequences if you do not do proper customer research [34:30] Discussing whether it’s better to build a test product first or to do a fundraiser to see the demand and use the money from the fundraiser to build the product [38:14] Key subject matter experts you need to work with in order to build a successful product [45:13] Defining your product’s price to generate a healthy margin in order to be profitable [47:53] Marketing your product and finding the right channels to market your product effectively [53:28] Evaluation of whether your product is successful [58:06] Common mistakes that entrepreneurs make when starting their product creation journey [1:03:15] A major roadblock that Nicole had faced and what she did to overcome it to move her career forward [1:06:00] Contacting Nicole [1:06:40] Outro RESOURCES & RELEVANT LINKS Northern Response Company Website Nicole Andani on LinkedIn Chan With A Plan Max Chan on LinkedIn