So you’ve come up with the next big thing in your industry niche that will revolutionize the way your customers solve their problems. Good for you! But don’t get too ahead of yourself and start imagining all the sales, distinction, and success you’ll get from your product.
Before going to market, you need to build enough buzz and excitement so people will not only buy your product but will also happily spread the word about your big hit.
While every company, every market, and every product is inherently unique, there’s one thing that binds every successful product launch out there: an effective strategy right from the start.
Launching a product is a crucial point between development and going to market. Regardless of the type of product, you’re selling, you need to have an effective tactic to build buzz around your brand and your products, reach your targets, and hit the sales numbers you are aiming for.
In this blog, we’ll be taking you through seven of the most critical things you need to know and do when launching a product. If you’re ready to change your product launch game then let’s get started!
The goal of a product launch is to let everybody—from the people inside your company to your partners, to your customers—know about your new product. However, it’s more than just a way to raise awareness about your new product. It can be a profitable exercise that:
It’s important to deliberately plan ahead in preparation for any product launch. Debuting a new product isn’t always simple so you need all the prep time you can get before getting it out into the world. Here are four reasons why you need to plan before a product launch:
Before anything else, you first need to understand your audience. Thinking about who are target customers are and what they want helps you determine how to position your product, where it should be distributed, how it should be priced, and how you should market it after launch.
A well-crafted product message includes a catchy tagline and a value proposition. It should highlight the product’s best features and the problems they solve. It should also resonate with your target audience well.
A product launch is primarily about building buzz not only around your brand and your new offering but also around the event itself. Planning ahead lets you develop an overall strategy to educate your target consumers and build enough hype and excitement for the launch.
By planning ahead, you can determine measurable goals including revenue targets, channel availability, product availability, budget, positioning, and press activities.
You can’t just launch a product and expect it to take off. You need to put a post-launch strategy in place to keep your target audience engaged and to address customer complaints and issues down the line.
As with anything you do in you running your business, spending enough time to plan a product launch will pay off often with great success. Here are seven of the most useful tips you need for a gainful product launch:
One of the most important things about launching and selling any product is getting them to the right people. No matter how great your product is, targeting the wrong people won’t lead to sales and growth.
When planning a product launch, you need to focus on your buyer persona. So ask yourself: “who is my ideal customer?” You need to have a clear idea of your target audience’s demographics, behaviors, challenges and interests, and preferences.
Once you know who your ideal customer is, you can plan your product launch around this avatar. This means:
On the other hand, one of the worst things that can happen to your product launch is to not get the audience turnout and the media and social media coverage you expect. If you don’t do enough outreach efforts at least 8 weeks before your product launch date, then you’re effectively killing your own business.
So before launching a new product, be sure to get the attention you need so you and your brand don’t fall into the void of obscurity.
Have an outreach plan that covers influencers in your industry as well as various publications, blogs, and websites who care about your solution and why they might feel inclined to share it. Getting featured by these people can help generate leads, drive traffic to your website, and generate buzz around your product.
A marketing plan is as important as the product you are going to launch. Don’t fall into the trap of just getting your product out there. Even before your product hits the store shelves, you should have a marketing strategy. When the time comes, you’ll be ready with the right strategies to guarantee conversions and sales down the line.
Your marketing plan should include:
When creating a marketing plan, make sure that your product messaging emphasizes the product’s benefits to the user. However, your marketing materials should never exaggerate or overpromise. Instead, you should educate both your customers and your leads about your product, its advantage over your competitors, and its unique selling proposition.
To successfully launch a product, it should not only be able to solve your customers’ problems but it should also come at a fair price.
Competitive pricing makes your product irresistible for your target customers while giving you enough profits with each sale. You can follow different pricing strategies based on how you want to market your products. This include:
You can also ensure that your products are priced competitively by experimenting with discounts, fragmented pricing, bundles, and the like.
It also pays to monitor your competitor’s pricing and to adjust your current price as needed.
Prior to your product launch, it’s important to gather lots of customer feedback and use it to your advantage. Leverage various platforms including email, social media, instant messaging, and even phone calls.
Look for customer insight into things like:
Don’t forget to analyze the information you gather and implement what needs to be implemented to show your customers that you listen.
As with any of your business objectives, starting with a clear set of goals is important when launching a new product. Start by asking yourself why are you launching this particular product. What is your overarching goal? Do you want to raise awareness, increase engagement, or improve conversions?
Make sure your specific goals are SMART—Specific, Measurable, Attainable, Relevant, and Time-Based. For example, you can shoot for:
Outlining the right channels to be used in sharing your message is an important part of planning a product launch.
When seeking out platforms, go for the ones that your target audience is most likely to use. This ensures that you’re not merely throwing your messages out into the void.
It will also be helpful to pick one main channel and use email, social media, paid ads, and other channels to support it.
For example, you can hold a special event for your product launch and promote it to your email lists and on your social networking sites.
Alternatively, you can use a blog post or even a Product Hunt post to announce your new product. Again, it will be helpful to support your main product launch channel with email, social media, and ads to boost it.
When it comes to product launches, planning is key. You need to think things through and to be deliberate in designing everything from your target audience, to your product messaging, to the channels you will use. Furthermore, you need to have the foresight to think beyond outing your product out there.
With the help of the tips we’ve outlined above, your next product launch can generate enough buzz that translates into sales down the line.
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