So, are you on the verge of a new product launch and looking for the right way of doing this?
First thing first, you need to understand that launching a product is never easy and you have got to invest your time and efforts in order to make launching a new product successful.
You have worked so hard to create an awesome product, now you want it to reach the correct audience in minimum time, and in order to do so, you have to nail your new product launch.
If you are doing it for the first time or you have done it previously but have not got the expected results then this is an article for you. Here I will let you know the ways to make your new product launch successful.
Before going deep into the post, you need to pay attention to one of the researches of the Marketing Research Association, which claims-
Around 40% of the developed products actually make it to the market and then approximately 60% of those generate the expected ROI.
According to many experts, launching a new product can impact the sales of the product majorly.
You cannot just go random with your new product launch and expect some magic. You are not going to gain customers like that; you will have to work hard for your new product release if you want to make it reach a wide number of relevant audiences.
To nail your new product release you will need a big plan.
What is New Product Launch?
A new product launch is a process of introducing a new product or service to the market. The goal of a product launch is to generate buzz and excitement about the new offering, build anticipation, and create demand.
A successful product launch can result in increased sales, market share, and brand awareness. It can also help to establish a new product or service in the market and create a competitive advantage.
There are a number of factors to consider when launching a new product or service, including the target market, pricing, promotion, and distribution. A well-planned and executed product launch can help to ensure the success of a new offering.
When launching a new product or service, it is important to have a clear and well-defined plan. The following are some questions whose answers will help you in launching a successful product:
1. Who is your target market:
Who will be most interested in the new product or service? What needs does it address?
2. What will be your pricing strategy:
How much will the new product or service cost? What value does it offer?
3. How will you do promotion and marketing:
How will the new product or service be promoted and marketed? What channels will be used?
4. What is your distribution plan:
Where and how will the new product or service be available?
5. What are goals and objectives:
What are the desired outcomes of the product launch? How will success be measured?
By following these tips, businesses can increase their chances of launching a successful new product or service. New product launches can be complex and require careful planning to ensure success.
There are two important events in your new product launch:
(i) Pre-launch
(ii) Post-launch
No need to befuddle anymore, we are here to help you out with your new product launch by unraveling key idiosyncrasies of both of these steps-
First of all, let us focus on our Pre-launch:
Pre-Launch Stage For Your New Product Launch
Pre-launch is one of the most crucial portions of your new product launch. So, if you want to nail your new product release then you will have to nail this phase first.
Let us understand what the crucial steps in the pre-launch of a product are-
1. Understanding
First of all, you should know about your product in-depth. It might be possible that your product team is designing a product that is out of your context and space so first of all have a conversation with your product team and inquire about the product. You should have a deep understanding of the product that you and your team are going to launch.
From the vision to the market of that product; you should know about everything related to that product. You must know about the target audience and their needs as well. In order to have a successful new product release, it is a must to know the expectations of your targeted audience because then only you will be able to impress them.
2. Let The People Know
You are launching a new product and you don’t want your targeted audience to miss that launch event, for that you will have to inform them but how? Through press release. Yes, you will have to write a press release specifically designed for that launching a product.
You will have to provide information about your product in a very effective and engaging manner. This press release can do wonders for you so don’t take it lightly. Bigger fishes like Amazon, Hubspot, etc write press releases before their actual launch event so how can you miss one?
While writing the press release make sure that you are not overdoing anything. If your audience is getting annoyed after reading your press release then it can have detrimental effects on your new product launch. Make sure that everything seems natural in your press release and that you are over-promising as well. The press release is going to be a method of communication with your targeted audience so take it like that and make it engaging.
Now share this message with the maximum number of people. You want to gain as much traffic as you can so focus on sharing. Spread the message and you will get great support.
3. Go For Beta
You have developed a new product and worked hard into that, you don’t want it to fail when it comes to delivering results to you. Nobody is perfect and you can never be 100% sure if there are no flaws with your product.
Certainly, there will be certain minor as well as major issues but here the crucial point is how to find and fix them. One of the best ways to detect flaws in your product is to get it tested by the right users but how will you do that? You have planned to expose your product to your audience after its launch. Beta testers are the perfect solution to this problem.
Find those who are just like your targeted audience and let them try your product and detect if there are any flaws as such. If there are no flaws you can also ask them to provide relevant suggestions to improve your product.
Sometimes a third-person perspective is really important to do a proper analysis of any product. Now you got to set up a team that will keep an eye on the beta tester’s review. A separate team must be there to execute the suggestion and fix the flaws as suggested by beta testers.
It is one of the best methods to fix the flaws in your product. You must have a group of beta testers from whom you can get feedback regarding the product. You let them use the product, share their experiences and then you evaluate those feedback hence you get a chance to remove the shortcomings before launching a product. Most reputed brands follow this strategy and earn the trust of their customers in the first go.
4. Set Your Goals
Always have ambitious goals because it gives you a target that you strive to achieve.
Before the actual launch of your new product set a few goals in your mind like what leads do you expect? How much profit do you expect? And so on.
If you do this, you are actually giving shape and target to your campaign. Don’t go for a targetless journey. If you are expecting 100 points and you are getting around 90 then that means everything is right and you have almost achieved your goal but if you are only getting to 50-60 then surely there’s something you should think of.
Setting your goals is another way to understand your potential. If you are not aiming up to your potential then it is surely not going to help you in the long run. Getting good results is easy when you have better goals. Dream big and achieve big.
5. Develop The Launch Set
You are almost there and the moment has arrived. You are soon going to launch your product and it is time to create the set. Your launch should not look dull and boring. The more creative it will be the more will be the chances of success.
Don’t wait too long and start building the launch assets. Do you have to tackle so many questions like how will they purchase your product? Are you going to give a free trial? And so on. You will have to find answers to these questions before you actually head toward the launch event.
Start writing creative and engaging emails to drive traffic. Once you are done with this, it is time to prepare the website, pages, videos, social media posts, and so on. Prepare a final document where you will input details about a product like; pricing, planning, market analysis, and other information.
You have done everything right till now and it might look like everything is going fine but you have not stopped here. Do not lose momentum and set up the launch set by giving your 100% into it.
It is one of the most important phases of your launch event and you surely do not want to fumble here. Check if everything is OK?
And if there’s any flaw get it fixed as soon as possible.
Since there are a number of platforms to launch your products their launch procedure is also different so make sure that you are well aware of each and everything.
Let us move to our next phase.
Now your pre-launch phase was successful and it is time for your new product launch. Though this phase is going to be shorter than your pre-launch it matters a lot. You will have to focus on a number of things during your launch which is mentioned below:
Things To Pay Attention To During Launching A Product
(i) Make sure that you are launching a product on the right channel or platform. You don’t want to choose a channel where you will not get any traffic. In order to showcase your product before the targeted audience, you will have to choose the channel which is comfortable for them. Before the launch make sure everything is OK and your team is all set for this milestone.
(ii) Have a proper conversation with your sales team and make sure they are ready to handle the demand for the product. As soon as you are finished with the launch, you should start coordinating with your sales team. Boost up your marketing in order to get the best reach. It is advised that your sales team should meet the customers directly if you are launching your product at an event.
Now your launch is over and you have nailed everything perfectly but is it done?
No, after your new product launch you will have to focus on the post-launch phase which is also very important. Most people do not pay attention to this phase but actually, it can leave a great impact on your overall sales.
Read to know more about this phase and how can you perform brilliantly over here:
Post Launch Phase Of A New Product Launch
(i) During your launch, you might have reached a wide audience and have influenced so many of them but don’t stop here. Rather carry on with your emails, free trials, demos, etc. You want as many conversions as possible and it is the best time for that. Talk with your sales team and marketers to make your product reach as wide as it can. Be creative with your efforts. Have conversations with your targeted audience and it will definitely help in building their trust in your product.
(ii) It is advised to evaluate your launch event and check what were the shortcomings and where it was up to the mark. This will help you with the marketing of the product. Think of new and innovative methods to influence customers and increase the overall sale of the product.
(iii) Once you have started getting leads with the right lead generating techniques and people are showing interest in your product it is very crucial to make them stay. You don’t want to lose your customers in the initial phase itself. Marketing is no doubt very important but while you are focusing on earning new leads also focus on those who are already your customer. Don’t let their trust go down and enhance your product’s reputation.
Steps of Launching a new Product
Define Your Target Audience and know how to reach them:
Before you can launch a new product, you must first identify your target audience. This step is crucial because it will determine how you position and market the product. It’s important to understand not only who your target audience is but also how to reach them.
Know The Problem You’re Solving:
No matter what type of product you’re launching, it’s important to know the problem that it solves. This will be the basis for your marketing and promotion efforts. It’s also important to understand the competition and how your product is different.
Understand The Buying Journey:
The buying journey is the process that buyers go through when making a purchase. It includes awareness, consideration, and decision stages. Understanding the buying journey will help you to better market and position your product.
Secure Your Online Identity:
In today’s digital world, it’s important to have a strong online presence. This means having a website, social media accounts, and other online assets that users can interact with.
Validate Your Product:
Before launching a new product, it’s important to validate it. This means ensuring that there is a need for the product and that it solves a problem. It’s also important to test the product to ensure that it meets customer expectations.
Meeting users’ needs:
Creating a great user experience is essential for any product launch. This means understanding the needs of your target audience and designing the product accordingly. It’s also important to have a well-designed website and user interface.
Know Your Competition And Be Different:
When launching a new product, it’s important to understand the competition. This includes knowing what they offer and how your product is different. It’s also important to have a clear value proposition that sets your product apart.
Lay Out A Comprehensive Strategic Plan:
Launching a new product is a complex process that requires careful planning. This includes setting goals, developing marketing and promotion strategies, and creating a timeline for the launch.
Create Brand Voice Guidelines:
Before launching a new product, it’s important to define your brand voice. This includes figuring out how you want to communicate with your target audience. It’s also important to be consistent with your brand voice across all channels.
Offer Early Use Incentives:
One way to generate buzz for a new product is to offer early use incentives. This could include discounts, free shipping, or other perks. This is a great way to get people interested in your product before it launches.
Make a prototype and test it:
Creating a prototype of your product is a great way to test it before launch. This will help you to identify any problems and make necessary changes. It’s also important to get feedback from users during this process.
Keep Testing It:
After launching your product, it’s important to continue testing it. This includes collecting feedback from users and making changes as needed. It’s also important to keep an eye on the competition and make adjustments to stay ahead.
Build anticipation by pre-marketing:
One way to generate buzz for a new product is to start marketing it before it launches. This could include creating a website, social media accounts, and other assets. It’s also important to generate press coverage and build relationships with influencers.
Build a solid supply chain:
A key part of launching a new product is having a solid supply chain. This includes sourcing materials, manufacturing products, and shipping them to customers. It’s important to have a well-organized supply chain to ensure that your product launch is successful.
Network and share your product:
Another way to generate buzz for your product is to network and share it with others. This could include attending trade shows, giving presentations, or sharing it on social media. It’s also important to build relationships with influencers and press.
Reach out to the press post-launch:
Once your product has launched, it’s important to reach out to the press. This could include sending out press releases, pitching stories, and giving interviews. It’s also important to build relationships with journalists and influencers.
Consider public feedback post-launch:
After launching your product, it’s important to consider public feedback. This includes collecting feedback from users and making changes as needed. It’s also important to keep an eye on the competition and make adjustments to stay ahead.
Make A Big Splash On Launch Day:
On launch day, it’s important to make a big splash. This means promoting the product heavily and getting people excited about it. It’s also important to provide excellent customer service and support on this day.
Analyze The Results And Make Adjustments:
After launching your product, it’s important to analyze the results. This includes looking at sales figures, customer feedback, and other data. Based on this analysis, you can make adjustments to improve the product or the launch process.
How to Launch a Product Online
The internet has made it easier than ever to launch a product. There are a number of ways to do this, including setting up a website, using social media, and running online ads.
Use Search Engine Optimization:
One way to launch your product online is to use search engine optimization (SEO). This involves optimizing your website and content for the search engines. This will help you to rank higher in the search results and get more traffic.
Use Social Media:
Another way to launch your product online is to use social media. This includes creating a profile on each platform and posting regular updates. It’s also important to interact with users and build relationships.
Use Online Ads:
Another way to launch your product online is to use online ads. This includes placing ads on websites, search engines, and social media. Ads can be a great way to reach a large audience and generate interest in your product.
Use Email Marketing:
Another way to launch your product online is to use email marketing. This involves sending out regular emails to a list of subscribers. Emails can be a great way to keep people up-to-date on your product and build relationships.
Use Affiliate Marketing:
Another way to launch your product online is to use affiliate marketing. This involves partnering with other businesses and website owners who promote your product on their site. This can be a great way to reach a larger audience and generate sales.
Use Pay-Per-Click Advertising:
Another way to launch your product online is to use pay-per-click (PPC) advertising. This involves placing ads on websites and search engines. When people click on the ads, they are directed to your website. PPC can be a great way to generate traffic and interest in your product.
Use Viral Marketing:
Another way to launch your product online is to use viral marketing. This involves creating content that is shareable and interesting. It’s also important to promote the content on social media and other websites.
Final Words
The launch is probably the most important phase of your product’s sale. The sale of a product depends a lot on how you launch your product. You need to focus on a number of factors if you want to nail your product’s launch.
It is never easy to put everything together and execute your plans but by following the above-mentioned tips you can surely work upon your expectations. A lot of people have this wrong conception that launching your product is all about that D-day but that is where things go wrong. If you are not focusing on the pre-launch and post-launch of your product then it might leave detrimental impacts on your product’s sales.
So this was all about how to launch a new product. It is never easy to launch a new product in the market and you don’t want any issues as such. You want everything to go perfectly fine as the launch can become a deciding factor in the overall sale of your product.
Follow the above-mentioned tips and methods to get the best out of your new product launch.
Joining the Inbound Marketing Certification Course will enable you to learn and implement the best new product launch practices.
FAQs
What are some tips for launching a product?
Some tips for launching a product include using SEO, social media, online ads, email marketing, affiliate marketing, and pay-per-click advertising. It’s also important to create shareable content and promote it on social media.
How do I launch my product online?
There are a number of ways to launch your product online, including setting up a website, using social media, and running online ads. It’s also important to use SEO and email marketing.
What are some things to consider when launching a product?
Some things to consider when launching a product include the cost, the target market, and the competition. It’s also important to create a marketing plan and consider which channels will be most effective.
How can I make my product launch successful?
There are a number of things you can do to make your product launch successful, including promoting heavily on launch day, providing excellent customer service, and using SEO and social media.
What are some common mistakes to avoid when launching a product?
Some common mistakes to avoid when launching a product include not promoting enough, not providing good customer service, and not having a well-thought-out marketing plan.
