Successfully launching something new requires a lot of strategy with timing and market research. You have one chance for a smart product launch. Hopefully, you’ll make an excellent impression on your intended audience.
A product launch is a complicated process not for the weak of heart. Fortunately, you can follow several steps to ensure you don’t miss any crucial elements and give yourself the best chance for success.
Forbes reports about 95% of new product launches fail. Grocery items often have one of the highest failure rates since many new things don’t make it to the one-year mark. Taking steps to ensure you find success in a sea of disappointment requires strategy and smart moves. It starts with brainstorming what people need and determining how to meet their expectations.
Spend time with the team thinking through the most popular products you already produce. Startup owners can consider what they currently use as consumers. Consider what needs aren’t yet met or how to improve a design and make it more useful.
Once you have a list of ideas, start narrowing them down to a few favorites you think will be marketable and have mass appeal with the intended audience.
Conduct market research to ensure you can make a profit before committing to development meant to move you toward product launch. How much will it likely cost to create the item? How much manpower will the company need to deliver it to customers?
Consider the target market. Is there already a brand with something similar that has an advantage? Send out surveys and find out if there is real interest in what you’d like to offer.
You might even throw up a crowdsource at a site like Kickstarter to see how much interest the idea generates.
Consider how you can package and present the product online. How does it compare to similar items? Can you make the design pop so it stands out in marketing?
Think about how you can optimize the visual display in a store. Do you need to add your own lighting or use pops of color to draw the eye? Decide whether the item will have a standalone display or be on store shelves amid a sea of other products.
Take note of everything from colors to the shape of product packaging. Think about how the item will stand up on the display without falling over. What happens when someone removes an item? Does the next package fall right into place or is there a sudden gap?
Once you’ve decided to go forward with the product launch, you’ll want to start with a prototype. Work alongside your manufacturing facility or invest in a three-dimensional printer to create a sample that your team can hold, test and refine to make it the absolute best it can be.
You’ll go through multiple prototypes as you try different ideas to perfect your concept. You might start with one, realize the approach is incorrect and go back to brainstorming.
Before launch, it’s crucial to go back and forth between steps until the item is perfected and ready for the consumer. Your brand reputation may be at stake, especially if this is the first product you’re releasing.
It’s crucial to coordinate marketing and sales departments before release day. Sales must be aware of any ads marketing puts out that might bring an influx of calls or orders. Markets must work alongside representatives to ensure they have the correct information for their campaigns.
These two departments should work together seamlessly, trading information and sharing details. You may even want to hold joint meetings between the two and management to ensure everyone is on the same page and prevent miscommunication on launch day.
Customers should encounter zero problems when they purchase the item. Something may break, or they might have questions. Therefore, everyone they speak with must be on the same page and be able to quickly resolve issues if you hope to grow via word-of-mouth marketing.
Many products fail because they aren’t made very well. Shoddy quality, lack of testing and failure to use to the point of failure all result in something that doesn’t last for the consumer.
Not surprisingly, the result is often poor reviews that hurt future sales and cause a new product launch to flounder and never take off.
Test the product to failure. Gather control groups and have them try it and report on anything that is difficult to use or doesn’t work as intended. Any issues should be fixed before the item is sent to consumers.
According to a white paper by IDC, 77% of companies feel customer experience (CX) gives them an edge over the competition. Making an amazing product is a given. Ensuring quality control is a matter of testing and being on top of the product’s manufacturing process. However, CX is a bit harder to define.
Excellent CX starts with putting the customer first. Put yourself in their shoes and consider what you’d want to gain by buying the item. Spend time creating personas and getting into the mindset of your typical customer before the product launch.
Only you can answer if your product launch is good to go. Follow these steps and don’t try to rush things, ensuring everything works for the buyer. That way, you’ll have a much better chance of growing and succeeding than if you are less attentive to detail. Take your time to see your dream come to life and customers happily using your product.
Eleanor Hecks is the editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.
Everyone likes new stuff. Why shouldn’t they? New means different and never-been-done-before. When a company prepares to launch something new, there’s always excitement in the air. This energy is usually paired with coffee because there’s a lot of behind the scenes work that needs to get done. It may seem overwhelming at first, but there’s a reason your business is putting in so much effort for this one thing. The bottom line is that your brand believes in this product. The whole team gets involved and has some part in the product launch. It’s like you’re all preparing to give your audience one big present. It has to be just right; the actual present, the timing, the wrapping paper, all have to be appropriate for the occasion.
To keep your business organized, these 10 marketing tactics will help your team find and deliver the perfect present.
Thorough research is how your business will create a strong foundation for its product launch. First and foremost, your team needs to understand how this new product will do in the market. What unique needs does it fulfill? How has your target audience reacted to similar items? What makes your product different? Strap on your deep-sea water gear and research the depths of the ocean. Knowing the answers to these questions and becoming more familiar with your end users will contribute to a successful product launch.
Your team must devise a plan that matches the magnitude of your product. Product launches are all about the excess: the media, the press, the marketing. There are many different components you must account for. Creating a plan that incorporates short term and long-term goals will keep your team in check.
Is your product a need or a want?
Selecting either/or means your branding has to be persuasive. Why does your audience need your product? Why should your audience want your product? Jason Nazar of Forbes says:
that in order to persuade someone you need to have the right context and timing. This is your wrapping paper. It should not only grab their attention but intrigue users to inquire more on their own time.
Take this opportunity to extend beyond your existing audience. A new product from your brand will undoubtedly bring back loyal consumers, but you never know who might get drawn into the mix. Don’t limit your business to what you know. Instead, experiment with your advertisements to appeal to new users as well. Try different placements or times for your ads. Broaden your range!
Get creative with how your team is going to build brand awareness for this product launch. Email marketing is an effective tactic that drives more conversions than search and social. Your team can even personalize emails and be rewarded with higher transaction rates. Find new and creative ways to communicate with your target audience.
Influencers are powerful because they’re real people giving their honest opinions. Find people who connect with your company and who believe in the product you’re about to launch. Connecting with your users through influencers is communicating by word of mouth. This tactic has a 37% higher retention rate than traditional marketing strategies experiment with your advertisements to appeal to new users as well. Try different placements or times for your ads. Broaden your range!
Image source: Forbes.com
Practice what you preach and actually use your own product. In order to love others, you must first love yourself. The same applies for your business’ product launch. If you want your users to love your product, you must first love it yourself.
Social media is a great tool for any sized business if you’re looking to increase engagement. On average, Instagram has over 80 million shares a day and videos on Facebook get an average of 89.5 shares overall. One of the wonders of social media is that it enables brands to stay leveled with their consumers and speak digital natively. Get your audience involved in the product launch by giving them something to talk about! Check out this blog post for more information on social media best practices.
After the launch of your product you want to make sure it stays relevant. Make a video that shows your team using the product in different ways to entice your audience. Use Facebook Live or stream the product on Instagram to keep your audience on their toes. As Edward Costa, a content writer for digital marketing agency, Aumcore, writes, “Creating content that is evergreen is just one side of how to successfully use Facebook Live, another is actually engaging with viewers when the broadcast is on.” In other words, make it two-way conversation!
Whether it’s a consistent buyer or a new customer, make sure your business is keeping in touch! Invite your audience to keep up with news about your company through a newsletter. Tell them to follow your accounts on social media. Ask them to post a photo with your product and like it! What’s important is that you’re maintaining the relationships.
Hopefully, these ten marketing tactics will help your next team with the next lift off. Here they are again:
Maintain relationships with all your end users by keeping in touch.
Therese Palmere is currently a senior at the University at Albany with a Corporate Communications Major, she has a background in guerilla style marketing for the nonprofit sector and content writing for Aumcore, a SEO Agency based in New York.