7 Ways to Make a New Product Launch More Successful
Launching a product is exciting. But it can also be scary, overwhelming, and time-consuming. After all, you’re putting your blood, sweat and tears into the launch of this product — which is why it’s important to do it right and position your product in front of the right people.
A successful product launch can propel a company forward and position it for future success and profits. But it’s a complex, multifaceted process that requires careful planning, strong execution, and meticulous follow-up. A successful product launch is key to a small business’s survival. It can mean the difference between becoming a household name or going out of business in the first year.
Launching a new product is stressful for any brand. However, it’s important to consider how customers will react to your new product. If you can optimize your launch, customers will be more inclined to try the product and return for additional purchases once it’s on shelves. Here are seven tips that can help increase your chances of success when launching a new product.
Don’t Rush Your Product to Market
When you have a great product idea, it’s tempting to rush it to market as quickly as possible. However, the most successful product launches — those that generate major buzz and skyrocket sales — don’t happen overnight. So, proceed with caution. Make sure your product is ready to sell. Do not rush the product development process or cut corners on testing just to meet a sales deadline. Your customers will see right through it. A great product will help your business grow. A bad product launch could kill it.
Make Sure Your Product Has Market Demand
Launch only products with clear market demand. No amount of marketing or advertising can save a product that no one wants to buy, and you won’t know unless you do your research beforehand. Make sure your product solves a problem for your customers in a way that no one else does. If it doesn’t, then the only thing you will achieve with a big launch is wasting money.
Write a clear description of the customer you are targeting with your new offering, based on characteristics like age, gender, income, and location. This customer profile should be based on solid information. Your company’s existing customers may be a good starting point — do they share similar demographics?
Run a test on social media. Post pictures of your new product ideas on Facebook, Instagram, and Twitter, along with links to a landing page where customers can sign up for more information or pre-order. If you get enough interest, you know it’s worth moving forward. Otherwise, consider alternatives or save it for later when you’ve built up more name recognition and website traffic.
Start With a Soft Launch
Start with a soft launch in an appropriate test market to collect feedback from real users before you roll out your product nationally or internationally.
A soft launch is a great way to test your product as well as build momentum with your first customers. You can learn how to improve your product with customer feedback, and you will also gain early traction and create a buzz around your product. A soft launch allows you to make mistakes, learn from them, and iterate before a full launch.
A key part of a successful product launch is building up hype. The first step is to ensure everyone at your company knows what’s happening and when, and then start building buzz.
If you’re launching a new version of an existing product, ensure that everyone who was previously involved in marketing the previous version has the information they need to start creating buzz around the latest release. Build buzz ahead of time by starting conversations about your new product on social media and through website content such as blogs, infographics, and videos.
Focus on cultivating advocates who will spread the word for you and boost your reach exponentially through word of mouth. Try to get influencers on board. Influencers are people with a large following that they built up over time and nurtured. They don’t have to be celebrities either — they can be popular figures in your target market or even your customers. The goal of your new product launch should be to get as many people as possible talking about it, both online and offline. If influencers within your target audience are talking about it, their followers will take note.
Have a Comprehensive Marketing Plan
Create a comprehensive marketing plan for your new product launch that includes all the elements you’ll use in your campaign: advertising, social media, public relations, etc. — but also include less obvious methods such as trade shows, speaking engagements, or even viral content such as humorous videos or memes. Include an analysis of your target market, your competition, and the promotional methods that will work best for your business and budget.
Create a Social Campaign
If you want to make the biggest impact with your product launch and maximize sales, you need to do a lot more than just share a link on social media. You need to create a social campaign that will help build buzz and excitement for your new product before you ever launch it.
Create a video that shows how the product works and provides a sneak peek of what’s coming. This can be anything from a short video explaining it in detail or showing it in action, to just an image of what it looks like and some text explaining the benefits of the product.
Create teasers for social media sharing so people can share them before your big launch date arrives! Send these teasers on all different types of platforms such as Facebook, Twitter, Pinterest, Instagram etc., as well as any other platforms that might be relevant to reach.
Social media is the most direct way to connect with your customers and get them excited about your product. It’s a powerful way to spread the word quickly and reach thousands of people around the world.
Get Press Coverage
Coverage in the media is like a stamp of approval. If a reporter writes about your product, it’s because they think it’s interesting and newsworthy. And if they think it’s interesting and newsworthy, chances are good that their readers will agree.
Getting press coverage can help with your social proof. A glowing review from a respected source is something prospective customers can point to when they’re trying to justify a purchase to themselves or others. It’s also a great way to demonstrate traction early — if reporters are talking about your company, it must be doing something right!
New product launches can be a great source of revenue for your e-commerce business, but they don’t come without risks. While the benefits of a new product launch are clear, it’s also important to understand the potential downsides and risks. Remember these tips before launching that new product and you’ll have an easier time walking the line between success and failure.