Do you think a successful product launch does not require spreading the word? Do you think it is possible to drive your product to the market without communicating it to a lot of people? Absolutely not, and if you do so, your product will be like a tree falling in the woods. Appraising people with your new product is the first thing that you need to do to make a launch successful. The more words you spread, the more people get to know about it.
Bringing your new product to marketing can be daunting, especially if it is your first time. It is hard to prognosticate the user response to your new product, whether it is similar but improvised to existing products on the market or it is absolutely a unique product. Although it is said that 100% unique products are quickly and widely embraced, it is not always true. For some reason, you can face backlash against your new product.
Before you get to the steps that enable a successful product launch, you need to understand what it is. It means introducing a new product or service of your brand to your users by using marketing and promotional activities with the goal of making them excited and buy them.
Bear in mind that you will have to put in a lot of planning on a product launch. You cannot introduce a new product out of the blue and expect that users will buy it. Factors like the completion level economic conditions are paramount to take under advisement.
Here is how you should launch a new product or a service:
- Get key information about your customers
You will have to be on the ball to know what your customers want and expect of you. Identify your goals, motivation and pain points so you can create a buyer persona. You can do this by contacting a few customers, like 10 to 20 people. Conduct surveys and call out people to fill in questionnaires. Try to pay attention to what they dislike about a product or what they wish a product had or functioned.
Try to ask questions that highlight the pain points. Getting the fruitful results will take some months. Make sure you create a pop-up for a survey or questionnaire on your website so visitors can be prompted to answer. It does not need to be too long. Let people know in advance that their participation will help you make existing products better or launch a new product that solves their pain points.
- Find out how your new product fills the market gap
While launching a product, you should be able to explain how it will fill the market gap clearly. This is called a positioning statement, which you will need at the time of borrowing money, especially if you are a start-up. You may need to take out business loans in Ireland to fund the initial capital of your business. No lender would like to offer you money without checking the potential of your business idea.
Your business plan must have a clause of a position statement. It helps you tell what features and benefits your product has to offer to your customers to make their lives better. Write out a statement that can answer the following questions:
- Who is your product aimed at?
- What pain points will your product solve?
- Why is it different from other products on the shelves?
- What evidence do you have to prove that your product is different?
- Do product branding
The information that you get from market research and creating a position statement can help you do the product branding. At this stage, you will have to think about the logo, name, colour palette, tagline and brand tone. Do not forget that you will need to think about the packaging.
Remember that you have already become a brand, so the tone of your brand will be the same across your products. The colour palette you choose for the packaging of your new product should be able to reflect our brand.
The packaging must be different from that of other products so people do not confuse them with others, but hey, all should hint that they are from the same brand. Consistency is the key when it comes to creating a brand identity.
- Set a goal for the launch
Before you start putting in lots of efforts in the marketing and promotion of a new product, you should set a goal for the launch as accordingly you will design the tactics. Every time you launch a new product, your purpose is to increase your sales but sometimes it could be just brand awareness. You should try to set SMART goals – Specific, Measurable, Attainable, Relevant and Time-bound. After setting the goals, the KPI that you will set could include:
- Sales revenue
- Number of units sold
- Customer acquisition rate
- Conversion rate
- The volume of website traffic and engagement
- Social media engagement
These KPIs will help you analyse whether you are achieving your goals.
- Create promotional content
Without creating promotional content, you cannot make your product launch successful. You should start producing content. Try to create informational blogs and make sure they provide some new information to your users. Create promotional posts for social media platforms. Create landing pages. Remember that you will have to be consistent with your marketing tactics.
Just creating promotional content is not just enough. You will have to evaluate how users are interacting with your content. Hire a content marketing expert, and if you do not have enough money to cover the cost, you can borrow from money lenders in Ireland.
- Gather feedback
Before you launch your product, you should gather feedback for your product. You should test your product to see if the final output is to be the best and whether your users will appreciate your products. Give away free samples to random customers and try to get feedback from your users. By listening to suggestions, appreciation and criticism, you will be able to hone your product.
The final comment
It can be difficult to launch your new product, but by following the tips mentioned above, you can make it a bit easier.