Unfortunately, launching a new product isn’t as simple as putting up a “for sale” sign on the internet. A successful launch requires you to create a compelling narrative that highlights an unmet need in the market and then builds hype around the product.
Without the right visibility, even great products fail to gain traction. Because of this, you need to spend time developing a strategy for your launch that sets your product up for success from day one.
Keep reading for an overview of how to prepare for a new product launch, key marketing strategies, common challenges, and case studies from successful brands.
Preparing for a new product launch
Before you can launch a new product, make sure that do the following:
- Conduct market research to understand customer needs — Identify your target audience and confirm their pain points. This helps you craft strong messaging and ensures you position the product competitively
- Identifying the unique value proposition (UVP) of your product — The UVP helps define what your product does, how it solves a problem, and how it’s different from your competitors
- Establish product-market fit — A successful product bridges the gap between customers’ unmet needs and a solution
Once you meet these requirements, you can begin to prepare your product for launch. This involves developing a comprehensive launch plan that covers everything from the timeline to resources. You also want to coordinate with cross-functional teams to ensure alignment on the goals and responsibilities.
Set KPIs to measure the success of your product. These also help you determine where to pivot and how to prioritize improvements.
Marketing strategies for a new product
Your marketing strategies need to build excitement around your new product. They should also engage customers and pique their interest. To help with this:
Choose the right channels
You don’t necessarily need to be on Snapchat, Facebook, and Reddit. Pick the one that makes sense for your product. Maybe your primary audience lives on Reddit, and it would have a greater ROI if you focus your marketing efforts on a single platform.
Choosing the right channels is essential to brand awareness. If you’re targeting COOs, they probably aren’t looking for business solutions on Instagram. LinkedIn, conferences, and email may be better channels to reach them.
Leverage influencer marketing
Social media influencers have earned their audience’s trust. Leveraging their credibility can help build brand awareness around your product launch. An influencer partnership can provide compelling content that resonates with your target audience. Influencers can also be part of your overall strategy to increase the visibility of your new product.
Re-engage with existing customers
If you already have an established customer base, create targeted marketing campaigns for them. Depending on the product, you may want to re-engage past customers or your biggest fans. Social media, email marketing, and online advertising are great ways to reach your target audience.
Overcoming challenges in launching a new product
Anticipating potential challenges helps you address issues promptly. Challenges might include pricing, distribution, and customer acquisition. To overcome them, pay attention to the following:
- Market resistance — People don’t like change even if it’s good for them. The market may resist a new product at first. However, if you have a product that serves an under met need and clearly communicates its benefits, then you’re on the right track to overcoming market resistance
- Competition — In highly competitive markets, it can be difficult to find a unique voice and gain visibility. Product positioning is crucial to identify how your product differentiates itself from its peers
- Pricing — Careful market analysis helps you avoid over or underpricing your product. Pricing strategies vary but you need to land on one that lets you successfully enter new markets
- Customer acquisition — Choose the right channels to attract and convert customers. This could be SEO, email marketing, online communities, webinars, or free trials
While you may be able to anticipate some challenges, others might arise that you haven’t considered. Incorporating a feedback loop into your launch lets you stay flexible and agile.
For example, maybe you notice that your lead page gets a lot of views but has a poor conversion rate. If you incorporate live recordings of visits, you’d notice viewers clicking on a broken link. Once you see this, you can quickly correct the mistake.
Measuring the success of a new product launch
Measuring a product launch tells you the performance of the launch and identifies areas of improvement. Before you even begin your launch, select KPIs to track during and after the launch. Some KPIs you may track include:
- Sales revenue
- Customer acquisition rates
- Customer retention rates
- Churn rates
- Customer satisfaction scores
- Market share percentage
- Page traffic
- Email open rates
- Email click-through rates
- User engagement
Analytical tools include platforms like LogRocket. These tools can provide deeper insight into user behavior. Depending on the analysis, you can make adjustments to your product launch strategy.
You can also incorporate survey tools like SurveyMonkey to collect feedback from customers. Qualitative feedback helps provide a comprehensive picture of customer satisfaction.
Case studies of successful new product launches
When considering how to launch a new product, it helps to see real-life examples of successful launches. Pay attention to what these two companies did:
Amazon Echo
First released in 2014, Amazon Echo is equipped with Alexa, a voice-controlled intelligent assistant. New technology like this faced market resistance since everyone was unfamiliar with it.
As part of the product launch, Amazon created tutorials to teach people to use Echo. It also made Echo available on an invite-only basis. The strategy gave the product exclusivity and made it more desirable, despite the high price tag.
Nike’s Air Jordan
In 1984, Nike was looking to take market share away from Adidas and Converse. It needed a strategy to generate hype while distinguishing itself from other athletic shoes.
A collaboration with NBA star Michael Jordan led to creation of Air Jordan sneakers. More than just an athletic shoe, it also symbolizes status and style. Today many brands leverage celebrity to help drive sales.
Key takeaways
While it’s tempting to think of a product launch as a one-time event, the truth is that it provides the foundation for future products, innovation, and campaigns. Effective product launches involve a combination of marketing, pricing, and acquisition strategies.
As you start your product launch, remember to think of your customers first. Also, make sure your launch campaign has a compelling story and emphasizes the product’s UVP. Good luck and comment with any questions!
Featured image source: IconScout
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