Know in this blog how to launch a product effectively in the market. Read it now and thank us later!
Launching a new product into a market that is already saturated can be a tricky task. You have to make sure that your product reaches the right audience, creates a buzz in the market, and urges prospects to invest in it.
To be able to do it perfectly, you will be requiring a nicely laid-out plan for your product launch and see to it that your plan is executed properly. Even after your product is launched, you need to follow certain processes to ensure that you are product does well and keeps amusing customers for a long time.
In this article, we are going to cover all the steps that you need to follow in order to ensure a successful product launch. So without further ado, let’s get to it.
Examine your product
Before you launch a product, you must always check whether it is up to the mark or not. What purpose does your product serve or what problem does it solve? Why should people buy your product? How is your product different from other products that serve the same purpose? Try finding satisfying answers to these questions.
Consult these queries with your team and listen to what they have to say. If your team thinks that the product is brilliant, then there’s a high chance that your customers will think the same. And if they think that it will not work, then your customers too, won’t be willing to buy it. Also consider asking your friends, family, and acquaintances for honest feedback about your product. Listen closely to what they have to say and jot down any weaknesses that they speak about.
After a thorough discussion about your product with your team and people whom you know, work on the shortcomings of your product. You would not want to launch a product that you yourself don’t consider to be perfect. It will be like throwing a lot of mud at the wall and seeing which sticks. This will be a total disaster and cost your company a lot of money.
Hence, improve your product wherever and whenever necessary and launch the product only when you feel like it is perfect.
Set a launch date
After you have successfully fixed the flaws of your product and are happy with it, it is time to lay out a strategic plan for your product launch. Fix a viable date for your product launch and spread the word in order to create curiosity among prospects.
If you launch your product without setting a launch date and letting people know about it, you will garner very little attention. People will not be ready for your product. They will be requiring time to understand and judge it. More time will be needed to consider buying it. This will delay your first revenue and fetch you revenue that will be much lower than your product’s true potential.
Setting a launch date will give rise to a buzz and anticipation. People will know when your product will be available in the market and will be prepared for it.
It is not always possible to stick with the date that has been announced and sometimes it wouldn’t be wise to do so. You should try to stick to the pre-announced date but consider delaying it under the following circumstances:
- · When your product isn’t ready and requires medication.
- · Your current customers are not satisfied with your existing products.
- · A situation arises that causes your customers to shift their focus from your product.
Market your product the right way
Marketing is an integral part of any product launch. When done right, marketing will give you fruitful returns and give wings to your company. It has the power to influence the minds of customers and convince them into buying your product. The process of marketing is a bit tricky and you need to devote time to it in order to ensure that you are doing it right. Following are the steps to properly market your product:
· Connect with your target audience- Having a strong connection with your target audience provides you valuable insight into what your customers exactly want from your brand. This information will allow you to modify your product to meet their needs which in turn, will lead to increased loyalty of customers.
· Send e-mails– E-mail marketing is a really efficient way to gain more leads. Sending personalized e-mails to customers about your upcoming products will get them excited about it. Provide information about the product and explain how it meets your customers’ needs.
· Promote your product on social media– Recognize influencers with whom your target audience connects the most and collaborate with them. Also, promote your product on your company page. People spend a lot of their time on social media. So regularly posting about your product will keep on reminding people about it and breed anticipation.
· Incorporate content marketing- Write blogs and post videos of your product. Also, consider setting up polls and quizzes. Such engaging content has the ability to catch the attention of prospects and keep them hooked to your product.
Marketing is time-consuming. Hence it would be wise to employ some digital tools that simplify the entire process of marketing for you. The list of the best marketing tools for launching your product is given below:
Post-launch strategies
After your product is launched, it’s time to ensure that it keeps doing well for a long time. You can do so by acquiring feedback and reviews of your product from the users. Launch a social media campaign across various platforms asking consumers for reviews. Post polls, and feedback forms and ask your users to rate your product. When customers rate you high, your reputation as a brand grows and so does your reach to your target audience.
Nicejob is a tool that provides your customers the means to rate and review your company website by simplifying the entire reviewing process. It also checks whether your customers have reviewed or not and sends them smart reminders to do so. It offers a ‘recommend’ option to your users so that they can recommend your product to their circles if they enjoy using it. Moreover, it distributes your reviews on Facebook and Google and also views them on your webpage. This is beneficial for you in two ways.
i) If the reviews of your product are distributed everywhere, you will be ranked higher than your competitors. This will increase your visibility and drive more traffic to your site.
ii) The theory of social proof comes into play. When website visitors view the ratings provided by other users on your website, they are influenced by it. They consider buying your product because earlier users were satisfied with it and rated it high. This will convert a large number of website visitors into customers.
One more tool that helps your product garner more attention by bringing into play the theory of social proof is Proof. Proof helps you grow your leads organically by notifying prospects about the recent activities on your website. This induces a fear of missing out among them and encourages them to be a user of your product. Over 20 million companies use Proof and it provides an average conversion rate of 15 percent.
Upgrade your product to make it last longer
Another important usage of reviews is that it lets you know about the areas for improvement. Your product might already be doing well. But there is always room for upgrades and modification. By carefully examining customer feedback, you will be able to revamp your product. If you are selling providing an online service or have an e-commerce site for selling your product, you will be fascinated by a tool called Hotjar.
Hotjar is an analytics tool that analyzes the behavior of website visitors. It uses site heat maps, user screen recordings, and feedback polls to give you insight into the experience of users on your site. It helps you understand the effectiveness of your website design. It allows you to know in which areas your e-commerce site excels and where it needs improvements.
All this data is really helpful in effectively upgrading your site so that users have a better experience while navigating through your online store. This will lead to high conversion rates and better leads.
Conclusion
A product launch is not a simple process. It involves a large number of discrete, complicated steps. A product launch is always full of uncertainties. But if you follow the tips provided in this article, you can certainly make this process a lot easier and you will also know what to expect. I hope this article helped you and provided you with some valuable tips for launching your product. Best of luck!
BONUS: Tools that will help you plan your product launch
Here are some useful tools that will speed up your planning process and ensure better communication with your team:
Trello
Trello is a tool that will allow you to manage your projects effortlessly. You can work closely with your team, add multiple members, set schedules, create new tasks, and much more. It is a brainstorming application that lets you easily manage the entire process of launching a product. If you are not quite sure about what your Trello board should look like, there are pre-made templates to ease your efforts. It breaks down your big milestones into small day-to-day tasks for easy management. Using Trello, you can work closely with your team and keep on updating your team members about every progress during the process of launching your product.
Slack
Slack is a communication tool that facilitates the exchange of news and data among employees. It does so through the various channels present on the platform. By using Slack, you no longer need to rely on phone calls and e-mails or meet your colleagues in person in order to discuss different projects. What gives Slack the edge over other communication tools is that it not only allows you to engage in conversations with your colleagues but also with other digital marketers. Slack acts as an interface on which you can share information with others and also gain insight into what is happening in other companies within your niche. This is where you can also discuss your product and layout proposals for the launch.
E-mail marketing
Mailchimp, SendinBlue, Drip, Sender, Constant Contact- These e-mail marketing tools let you create personalized e-mails for your clients. You can choose designs for your mails from a wide array of creative templates and easy-to-use design tools. They incorporate the use of AI and data science to efficiently spread your e-mail campaigns. Mailchimp provides the additional feature of pleasing your customers by wishing them “Happy birthday” and “Welcome”. Apart from e-mailing, Mailchimp also offers its users the option of opening an online store or building a website with custom features.
Keyword research and SEO
Ahrefs, YoastSEO, SEMRush- These tools large help you optimize your website according to your marketing requirements. They let you check backlinks and manage your projects. They also provide a keywords explorer that lets you choose the right keywords in order to rank higher in search engines and grow your organic traffic.
By using these tools, you can increase the visibility of your business and generate organic traffic. These are really handy for driving traffic to your website and optimizing your content marketing campaigns.
Social media marketing
Buffer, Socialbee, Buzzsumo- With these tools, you can manage all your social media accounts from one place. You no longer need to open various apps one after the other to post the same content. These tools let you post your content on various platforms at once. They also let you create a schedule for all your posts across different platforms. And with SocialBee, your posts will be automatically posted according to your schedule.
Creating banners
Canva is a designing tool that lets you create beautiful illustrations and posters for your advertisements. It offers a huge library of stock images and templates for you to choose from.
AdCreative.ai is a tool that incorporates artificial intelligence and machine learning to automatically create visually pleasing banners. You just need to provide your company logo, type in the product name, and provide the product image and it will come up with creative advertisements. AdCreative.ai provides you with platform-specific advertisements.
Both Canva and AdCreative.ai are really simple to use and do not require any prior designing experience
I was informative and precisely written….
So happy that you found it useful