A good product launch is always crucial in deciding the fate of your new product in the market. Understanding the key factors of a successful product launch can help us understand and replicate the same success story for our own brand. Will the product perform well and provide large amounts of revenue? Or will it be a disaster and cause you losses? The answers to these questions can be provided by the way the product is launched in the market. This is why most businessmen consider the product launch as the most crucial part of the entire development process. Hence, product launch is of utmost priority.
In this article, we will talk about the nuances related to product launches and provide the steps to ensuring a successful product launch.
Importance of a good product launch
Improve reputation
When the development process for the product started, it was fueled by the idea that the product will be one of its kind and fill a certain gap in the market. Probably the idea was also inspired by the feedback of your consumers and their comments. Therefore, you created a product that would satiate the needs of your customers and solve their problems.
A good product launch in which you highlight the story behind your product and share the customer feedbacks that led you to design the product will fetch you an improved reputation for your company. By sharing the feedback and comments, you will present yourself as a brand that cares for its customers and values their opinions. This will lead to the admiration of your company by your consumers.
Create awareness
A good product launch creates awareness of your product among prospective users. By organizing promotional and launch events, sharing content and advertising your new product, you will be able to reach out to a large target audience. The product launch campaign will garner the attention of consumers and cause curiosity among them about your product. This will ensure an increased consumer base and drive more leads into the sales funnel.
Increase revenue
Companies that successfully launch their product in the market, recover the money spent in the development process faster than those who ignore the product launch process. As product launches get more eyes onto the product, the number of prospective customers increases. This in turn leads to more sales and increases the revenue that the product collects from the market.
Establish business relationships
Impressed by the way your new product takes off after the launch, other companies would be intrigued to invest in your company. If your product does well in the market and satiates consumer needs, other companies would want to get into business relationships with you. They may offer you profitable deals in the form of partnerships to sell your products to more people while bigger companies may want to buy parts of your company. Large enterprises may also offer you large sums of money to acquire your company and offer you an executive role in it.
How to create a buzz for a launch?
Creating a buzz for your product launch is overriding if you want it to become successful. An initial buzz regarding the launch will give rise to curiosity among prospects and intrigue them to find out more about your product and your company. Following are the ways to ensure that your product launch creates a buzz in the market and draws the interests of prospects:
Press release
Getting a press release for your product launch can go a long way. The press can reach out to a large audience and advertise your product in an appropriate manner. With the help of the press, you will be able to convey the importance of your product to the target audience. You will be able to describe its features and how it will solve the consumer’s problems.
E-mail marketing
Sending out e-mails to your customers, informing them about your product launch will help you get you to circulate the word about your new product. E-mails are also easier to share. Describe your product in full detail in the e-mails that you send out.
But when you are sending out e-mails, make sure that they are interesting. Make them creative by including eye-pleasing graphics and designs. You can also take it a step further by writing personalized e-mails to your loyal and regular customers.
Use tools like Mailchimp, SendinBlue, Drip, Sender and Constant Contact to help you with your e-mail marketing campaign.
Social media marketing
Post about your new product on various social media platforms. Advertise its salient features and its uniqueness. You can also collaborate with influencers that are popular among your target audience and ask them to spread the word about your new product. This way, your new product will create a buzz and engage prospects in its launch campaign.
Important points to keep in mind while launching your product
Timing
Timing your product launch is a necessity. There are certain dates that are not suitable for a product launch, especially important festivals and holidays. During these times, people would be busy with their families and friends, celebrating and you would not be able to garner the deserved amount of attention for your product. Therefore, choose a date for your launch that will get you the highest possible attention.
Price
Always make sure that the price of your product is justified. Whether you are selling a luxury product or a product priced somewhat below your competitors’ make sure that your customers will be willing to pay it. For this, conduct extensive market research about products in your niche and select a price accordingly that you think would be the most appropriate.
Product’s name
Before launching a product, choose a name for it that customers will find interesting. Neither should the name be too complicated to pronounce or spell nor should be too boring and similar to an existing product’s name. Come up with a name that is creative and draws the attention of the customers.
Conduct market research
You should possess in-depth knowledge about the market in which you are going to sell your product. You should clearly understand your target audience’s likes and dislikes. This will allow you to design your product in a more targeted manner and market it in the right way. Hence, conduct extensive market research and collect information about the trends within it.
Know your competition
It is mandatory that you closely follow the marketing strategies of your competitors and keep a track of their upcoming products. This will give you an idea about how you should market your product in order to create its own unique identity and also design it in such a way that it will keep filling the market gap it was intended for without being replaceable.
After a successful launch
Use social proof
The concept of social proof states that people consider trying a product or service when they see others doing the same. If a large number of people are using a product, then others too would be inclined towards trying out that product. Use this strategy to build trust among customers toward your product.
Ask your users to provide reviews and feedback about your product. If your product launch was a successful one, then these reviews and feedbacks are most likely to be positive. Post these positive reviews on your product website and let your website visitors see for themselves, how your product proved to be helpful to other users. This will encourage the website visitors to try out your product by themselves.
Provide discounts
Providing offers and discounts will motivate people to try out your product. Discounts are always efficient in driving leads and converting website visitors into users. Therefore, provide a discount offer that the consumers can’t resist. These discounts do not be so high that it takes a big chunk away from your profits. But anything that will attract customers without hindering your revenue collection would be good.
Use content marketing
Content marketing takes many forms including blogs, videos, infographics etc. It is a really efficient way of providing your customers with interesting details about your product. It is a very cost-effective way of promotion. While content marketing your new product, you must integrate your content with SEO. This will ensure a lot better reach and more people will be able to find out about your product.
Content marketing is a great way to advertise the benefits of using your product in complete detail. Through content marketing, prospects will get to know about the uniqueness of your product.
Conclusion
Launching your product is not an easy feat to achieve, especially for small businessmen and entrepreneurs with no previous knowledge of product launches. There are a lot of things that one should take care of in order to ensure a successful launch. In this article, we covered all those important points regarding a product launch. We also discussed the steps to create a buzz about a product launch and the importance of launching a product. I hope this article succeeded in providing you with adequate and useful information and tips regarding product launches.
