Product launches are complex, and they’re often constrained by both time and money constraints. This means they often go awry, even when the focus group loved the idea and you have a working prototype. However, you can avoid the most preventable problems by learning how to do it right or working with a qualified product coach. Here are five things you should know before you launch your first product.
You Must Have Target Consumers
A common problem is getting rave reviews from focus groups that don’t reflect your target consumer. Now you’re launching a product at the wrong target. The product design, the marketing plan or the price point may now be wrong. The solution is to do thorough market research specifically on the target market. Verify that there is a large-paying market and determine how you’ll market to them.
The Need for a Complete Marketing Plan
A catchy tagline is just a start. Secure your online identities like your domain name, social media accounts, and trademark. Then others can’t capitalize on your launch or imitate you. You need to know your value proposition. What problem does your product solve? What want does your product fulfill? This tells you what product features to promote in marketing from online ads to the packaging itself. A service like Packaging Lab, for instance, will allow you to create attractive, engaging packaging that protects the product, all on-demand.
Have plans to build awareness as well as excitement for the product. Consider giving people samples to generate awareness and word-of-mouth referrals. You could give influencers exclusive previews of the product or have them demonstrate it and review it. You might submit guest posts to magazines or put ads in industry publications.
How Timing Is (Almost) Everything
Timing is everything when it comes to product launches. For example, children’s toys need to be advertised and on the shelves in time for the Christmas shopping season. On the other hand, you don’t want to promote the product over Christmas or New Year’s Eve. Your advertising will be drowned out by the holiday-related news. The right timing for your product launch may be affected by micro-economic trends specific to your area or your industry.
The Need for a Post-Launch Strategy
It isn’t enough to promote the product until it is launched. Your job isn’t done. You also have to have a strategy to maintain interest and keep sales strong. Continue promoting the product on social media and publishing content marketing. Publicize positive consumer reviews. Be patient, because marketing the product is a long-term effort.
Know That Corrections Will Be Necessary
You need to know that corrective action may be required on any or multiple fronts. Analyze social media buzz and customer service complaints. Are people having issues with the product? This is a common issue if you didn’t test it enough prior to launch. Are there problems with the shipping service or the website itself? Are they unhappy with the perceived value of the product? Were there issues with coupons or incentives offered to initial buyers?
Some of these issues may be solved with customer education, but others may require technical solutions. For example, you may need to analyze the buyer journey and correct your online sales funnel to stop losing people who abandon the shopping cart. Analyze the data on free trials to find out how many are converting into paying customers. Learn why customers aren’t buying more if it is something that they typically buy more than once.
Conclusion
A product launch requires extensive planning. Take care to take all the necessary factors into account, and it should go as smoothly as possible.
