Product Launch means introducing a new product in the market. Introducing a new product to the market is a challenging task. It is not easy to attract new customers in this highly competitive market environment. Many small businesses introduce one product after another without sticking to one product launch, so they tend to fail. Introducing a new product into the market becomes a challenge as you have to ensure whether the product will meet the customer's requirement or not. You have won half of the battle if you know how to develop, launch, and promote the product properly.
Whenever you want to launch a new product, you need to start your preparations well before the launch date. Everyone in the company, including managers and partners, must know about the product launch plans and strategies.
Did You Know?
Out of 30,000 new products launched, 95% tend to fail.
Also Read: Sales vs Marketing
The Steps to Launching a Product
You must have a clear plan when you intend to launch a product in the market. You must invest your time and energy while planning to launch a new product. We have come up with various steps that you must follow to ensure your success in the product launch. The steps for a new product launch to keep in mind are as follows:
Learn About Your Customer
The first and the most crucial factor to consider before your product launch is understanding your customers. You must learn about your target audience and its requirements. Knowing about your customer's needs is known as market research or customer development. Doing thorough market research will help you identify their goals and guide you to generate new product launch ideas to give them a valuable solution.
To learn about your customers, you need to do a detailed survey of your target group of customers and understand the function they are looking for in a product. Examine the areas of improvement. Be attentive to their expectations regarding the product, take an interest in their feedback and ask them to elaborate on their concern. You shall also ask them questions that will convince them to give detailed answers. Having communication with them will help you to craft better product launch strategies.
Write a Positioning Statement
You must prepare your positioning statement that answers these three basic questions –
- What is the purpose of this product?
- For whom is this product useful?
- What makes it different from the other products?
If you want to make your positioning statement more explanatory, then make it in such a way that it answers these questions –
• Who is your target audience
• Your product is most suitable for which part of the target audience?
• The brand name of your product
• What is the category of your product?
• How is your product different from other products of the same category?
• What proof do you have to show that your product is different?
Your positioning statement must convince your customers to buy your product.
Pitch Your Positioning to Stakeholders
After your positioning statement is ready, you must present it to your company's stakeholders, assuming that the stakeholders and your customers are on the same boat.
You can also understand this as experimenting with the product on the stakeholders of the company. If your stakeholders don't like it and won't invest their money in buying that product, then your customers also might not like it. But, if the stakeholders are happy to see the product, then this may be a positive sign that your new product launch will be successful.
Plan Your Go-To-Market Strategy
It is essential to craft the product launch strategies and work accordingly to implement them. Opting for a go-to-market strategy will help you launch and promote your product. You can use either funnel strategy or flywheel strategy. Choosing any one of them depends on the business based on its nature. The process of a go-to-market strategy contains many moving parts. You can also create templates to launch your product while creating this organized strategy. While creating this strategy, you must also search for other product launch ideas. You must prepare a basic framework of the content that you will use to attract your customers.
Set a Goal for the Launch
You must be clear with your goals and objectives. If you are not clear with your goals, you will not be able to implement your product launch strategy properly. Before implementing the strategy, you must write your goals separately. You must keep these product launch goals in mind throughout the journey, which will motivate you to work even harder and achieve your goals sooner.
For example – Your product launch goals could be establishing your product name, spreading awareness for your product, and creating sales opportunities.
The most common and best way to write down your goals is following the SMART goals technique. SMART goals stand for – Specific, Measurable, Attainable, Relevant, and Time-bound.
Create Promotional Content
After crafting a new product launch strategy and writing your SMART goals, you must now start producing content. It will help you promote your new product and achieve your SMART goals faster. Your promotional content may include:
- Writing blog posts related to your product.
- Making its social media pages.
- Give demos and tutorials of your new product.
It would help if you also encouraged your company's employees to promote the new product.
You must create different promotional techniques at each stage of your prospective buyer's journey.
Prepare Your Team
After completing all the steps of a new product launch, you must ensure that your team members and the company's stakeholders are also ready for the new product launch. They must be aware of the goals associated with the product launch and must start marketing the product. You must communicate with your stakeholders through emails or internal presentations to explain your new product launch ideas.
Launch The Product
This is the stage of introducing a new product to the market. After you have completed all the above steps, you can launch your product in the market. Make sure that you take your customers' feedback after the launch of your product. Taking feedback is very important since it helps you know the weak points of your product. We must stick to the requirements and expectations of the customers and must not disappoint them.
New Product Launch Tips
The main tips for your new product launch to be successful are –
- The positioning statement of your product must be clear. It must show your customers the benefits of using that product. It must be clear and straightforward to understand.
- It would help if you had a recurring schedule of meetings with the stakeholders and the employees of the company. You must keep them involved in the entire process of your product launch. This ensures that you all are on the same page.
- Keep your entire team in the loop of your product launch ideas. They must have insights into the product launch and the overall marketing.
Introducing new products in the market is one of the ways to give a tough competition in the market. You must adopt product launch strategies that help you make it a successful launch. You must also keep in mind the risks associated with the launch of your product. Launching a new product may have a negative impact on your business. If you don't implement your new product launch strategy properly, your product can get rejected in the market and prove to be a failure.
It would help if you do proper market research, listen to your customers, and make your message understandable to the customers. This article provides you with a checklist to keep in mind while introducing the product to the market. Make sure you complete all of these checkpoints and get ready to launch a new product.
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.