8 Essentials For Your New Product Launch
Product launch is not the same as it was few years ago. Marketers today face one key difficulty in a new product launch – getting undivided consumer attention. New product launching today is an entirely different ball game and if you want to remain ahead of your competitors your marketing and advertising strategy need to be purely solution oriented i.e. try to solve the consumer’s problem with your product. Researchers say that 66% of the new products launched fail within two years or do not give desired ROI. Whether you are a B2B or a B2C business some facets of your new product development and launch essentially remain the same. Consumers today are not slimmed down by choices. Markets have substitutes for any product or service. We have listed down 10 things you must do as a brand when you are ready to go live with your new product in the market. We call them “The Essentials”
1. Research: Do the necessary market research on what problem does your product solve. Or even more important is there really a problem that the product can solve?
2. Talk: Gone are the days when companies released a PR and sat back to see how the product was received in the target market. Use all your social channels to talk to your consumer. The more you talk the more attention you receive. Also, you should test your messaging with the consumers by conducting focus groups and surveys.
3. Start early: Make sure you start your marketing activities at least 2 months in advance. Capturing the market early helps in keeping the conversation going for your product. This is called the “Pre Launch” phase where you educate the market of whats coming.
4. Influence: Influence your target audience by giving free trials, free downloads and holding exhibits. This will encourage people to try out the product in the early phase. Most product marketers ignore the benefits of a test run, but it is highly effective getting to know first hand from the influencers their experience with the brand.
5. Be Social: Spread the word online. Use your brand’s blog page, Facebook page, LinkedIn profile and Twitter account to create the buzz about the latest features and designs offered by the product. North America alone has 310 million Internet users in the world. Followed by Asia with 1,045 million Internet Users. When people read they recall. Brand recall helps in 30% sales for a new product when launched.
6. Competition: Always keep an eye on competition. It is always helpful to communicate with peers and industry affiliates to know if your competitor is also launching similar product. Studying competition moves not only benefits in understanding their launch plan but also helps in fundamentally outperforming them on the launch date!
7. Case Studies: Case Studies are a powerful tool that can add credibility to the product on the launch day. Create and publish web based case studies and content showing existing consumers with positive feedback about your product and brand. Testimonials and case-studies are highly effective in promotions.
8. Monitor Your Launch: from phase 1 to the end phase. Monitor the progress of the product. Be prepared to handle demand.
We hope these essentials were helpful to your launch process. Good luck!
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