Tag: product launch strategies

8 Steps For Launching A New Product That Generates A Ton of Demand

In this post, I share with you 8 steps for launching a new product that generates a ton of demand. For your product launch strategy to be truly successful, you also need to have a plan for after your launch. You can’t just launch a product and expect it to take off. You need to have a strategy for maintaining the momentum from your launch.

Launching a new product is one of the most exciting and frightening times for a business. It’s exciting because you are sharing your hard work with the world, but it can be frightening because you don’t know how it will be received. This process can be far more seamless if you come up with a bullet-proof launch strategy.

Developing a solid product launch strategy could ensure that your product successfully brings in great revenue for your business. With such a slim chance of success, a well-organized product launch strategy could make the difference between success and failure in the market.

Here are 8 steps for launching a new product that generates a ton of demand:

1. Research Your Target Consumers

Before you begin planning your product launch, you need to understand your audience. Conduct thorough market research to gain valuable insights into who your target customers are and what they want. Sit down with them, survey them and talk to them to get better insight from them. This research will form the basis of all other steps in your product launch plan, including your marketing strategy.

2. Focus On The Customer

A new product launch usually culminates a heavy amount of back-end work, including looking over customer complaints and suggestions and tweaking and testing until everything looks perfect. To generate consumer excitement, focus on the solutions you are providing to your audience. If you keep your customers in mind first at all times, you’ll be sure that your product launches can be successful.

3. Evaluate The Market

Any and every market should have some sort of research and data that you can find online. Take a close look at the results of the market research to make sure that there is a market for the product. Conducting market research can be time-consuming but it can also lead to vital information that will help direct the launch of your product.

4. Research The Competition

During your market research, be sure that you are evaluating not only the potential market for your product but thoroughly investigating the competition. As you study the competition, look for some specific details that will help you shape your own product launch. Competitors are great because you can see from their history what has worked and what has not worked in the past.

5. Develop Your Product Messaging

Your product messaging and positioning will play huge roles in how you present your new product to your target customers. Now that you have a thorough understanding of your audience, you need to craft a message that will highlight the most valuable features of your product. Ideally, your product messaging should include a catchy tagline and a value proposition. It should highlight the product’s best features and the problems they solve.

6. Take Pre-Orders

By providing your loyal customers early access to your product, you will help increase demand. Email or call your customers a few weeks before launch to talk with them about the product. Explain the problems your product will solve and why it will be the perfect fit for them or their business. Taking pre-orders can positively affect your company’s bottom line in two ways. First, it can secure purchases in advance and guarantee sales. Second, by telling your longtime customers about your new product (and getting them excited about it), they may become product/brand evangelists for you and spread the word to additional potential customers.

7. Be Social

Social media has forever changed the way that customers relate to each other and to the global community. Harness the power of the social media by using it to generate conversations about the product launch. Provide compelling content about your product and then start conversations about it. As the social circle widens and expands, more people will begin to talk about the product which then in turn may increase sales.

8. Use People With A Vested Interest

Anyone who may have a vested interest in the product should get access to your products first. Many public companies offer their ‘new’ products to their shareholders because they know these avid lovers of their products will offer tons of value to them. They can offer valuable feedback, promote the product and aid marketing efforts for the company!

Conclusion

For your product launch strategy to be truly successful, you also need to have a plan for after your launch. You can’t just launch a product and expect it to take off. You need to have a strategy for maintaining the momentum from your launch. In this post, I shared with you 8 steps for launching a new product that generates a ton of demand.

6 Steps For Creating The Perfect Product Launch Event

Your company’s product launch is an important milestone that sets the stage for future success. Thoughtful planning is essential to ensure your product makes a solid first impression on the market. Ensure you’re focused on the right objectives, metrics and execute that with the right message. In this post, I share with you the 6 steps for creating the perfect product launch event.

A launch event is an excellent way to showcase your latest product, build hype around it and even acquire some sales. The more you can get people talking about your products whether it be at the event or through social media, the better it’s going to do.

Launching a new product or service isn’t what it used to be. In the “good old days,” you could hire a PR agency to craft a press release and set up a press tour. Before the big launch date, you would hit the road and meet with reporters from all the important press outlets. Then on launch day, you could sit back and watch the articles roll in. In those days, reporters might even spend a few days fact-checking and talking to customers before filing their stories.

For better or worse, those days are gone. Today, the pace of news is limited only by the speed of light. The new media landscape incorporates far fewer major outlets. Instead, it is made up of a smaller number of slimmed-down publications and an inordinate number of specialist bloggers. Getting “ink” might be easier, but getting attention has become extremely difficult. And the attention you do get is forgotten within minutes as the unceasing flow of even “newer news” pushes your announcement out of the collective mindshare.

Here are 6 steps for creating the perfect product launch event:

1. Make a List (And Check It Twice)

If you’re an entrepreneur counting down to your launch, you can never be too prepared for your startup’s big day. That preparation begins with your product launch checklist. Start with the finish line. If you’re like most entrepreneurs, you’re probably a chronic optimist. While your gung-ho attitude has helped you build a business, it’s also probably causing you to underestimate the time needed to create and refine your product.

To determine the right ballpark for launch, flip forward three to six months on your calendar, then do it again. You’ll be grateful for those buffer months when you’re scrambling to create marketing materials, eliminate bugs and educate your sales team prior to launch.

2. Choosing a Venue

Obviously, you want the emphasis to be on the product and not the venue. Nevertheless, an awesome venue for your corporate event certainly helps with the marketing. If possible, try to associate the product with the venue.

If you’re releasing a new software for example, then choose a venue that has on multiple occasions been rented out for tech and IT shows. The venue should also be fairly close to your business site if you cater purely to a local demographic. Don’t make your guests commute from far away to get to the location.

3. Invigorate Your Team

As you move toward the release of your product, your staff will have to adjust to new processes, which can be difficult. Maintain momentum throughout product development and provide your team members the time and resources they need to familiarize themselves with the new product and its customer support protocols. Set attainable goals so your staff can experience small wins that build motivation.

4. Maximize Your Niche

Marketing your product to anyone and everyone might encourage initial adopters, but at the expense of your product’s long-term health. Instead, target a specific niche and cultivate a reputation for success within it. The more niche your products can be, the more success you’ll find.

5. Get Partners Involved

Channel and marketing partners who have a financial stake in the success of the launch are natural allies. The more people that are talking about the release, the better chances it will get a pickup. Try to create and nurture as many partnerships as you can that will benefit your product launch!

6. Plan the Follow-Up

Eventually, the hype will die down several days after the product’s official release. The day after the event presents a small window of opportunity to keep the hype going just a bit longer. This should help you acquire a few more sales from guests who opted not to purchase the product at the event. Use the same strategies you did for the pre-event marketing.

If sales of the product did not meet expectation, then offer some sort of incentive, perhaps a trial offer, a rebate incentive or complimentary add-ons. The whole idea is to keep discussion of the product going weeks after its release.

Conclusion

Your company’s product launch is an important milestone that sets the stage for future success. Thoughtful planning is essential to ensure your product makes a solid first impression on the market. Ensure you’re focused on the right objectives, metrics and execute that with the right message. In this post, I shared with you the 6 steps for creating the perfect product launch event.