Introducing new products to the market is an exciting but challenging endeavor for any business. To ensure a successful launch, careful planning, effective marketing strategies and sufficient financial resources are essential. However, preparing for the launch is the very last thing on your list; up to that point, you have to make sure you nail all of the beginning steps from the research to the development.
Research and Development
This all-too-important stage is crucial. In order to create a product that people will buy, it’s important to identify the market gaps where this product would fit in. You can do that by conducting a competitive analysis and looking at what consumers are asking for. For example, prior to the Ionic hair dryer, people were struggling to find a model that worked for them.
Don’t shortchange this stage, you’ll suffer for it in the end. Rather, expect that this can take several months to years, depending on what your product is.
Create a Comprehensive Marketing Plan
A marketing plan is a must, no matter how big or small your company is. It’s vital for successfully introducing your new product to the market. In it, you should define your target audience and outline your objectives. From there, you’ll develop marketing strategies that will spread across several mediums, from print ads – think direct mail – to digital marketing elements such as social media. Don’t limit yourself to one avenue, you want to make sure your reach is as wide as possible.
Do Some Fundraising
Depending on how you’re developing and launching your new product, you’ll likely need to rely on some fundraising. This can come from multiple different revenue streams, such as donors through a fundraising company and investors who get a return on their investments. They can be angel investors – ones who have no say in the company; they just give money when it’s needed – or those who are allowed input.
There are also a number of crowdsourcing platforms that make it easy to get the word out. You can share the link with your friends, family and influencers and ask them to promote it across their platforms. Craft a compelling business plan and pitch that clearly communicates the value proposition of your product to potential investors or donors.
Tease the Audience
It’s important to build up some anticipation before the product actually goes to market. You can do this by teasing the audience with video clips of how it works or having influencers develop their own videos on their platform. Just make sure the influencer has the reach you need to make it worth the money invested. Leverage social media platforms, email marketing, and content marketing to create buzz. Then, offer exclusive previews, discounts or beta testing opportunities to your target audience. In doing so, you can encourage potential customers to sign up for updates and newsletters to stay informed about the upcoming launch. This will help you see how much interest your products have garnered and whether you’re reaching the target audience you have in mind.
Just Before Launch
Just before the launch, make sure you have your ducks in a row. Make sure your social media campaigns are good to go, scheduled properly and that you’re ready to address customer questions on social media. In fact, scheduling a live event on launch day is a great way to discern customer interest and get the facts about your product out into the world. You can do this on Instagram, TikTok, or even Facebook Live.
Product launches aren’t typically successful by accident. They require a combination of excellent research and development, testing, a comprehensive marketing plan and a strong marketing approach across all avenues.