Launching a new product can often be a stressful time for any business owner, with this being especially true for entrepreneurs releasing their first one. Much of this is focused on ensuring that the event is as successful as possible.
However, many business owners mightn’t know how to do so, as there can be a variety of factors involved in a product launch. This doesn’t mean that there aren’t a few things that you can do to ensure success.
Many of these can be focused on preparing for the launch itself, although this shouldn’t mean that this is the only area where you should look. Instead, there are a variety of tips for both during the launch and post-launch that could be quite helpful.
Test Your Product
While the majority of owners will know their product inside and out, many will fail to test it before they launch, which could be quite a grave mistake. Much of this will focus on determining whether there are any defects with what you’re releasing, especially if these can develop over time.
By overlooking this, it’s possible that a firm can lose a significant amount of money in the long-term. There are a few reasons for this, with one of the more notable being product recalls or returns. Alongside this could be damage to a firm’s reputation, which will have a large number of ramifications.
To avoid this, you should test your product considerably before releasing it.
Your product isn’t the only thing that you’ll need to know, as you’ll need to spend a significant amount of time researching the market. There are quite a large variety of things that you’ll need to look at before the launch, much of which will help to inform your marketing and sales strategies, among many others.
Much of this will focus on what’s already in the market so that you’ll be able to differentiate your product from others that have previously been released. Researching the niche will also ensure that you can develop a unique selling point (USP) to attract interest and generate sales.
Have A Buyer Persona
Researching can be quite a broad process, so many entrepreneurs mightn’t know where to start or what to prioritize. However, one of the most prominent of these is your buyer persona, which can help inform quite a significant number of activities.
The majority of these will focus on your sales and marketing strategies, with these being essential both before and after your product’s launch. When developing this persona, you should look at what your potential customers like and dislike, which you can then focus on to build interest in the lead-up to the release.
Write A Mock Press Release
Writing a mock press release is something that many people may overlook, especially in the early stages of planning a product launch. However, this can be a recommended step, especially if you do so as early as possible in your preparations.
There are a few reasons behind this, with one of the more notable being that it will help you to start creating your product messaging. Alongside this, it should help make sure that everybody on your sales and marketing team is on the same page when leading into the release.
Doing so early will ensure that these benefits are maximized as much as possible.
Build Your Messaging But Be Flexible
Your product’s messaging and branding will have quite a large impact on how successful the launch will be. This should mean that you should spend a significant amount of time and effort in creating it.
This may be one of the more difficult aspects of creating a successful product launch, so it will need a large time investment with it. However, this doesn’t mean that you’ll need to be rigid with it, as having a flexible approach to your branding and messaging can be well recommended.
It can be common for many firms to focus on the unique benefits of the product, although this should be avoided. This is because describing these features could take a significant amount of time, which you mightn’t have with a launch.
Instead, you should keep your messaging clear, concise, and informative.
Get Input On Your Messaging
When you’re developing your product’s messaging and marketing, it can be recommended to receive input from a variety of people in the company. These should range from sales to marketing professionals and anybody else who may have a certain amount of expertise in the area.
By doing so, you should be able to ensure that your message is easily understood by people who don’t know much about the product. During this time, you should be able to tweak the messaging until it’s as clear as possible while still developing interest from potential buyers.
Find The Best Hook
When you’re developing your products messaging and marketing campaign, there can be a variety of things that you might want to focus on. However, this doesn’t mean that you’ll need to mention every feature or benefit that the product has.
Instead, you’ll need to concentrate on your product’s unique selling point (USP) or hook. This is the factor that will draw in a potential customer’s interest while also persuading them to buy. The wording of this hook will need quite a significant amount of attention, as it will be one of the primary ways of getting a customer to buy.
When looking at this, you should aim to create a variety of them and then determine which is the most persuasive. Asking for input from other people can be helpful in this.
Be Involved In The Beta
Testing your product during the development phase is vital in the build-up to your product launch for several reasons. While this will ensure that it works, it also means that you’ll be able to determine what people think of it in the weeks or months before it’s released.
This is known as the product’s ‘beta,’ which can also help with crafting your marketing materials. It’s recommended that you be involved in this process as much as possible, as it will help give you a clearer image of what people do and don’t like about the product, so you’ll be able to adjust before its launch.
Have Ambitious Goals
You’ll need to have a variety of goals in the lead up to your product’s launch, which can vary in several ways. The majority of these will focus on how many of them you want to have sold and in what timeframe.
During the preparation of your launch, it’s crucial that you set ambitious goals, as this should give you something to work toward. When setting this, you should determine how many products you’ll be able to sell should everything go well.
In many cases, companies may not reach these, although setting them high and falling slightly short can be much better than meeting goals that are quite low. You’ll then be able to measure the results of the launch in the days and weeks afterward to determine what you can change in the future.
Get Market Ready
If you’re launching a product into a niche that you’re unfamiliar with or that you don’t have much experience in, then it’s recommended that you get market-ready. There can be a variety of things involved in this, many of which may only be tangentially related to your product.
For example, you should ensure that your website and other customer-facing parts of your company are ready for the interest that your product should generate. This should include improving your website’s SEO and a few other notable factors.
By doing so, you should be able to capitalize on any interest, which should then help to maximize the short- and long-term results of your product launch.
Pre-orders are something that many companies may overlook, although it’s a tip that could prove to be quite beneficial for many. One of the more notable of these is that it can help generate a large amount of interest in the weeks before your product’s release.
There are a few advantages to this, with many of these being rooted in psychology. People want to buy products that have already received a lot of interest and will be more likely to purchase them if many people already have.
As a result, if you generate a significant amount of pre-orders, you should be able to enhance the sales you see during the release and in the weeks afterward.
Create Compelling Assets
Marketing and sales assets will be vital to your product launch’s success, with this being driven by a few notable reasons. The largest of these is that they will be one of the primary drivers or interest in your product in the lead-up to its launch.
With how important this can be, you’ll need to spend a significant amount of time on creating compelling assets that capture a potential buyer’s attention and persuades them to buy.
Assemble Your Go-To-Market Strategy
Each of the above tips should help form your go-to-market strategy, which should be put together in the one document. By having a central hub where you can analyze and understand your goals and activities, you’ll be able to ensure that nothing is overlooked.
The go-to-market strategy should be easy to read, as well as shared with all of the appropriate employees. By doing so, you should be able to make sure that everybody is on the same page and everything is ready when the product is launched.
Pick The Right Marketing Channels
In the days and weeks leading up to your product’s release, you’ll need to begin advertising it. While there are quite a significant number of channels to take advantage of, you shouldn’t take a broad approach to do so.
Instead, you should target customers through specific channels. Researching and knowing your buyer persona will place a considerable role in identifying these channels, which should then maximize visibility during the release.
Track Your Competitors
Your competitors can be a significant source of information, whether they know it or not. While there will be a variety of differences between your products and others, you could develop a few ideas for your product launch by assessing what competitors are doing.
Alongside this, you’ll also be able to determine what makes your product unique in the market. This should help you generate further ideas for your marketing and sales strategies.
Coordinate Your Sales Team
During your launch, your sales team should be quite busy, although this doesn’t always mean that they’ll be effective at what they’re doing. This is especially true if you don’t have a plan in place to deal with the interest that you may receive during the launch.
This should mean that you’ll need to have a plan in place for what your sales team so be doing. It’s recommended that they be as active as possible and engage with potential customers to maximize the number of sales you see.
Make It Eventful
Regardless of whether you’re having a physical launch for your product’s release, it’s recommended that you make it as eventful as possible. There are quite a significant number of things you can do to make this an occasion, with the majority of these being focused online.
For example, you can hold a live webinar for your product, host a Reddit AMA, and much more. Each of these should help to generate a certain amount of interest in your product.
Build On Momentum
Once you’ve released your product, it can be vital that you build on the momentum that you’ve generated with it. The majority of this will be focused on moving people down your sales funnel, which is an essential part of running a successful launch.
You should primarily focus on people who expressed an interest in your product but weren’t able to commit to buying it. By doing so, you should be able to maximize the long-term sales associated with the release.
Revisit Your Go-To-Market Document
Once the product launch is finished, you should revisit your go-to-market strategy and compare your results to what you predicted in the document. By doing so, you should be able to analyze whether anything went wrong and determine if there are any areas where you can improve.
Switch Your Focus To Retention
Now that your product has launched, you’ll need to focus on retaining your customer base. While increasing the number of buyers you have, ensuring that these are repeat consumers can be a vital part of running a successful firm.
This should mean that you’ll need to retarget initial customers while also marketing to new consumers. While this may seem as though it will be a complicated process, you should have already laid the foundations of this in the build-up to your product launch.
As such, you should look to build upon your previous efforts while adjusting them as you move forward.
With how stressful a new product launch can be, it can be quite easy to become overwhelmed during the process. This is common for many business owners, so it shouldn’t be too worrying if this happens to you. However, it’s something that you’ll need to overcome for your launch to be successful.
By utilizing each of the tips above, however, you’ll be able to ensure that your product launch is as effective as possible. While preparing for this can be a time-consuming process, it will reap a variety of dividends in the weeks and months following the release.