Marketing a product launch can be a dream or a nightmare for businesses, depending on the approach you take. Unfortunately, many firms fall short by failing to adequately plan and with no clear strategy in place, success can be limited.
So how can you avoid falling flat on your face during a product launch? Read our 5 tips to help ensure your next product launch runs as smoothly as possible:
TIP 1: Put your target audience first
Before creating your product, you need to go back to marketing basics. Think about who your audience is, what they want and how you can create a product to solve their problems.
By establishing this from the outset you can establish the ‘pull’ factors for your product that can then be used as USPs during the marketing of the launch.
TIP 2: Expand your creativity
When your business is actively creating new and innovative products you may feel like a seasoned expert when it comes to marketing launches.
However, you could be at risk of falling into ‘auto-pilot’ mode, relying on old approaches that may or may not necessarily work for your new product. So take the time to work out how best to approach your current launch.
Taking the time to carefully consider each product launch will also bring in an important creative stage that will get you and your team thinking about your target audience. For example, how do they behave? What are they interested in? What’s the best way to reach them? This will help ensure you get the best possible results for your launch.
TIP 3: Take your time
Another common pitfall for product launches is rushing the process. To achieve the right results you need to have a solid strategy in place, which involves conducting thorough research into your marketplace.
For instance, you could explore how your competitors are reaching out to your target audience or conduct primary research that involves asking your target audience what would sway them to purchase a new product.
You could also analyse other successful product launches from outside of your industry. This will provide you with fresh insight into the types of best practice tactics you could deploy.
TIP 4: Champion teamwork
Whoever’s involved in the marketing process of your product needs to be included from concept right through to end product. Ensuring your team works from the same hymn sheet avoids unnecessary internal mistakes that may set you back.
For example, vital information not reaching the correct people. This could result in the correct messages not being used, or the correct branding not being created, resulting in time being wasted.
It’s important every activity you choose to do is linked to your overall marketing strategy and that they complement each other. Is your digital team feeding their knowledge of keywords to your social media department? And is your creative and branding aligning with your overall product vision? Everybody needs to be kept up to speed with the requirements and processes involved.
TIPS 5: Measure and learn
At the end of your product launch, make sure you measure, evaluate and analyse your success. This will help inform your strategy planning going forward.
One way to do this is to set measurable objectives at the start of the launch process and review them at the end to identify if you’ve achieved them.
It may go without saying, but ensure you set a deadline and clear budget and identify the number of products you hope to sell from the launch. After the launch, you could also gain customer feedback by conducting surveys and holding team discussions to find out your employees’ thoughts on what they feel went well and what didn’t go particularly well.
This will help to refine your approach and learn from your experiences for next time around.
To ensure your product launch is a success, preparation is undoubtedly key to preventing any mishaps from occurring. So remember, create a plan and stick to it. Organisation is an imperative and could be the difference between a product launch failure or a triumph.