Are you planning to launch your latest produced product ? Then this article”New Product Launch Strategy : 5 simple steps” ; is for you. keep reading and let me know your comments.
New Product Launch Strategy :
Here are the 5 steps :-
STEP 1: EVALUATE YOUR PRODUCT
The first step to a successful product launch is product evaluation. Tons of new products flood the market every day. If your product doesn’t stand out, or offer something extremely useful, there’s a huge chance it’s going to get lost among the sea of other new products. That makes it crucial for you to thoroughly analyze your product and determine its value and suitability in the market.
Ask yourself these important questions to understand whether your product has the qualities that will make it successful:
1. Does it offer unique features? – What’s the point of bringing something to the market that consumers have already seen? You need to offer them something that will get their attention and will be of interest to them.
2. Will it have mass appeal? – If the product is going to appeal only to a small niche, there might be a problem keeping it in the market in the long run. Consider whether it will sell to different demographics.
3. Can it solve their problem? – People will be more likely to buy your product if it helps them solve an issue. Maybe it could be an issue related to their work, or a problem around the house. If your product offers consumers a solution, it improves its chances of success.
4. Is it easy to use? – Think about how your target market will be using the product.Will it be difficult for them to learn how to use it? Or can you give simple explanations about how
it works? If it’s too complicated, there’s a serious chance of failure. New Product Launch Strategy .
5. Does the cost match its value? – You might need to sell the product at a cost higher than your competitors’ due to the expenses you’ve incurred in developing it. If you’re offering something new and different, this could be perfectly reasonable. But if people can easily find a similar product with the same features at a much lower price, your product might not sell well.New Product Launch Strategy .
6. Can you back up your claims? – If you’re making bold claims about your product, you need to back them up with proof. People need to trust you and your product before they buy it. If you can provide success stories or studies and reviews to back up those claims, this will improve your chances of success.
When you know your product well, you can easily address the doubts and questions people may have about it. Being prepared with a thorough product analysis will also help you gain clarity about your product and come up with a convincing sales proposal.
STEP 2: STUDY YOUR AUDIENCE
Now you have an excellent product to sell, but you have to find the right people to sell it to. Who’s going to buy your product? How can you market it to them? What value proposition could they be the most interested in? These are some important questions you have to answer before you can launch your product. So studying your target audience is the next thing you need to do to develop a winning strategy for promoting the new product to them.
Here are a few useful tips to help you out:New Product Launch Strategy .
• What’s your target demographic?
Take a good look at your product, and ask yourself what demographic would value it the most. Studying details about the demographic will help you market your product more effectively. The study will involve the gender of your target consum ers, and the age group under which they fall. Maybe you’ve created a new gadget that teenage boys will love. So study this demographic carefully to understand where and how you should market the product. You should also take a close look at their income category and their educational background. This will help you come up with the right pricing for the product. It will also help you understand the kind of sales copy you should create for the demographic. Find out their geographic location and spending habits as well so you can then develop a customer profile or persona.New Product Launch Strategy .
• What are their interests?
Studying your target audience involves understanding their interests so that you can make use of that knowledge to market the product. What kind of books do they read? Do they watch a lot of movies and TV shows? If so, then what kind? Do they like to listen to music? What genre of music do they seem to like the most? What are their personal values and religious beliefs? You can make use of these details to market the product launch in-tune with their interests.
• Where do they shop?
When you’re launching a new product, you have to think about the distribution method. This means you will need to gain a better understanding of where your target market shops. For instance, you might be selling your product through distributors or retailers. This means you’ll need to find ones that can reach your target customers with your value proposition. Does your target audience primarily shop online?
If so, where? What search term would they use to find your type of product online? You will need to integrate your product launch strategy with search engine optimization (SEO) so these searchers can find
your product.Maybe they shop from a com bination of online retailers and brick and mortar stores. Use geo-targeting so the retail shops selling your product will be among the top search results. 74% of shoppers search online to see if items are in- stock at a nearby store. 59% look for maps that display which stores have the item they searched for. 75% look for the price of the item at a nearby store. So having these details readily available can dramatically improve your efforts to motivate store visits if you’re distributing through brick and mortar shops.
• Which media channels do they use?
When studying your target audience, one of the most important factors to consider is the media channels they use. Which media outlets help this target customer base in finding products similar to yours? Do they read newspapers or magazines? If so, which ones? Instead of wasting your efforts on spreading ads through every newspaper and magazine, finding the most relevant channels will be the most effective and inexpensive method.
Additionally, find out which social media platforms they are most like to use. Maybe they use YouTube the most, so you could come up with short promotional videos and post them on your YouTube channel. Or you could work with YouTube influencers, and have them contribute to promoting the product launch.New Product Launch Strategy .
While there are a number of variables that can have an impact on your product launch, having extensive and accurate market intelligence can optimize your efforts in developing your launch strategy. Take the time to study all of these factors so you can select the right media channel, and craft a compelling sales copy that encourages the audience to buy. Make use of this template to study your target audience. You can edit the characteristics or add more factors as needed.New Product Launch Strategy .
STEP 3: STUDY YOUR COMPETITION
Your product launch strategy won’t be complete without a thorough analysis of your competitors. When you have a clear idea about similar products and competing businesses, it’ll help you understand how to position the product in a fresh and unique way. Having an extensive knowledge about your competition also gives you a clear idea what you’re up against, so you can develop your strategy accordingly.Here are a few tips on conducting competitor analysis:
• Determine your competitors –
The first step will be to determine who your competitors are. Think businesses who sell similar products or services to the same target audience. Find out the features and qualities of the products or services they sell. You also need to take a look at their market share and their marketing strategies.
Find out how they reach out to the target audience.Collect all these details so you can move on to the next step of determining their
strengths and weaknesses. This enables you to come up with ways to capitalize on their weaknesses and work on trumping their strengths. See the potential threats they pose, so you can come up with a strategy to prepare for them.New Product Launch Strategy .
• Compare your offerings –
Your next step will be to compare what you offer with what your competitors are offering. See how you rank next to them, so you can understand where you need improvement. You can use a competitor grid to list their weaknesses and strengths, which will then help you understand your differences.
Here’s a template for a competitor analysis grid, which you can modify as per your needs.A good competitor analysis will help you understand market gaps and market trends. You’ll be able to determine what kind of competitive advantage you have, and how you can position that to your target audience.
STEP 4: ESTABLISH YOUR GOALS FOR THE LAUNCH
Establishing a goal for your product launch is crucial. It’s the backbone to the entire launch strategy. If you don’t have a set goal in mind, you might have no idea how to measure the success of the launch. With a goal in place, everyone in the organization can work together towards a similar outcome. It’ll tell them exactly what they need to do. However, your goal needs to be realistic and measurable in addition to being defined by a timeframe. First, take a look at some of the types of product launch goals to give you an idea:
• Sales goals –
You probably already have sales expectations. Define how many units your wish to sell within a particular time frame. For example, you want to sell 1,000 pairs of shoes within two months of your launch.New Product Launch Strategy .
• Product awareness goals –
This type of goal concerns trying to make the market aware of your company and your product. You can steer your marketing efforts towards building that awareness. For example, you want 100 social media mentions and 1000 website visits within the first week of launch.
• Prospect goals –
This type of launch goal is especially important for those who have a long lead time to sell new products. Outline the number of prospects you expect to get from the product launch. For example, you want to identify 500 prospects in the first six months of launch.
• Product defect goals –
Product defects are inevitable although you might have done whatever you could to produce something with minimal defects. You can set a goal to resolve any issue that comes up so as to avoid letting it affect the rest of your goals. For example, you want to address high-priority issues within 48 hours of being brought to your attention.
• Customer goals –
Customer goals are essential if it’s not your first release. Have a goal in place to measure how your existing customer base is adopting the new product. For example, you want to see at least 50 customers who want to upgrade within two months of launch.You could come up with different goals for a shorter and longer timeframe so that you can measure the success of the product in the long run. These goals will help you draft the perfect strategy that will address each objective effectively.New Product Launch Strategy .
STEP 5: DEVELOP A STRATEGY
While every product launch strategy is different based on the product and industry, there are three essential elements that every winning strategy needs to address. These elements will then form the basis of the rest of your launch strategy.Ask yourself these three important questions when you’re developing a strategy to launch your product:
1. How will you deliver the product to the target market –
You’ve done thorough research on the product and your target market. Now the important thing to consider is how you’ll deliver the product to this market that you have defined.Since you’ve already determined where your target customers are most likely to shop, you’ll now have to think of a cost-effective method of delivering the product to them without a compromise on quality.
Think about whether you should go for a direct or indirect distribution channel. Maybe you could make use of both channels. Direct distribution would be selling your product through your website or through your flagship store. Indirect would be selling it through an intermediary like a wholesaler or retailer. Take a look at the table differentiating between the two channel.
In case of electronics, cars, and software; it’s possible to create demos that will show the end-user exactly what they’re getting. If you’re selling clothing, however, you’ll need trial rooms for prospective buyers to try the product on themselves. If you’re only selling the product online, you could give them the option to try the product at home and then return them if it doesn’t fit or if they don’t like it.New Product Launch Strategy .
2. How will you promote the product –
The promotion strategy is a vital part of your product launch strategy. The idea is to start the promotion well ahead of the launch date so that you have buyers lined up by the time you start distributing the product. How early you have to start the promotion may depend on the product, but it might be a good idea to start at least three months before your launch date. You can use some or all of the promotion channels below:
• Website –
With more than 3 billion internet users worldwide, it’s safe to say that your website is the face of your business. So it’s important that you prioritize designing a site that’s SEO-friendly, well-organized, and aesthetically pleasing.Your website copy should be persuasive and compelling; make sure you have it ready at least a month before launch. You can start displaying image and video teasers two weeks before the launch date so as to build excitement and curiosity.New Product Launch Strategy .
• Social media –
Social media channels can be your best friend when promoting your launch. They’re cost effective and have a wide reach, meaning a single post could easily reach thousands of people at a time. Generate buzz using sneak peeks that are easy to share, so that they can
reach a multitude of potential customers.
3. How will you help customers? –
For long-term success, it’s important that you have a support system in place to address customer complaints and queries. If things go wrong, you will have the preparation to fix the issues. Determine how you will handle customer feedback – maybe you’ll respond to every feedback or incorporate some of the useful ones. Make sure you have a crisis playbook ready so that there’s a protocol in place for any conceivable problem such as bad press or lawsuits.
Wishing your product launching get you success . Keep in touch with us to read more valuable articles related to business, finance and IT.New Product Launch Strategy .
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