New Product Launch Strategy5 min read
Launching a new product is far from easy, but many individuals and companies find that having the right new product launch strategy goes a long way towards success. When you’ve planned things out well, not only do you get increased customer satisfaction and more sales but the product you marketed and launched is bound to be successful.
That being said, not everyone knows what a launch strategy is, how it should be planned, nor how to make use of it. From a digital agency that knows how to help with this, here are the basics of a product launch strategy and a few tips to make sure it goes smoothly.
What is a Product Launch Strategy?
Before we get into it, what even is a new product launch strategy? It’s essentially a productive marketing strategy that focuses on sharing a new product or feature with your brand’s user base with the sole purpose of increased user adoption and overall brand growth.
Successful, productive strategies that have been planned and executed well, will advertise the launched product and make sure every customer (or potential customer) knows exactly what the purpose is and why they need it. Here are a few options that you could look into for your next launch.
How to Launch a Product: Successful Strategies to Consider
Create a Virtual Event
One of the best ways to generate interest about a new product is to, well, generate interest about the new product. If it’s a digital product, don’t just advertise it on your website and share a couple of posts around social media. Having it marketed is something you should be doing anyway, but if you want the launch to have an impact, create a virtual event that revolves around the product.
It doesn’t matter whether the product itself gets you five sales or five million sales, and it doesn’t matter if it wins an award or not – it’s a new product, and the launch should be special. A digital event is enough, and unlike a full-fledged, marketed press event, people can follow the virtual event from the comfort of their own home. Not everyone has time to travel to physical events, and virtual does the job just fine. Making a big deal of a product will help customers take that product seriously, and if you’re aiming for an award, you’ll have increased chances of winning an award.
Create Hype Through Suspense when Marketing a New Product
This is one of those strategies that require you to have a lot of things planned in advance, but if you play your cards right, you’ll generate a lot of excitement around your new product, and that’s an opportunity you don’t want to sleep on. Here’s how to best use it.
Weeks (or even better, months) before you actually release the product, start releasing vague details about it. Make sure they’re not too obvious, but give your customers enough to go on. You’ll be surprised at the effect this has – your customers and fan base will try to fill in the gaps, and there’s no telling how far their imagination will go. Just look at the smartphone world as an example – one leaked feature gets people crazy about the phone and makes them start imagining what the end product would look like. You can do the same with your product.
Focus on the Customer
Focusing on your product is important, but it’s also key that you see what that product does for your customers. When you’re coming up with a marketing strategy for new product you should see where it fits in your customers’ everyday life, and what you could be doing to make their life easier. Whether it’s their private life, or their company or business and how they run it, you should let them know why your product is crucial to getting things done more easily.
Now, we get it – you’re probably focused on the technical specs of your brand new product, and you want to make them a big focus of the new product launch strategy. But when you want to advertise that product to your customers, they don’t care about the technical specs as much as they care about what your product does for them. And if you put your focus on them rather than the technical specs, you’ll have a much easier time convincing them they need your product.
A New Product Launch Marketing Plan Should Go Above and Beyond
When you’re preparing to advertise your new product launch, you shouldn’t be afraid to tell every customer, even a potential one, that you aim to change things up with the new product. Some might suggest playing it safe because of the lower risks associated with it, but with careful planning and the right strategies, you can minimize risk and still show your customers you’ve got what it takes.
A suggestion for this is to do something that your competitors haven’t done yet. Do something bold and make it a major point of your new product launch strategy to show your customers you’re serious about what you’re doing. It’s going to make a huge difference.
The Right New Product Launch Strategy Can Skyrocket Your Product’s Success
Yes, it definitely is! Doing things right can easily be the difference between your marketed product launch being incredibly successful and your brand becoming a household name in the industry, and you getting zero sales and a disappointing outcome with the product you just launched.
When you want to tick all the boxes and be productive, you should make sure that you’re creating a combination of all of the aforementioned strategies, and more, in order to create an irresistible experience for your customers. Tease them early on without revealing too much information about the product and how they will use it, and then create a big, revolutionary launch event and show your customers that your product is made for them. It should demonstrate how it will make their lives easier and why it’s something they should certainly keep their eyes peeled for.
That’s how you create a successful new product launch strategy that will elevate your brand, increase awareness, and get you sales for your new product.