New on the Market? How to Launch a Product
Is your company going to launch a product soon? Before you do, it’s going to be very important for you to figure out how to launch a new product successfully.
Your product might be the best thing since sliced bread. But with more than 30,000 new products being released each year, yours is bound to get lost in the shuffle if you don’t go about managing a product launch in the right way.
There are different stages of a product launch that you’ll need to work your way through prior to putting out a new product. These stages are specifically designed to make launching a new product so much easier to do than it would be otherwise.
If you’re preparing to take part in a new product launch soon, you should find out more about these stages and discover what they entail. Here is how to launch a product from start to finish while setting it up for success.
Start by Creating the Best Possible Product
Before you begin trying to come up with a clever way to launch a product, you’re going to need to make sure that you’ve created the best possible product. You’re going to need to spend at least a few months developing a product from scratch so that it’s fit to sell to the masses.
There are a handful of steps that you’ll need to go through while you develop a product. It’ll be important for you and your company to do things like:
- Identify the need for a product like yours
- Tinker with the initial ideas for a product to make it better
- Build prototypes of a product and test them out
- Fine-tune a product to eliminate any issues with it
- Gather feedback on a product from a test market
You’re not going to have to spend too much time wondering how to launch a new product if your product isn’t everything that it’s cracked up to be. It’s why you should spend as much time as it takes transforming a product into something that people are going to want to buy and use all the time.
Think About When You Should Launch Your Product
Once you’ve spent your fair share of time working on a product to make it amazing, you can start the process of scheduling its release. You should think long and hard about when the best time to release it would be.
You should choose a launch date for your product based on what kind of product that it is. If you have a product that’s going to be perfect for all the dads out there, launching it around April or May in time for Father’s Day would likely be ideal.
Oftentimes, companies get so excited to put a product out into the world that they rush doing it without giving any real thought to when they should be releasing it. They then come to regret it when they realize that their product isn’t getting the kind of buzz that they expected it to.
You and your company’s brain trust should make sure to put plenty of thought into finding the right time to launch a product.
Come Up With the Right Price for Your Product
Developing and launching a new product usually costs a whole lot of money. As a result, your company is going to need to recoup as much of this money as it can when your product first comes out.
The only way that you’re going to be able to do this is by coming up with the right price for your product. You’ll need to look for the right price tag to put on your product so that you can start generating some profits with it right away.
This is sometimes easier said than done. Some companies will price their new products too high and scare potential customers off. Others will price their new products too low and miss out on great profit margins.
You should make it your mission to land somewhere in between those two extremes. You want the prices for your product to be attractive to both your customers and those in your board room. It’ll ensure that your new product rakes in as much money as it can.
Put Together a Website for Your Product
When you launch a product and people start hearing about it, they’re going to begin scrambling to find information on it. And it’s going to be a real shame if they can’t find any info on it because you haven’t provided them with it.
With this in mind, you should make sure that you set up a website for a new product prior to launching it. It should be the first thing that pops up when people try to hunt down info on your product.
You should stockpile the website for your product with everything from the details on it to the price tag on it. You should also beef up your website with articles on your product and possibly even videos for it that show people how to use it.
And on top of all that, you should start taking preorders for your product as soon as you can and make it simple for people to buy your product through your website once your official launch takes place. In the end, your site should be a one-stop-shop for anyone who is interested in checking out your product and what it brings to the table.
Create a Social Media Campaign for Your Product
The website that you establish for your new product is going to play a big part in its success. It’s arguably going to be the most important marketing tool that you have at your fingertips.
But it shouldn’t be the only marketing tool that you use to build up the anticipation for your product! You should also set out to create a winning social media campaign for your product.
Once upon a time, it wasn’t all that hard to strike gold on social media. But since almost every company in the country is using social media to some degree these days, it can be challenging trying to stand out in the crowd.
If you haven’t ever had to rely on social media to help launch a product, you should learn how to build a social media plan. You should also see a campaign out until the end even if it doesn’t get much traction right away.
You might also want to bring some social media influencers into the mix, especially if you can find ones that will fit organically with your brand. They can help to spread the word about your new product and get people more interested in it.
Figure Out Other Ways to Advertise and Market Your Product
If the only two things that you do to advertise and market a new product are set up a website for it and create a social media campaign for it, you should be able to put your company into a decent spot. These two things are going to work wonders for a new product.
However, you shouldn’t stop there! There are also lots of other ways in which you can advertise and market a new product to the masses and get their attention. You can do it by:
- Running advertisements in local newspapers and on local radio and TV stations
- Setting up an email list and doing email marketing
- Trying your hand at employing guerilla marketing techniques
Advertising and marketing a product is of the utmost importance. You won’t be able to get very far with one if you don’t take the right advertising and marketing angles.
Hire a Company to Piece Together a Press Release for Your Product
About a month or so before you’re set to release a new product, you should try to let the media know about it. If any media organizations pick up the news of your product, it could be huge for your product and your company as a whole!
There are obviously hundreds of media organizations throughout the country at this time, though, which can make it challenging to touch base with all of them about a new product at once. This is where having a press release is going to be hugely helpful.
A press release for a new product will provide media members with everything that they need to know about it. Your company will be able to sell people on what makes your product so important in the grand scheme of things through a press release.
This press release sample should shed some light on what a press release for your product should look like. You should hire a company that can help you create a press release just like it.
Give People a Chance to Take Your Product for a Test Drive
If you’re going to be launching a product that is pretty straightforward, you might not need to spend any time letting people test it out prior to launching it. They’ll know what to expect from it from the start without any further explanation on your part.
But if you feel as though people would be more interested in your product after testing it out, you should try to make that possible for them. There are a bunch of ways in which you can get your product into people’s hands prior to releasing it.
For example, you and your company might want to maintain a presence at several trade shows before launching a product. This will provide people with the perfect place to give your new product a try.
You might also want to set up a special spot on your website for people to see your new product in action. They’re going to feel better about the idea of buying it once they see what it has to offer.
Whatever you do, don’t just assume that people are going to love your product because it’s so awesome. Work hard to convince them that they need your product by showing them what it can do in some way.
Schedule a Special Event for the Day of Your Product Launch
A lot of companies pour so much energy into trying to launch a product that, by the time the launch day comes, they keep things low-key and don’t celebrate as much as they should. You should avoid making this mistake, if possible!
You’ve worked hard while trying to get a new product off the ground. So you’ve earned the right to celebrate it and to show the world just how special that it is.
You should do this by scheduling an event for the day of your product launch. Whether you choose to hold a press conference, a concert, a dinner, or something else, there should be an event that takes place on launch day.
If you’re too busy to worry about all the planning that goes along with an event like this, don’t be afraid to bring an event planner on board to help you. They can handle everything from finding a venue to making sure the right people are in attendance. It’ll take your product launch to the next level and potentially even earn you some extra PR buzz from media outlets.
You Can Launch a Product Successfully When You Take the Right Approach to It
Trying to launch a product for the first time is one of the toughest things that your company will ever have to do. It takes a lot of hard work—and a little bit of luck!—to launch a product successfully.
But you shouldn’t let this scare you off from putting your all into launching a new product. By following each of the steps that we’ve laid out here, you should be able to manage a product launch without stressing yourself out too much. They’ll help to get your product off to the strongest start possible.
Get more great advice on launching new products by taking a look at the other articles found on our blog.