So, you’ve created something wonderful. The product that outclasses all the others in the market. What next? How do you launch your “oh-so-wonderful” product without it being a huge fail? Let’s find out.
The Perfect Steps to Launching a New Product
When it comes to the world of eCommerce, there’s absolutely no room for slackers. You have to constantly improve and enhance existing products or create something new entirely. New products can ensure that you remain relevant and of course, keep consumers hooked to your brand long enough. However, there’s a slight catch: no matter how great your product is, there’s a huge chance its launch will fail.
Here’s a step-by-step guide to making sure your product is an absolute success:
#1 Define Your Core Audience
This is the first step to take before launching your new product. Who are you creating your product for? What kind of consumers are you targeting? Your target audience lies at the very centre of things and determines whether your product will flop or not. At this point, it doesn’t really matter if you’re trying to impress existing customers or attract new ones. What matters is how well you know your target audience.
Once you have clearly defined who your core audience is, you can then gain insight into what they want and what they’re looking for in a new product. This knowledge will definitely guide you through the entire process – from production to advertising and even up till the final launch.
Carrying out extensive market research is an essential task when developing a new product. Listen to consumer’s complaints, criticisms and reviews of older products. With this, you can steer your new product launch in the right direction.
#2 Create a Positioning Statement
A positioning statement is closely linked to the concept of product validation. Basically, a valid positioning statement should answer the following core questions:
- Who is the product for?
- What does it do?
- How is it different from other products or brands in the market?
When it comes to eCommerce, very little is original. In fact, there’s a huge chance that whatever product you’re about to launch already exists. However, you need to brand or package your product in such a way that it stands out from the competition.
Analyse your competitors, their brand and their strategies and then discover how to improve on their existing strategies. This will help you to innovate and create an even better product.
#3 Develop the Perfect Strategy
No warrior goes to battle without a weapon. The same goes for businesses and e-commerce in general. You’re definitely not ready to launch your product just yet if you’re not armed with a proper market strategy. During the developmental stage of your product, it is equally important to draft a proper marketing and promotional strategy. This is commonly called the “go-to-market strategy”.
This involves mapping out ways to communicate your message and connect with your target audience. You could develop a tone, slogan, tag lines and sample social media content that’d convey your message appropriately.
This stage involves a great deal of content development because you want to figure out what sounds right to your audience and how to evoke the right emotions in them. From ads, to blog posts and even social media posts. You definitely don’t want to be caught slacking in this area.
#4 The Pre-launch Stage
For any entrepreneur who’s trying to launch a new product, the thought of driving sales would seem pretty exciting. However, these sales do not magically happen. To ensure that the product launch is a huge success, you need to create a certain degree of buzz around it.
The pre-launch stage typically takes place a few weeks before the actual product launch. At this stage, you have to unleash all the content you must have drafted out in the previous stage. This includes videos, ads, blog posts and just about any tangible content you must have created.
You can afford to be experimental at this stage. Try out different channels until you find the right one that provides the perfect reach. You could equally create pre-sales by offering discounted pre-orders to customers who are interested enough to try out your new product at a lower price.
To increase the buzz around your product, you could equally get influencers to try out your products for free and of course, leave a review.
#5 Prepare Your Team
At this point, you’re drawing closer to the launch date. Ensure that every member of your team is properly prepared for the big day. If you run a one-man show (like most small business owners do), you definitely want to be mentally prepared. Ensure that the product is ready to be launched. Go over your strategies and make sure everything is in place. You definitely don’t want to disappoint your soon to be customers.
#6 Launch the Product
Once you’ve gone through all the steps listed above, you can then go on to launch your product. Launching your product into the market is pretty easy as long as you have a top-notch online store. However, if you don't have one, you can easily set up your very own store on ListBuy in just a few steps.
After the product has been launched, you can constantly re-evaluate the go-to-market strategies you drafted earlier to see how well they’re performing in real-time.
Even after your product has been launched, you should still continue to create a buzz around it. By doing this, you just might be able to entice or nudge potential consumers who are still undecided about your product.
Pro tip: When it comes to launching a product, marketing never stops.
The success or failure of your product launch doesn’t depend on the number of competitors in the market. Rather, what makes a difference is how well you’re able to package your product, validate it and of course, set up proper go-to-market strategies.
In essence, the key to a successful product launch lies in your ability to create and promise something different as well as develop the proper strategies. We hope this guide helps you create the proper strategies and of course, launch your product successfully.