A new product launch takes a lot of time and effort. You think you have done the proper background work, and now you are ready for the new product launch and all the sales and new clients it will bring in. The problem is that a lot more products fail than succeed, and a properly conceived new product launch is incredibly important for this success. Below are some important pieces of advice when you are putting together your new product or service and the ensuing launch.
7 New Product Launch Tips
- The first step for your new product lunch is to closely study the competition. Many beginner marketing classes teach students the basics of a strengths, weaknesses, opportunities, and threats analysis, or SWOT. This is important, even if you truly believe you have an original and unique product that no one else offers. Go online and do some research to figure out what other businesses have to offer. Check out the way that they are marketing those products, what their prices are, and what their ads consist of. Try to figure out if your new product compares well with theirs, and what kinds of threats those products pose to your ultimate success.
- Figure out who your perfect customer base is, and target them specifically. A new product launch cannot be successful if you are spending money advertising to people that will not be interested in buying it. You need to figure out exactly who would be willing to buy your new product and what they would be willing to spend. These could be existing customers of yours that would be interested in improvements or innovations that your new product offers, or they could be customers that have bought something similar from another company.
- Analyze why your prospective clients will want to buy your product over the competition’s. Hopefully by this stage in the process you know what you need to do to make your new product launch stand out from the field. More than anything else, you need to analyze what they most want in a product such as yours, and make sure they understand what and why they are getting it, and why it is something they cannot do without.
- Figure out exactly how you want to market your product, including which advertising mediums to use. There are many to choose from, including: print, television, email, direct mailing, and the internet. Using multiple methods simultaneously often yields the best results with a new product launch, because you are able to hit those shoppers that like to be able to shop whenever they want. These people spend more than normal shoppers.
- Do not skip the testing phase! At this point you probably feel like you are ready for your new product launch. Because this can be incredibly expensive, especially if it fails, it is very important to test. This can be done through a focus group, a roundtable discussion with members of the target base, an online research company, or you can even give your product and marketing materials to those who you feel would be interested in the product. After testing you can make any final tweaks to the product and ads that you feel need to be done.
- Time to introduce the world to your product. PR is very important at this point, and it should be all planned ahead of time to get the ball rolling. Media outlets should be contacted to let them know about the product. There are hundreds of places on the internet to post product launch articles. You can hold a new product launch party that the local news channels can attend. Make sure you have a large enough supply of your product to handle the demand if it takes off. After the initial PR push, make sure you are ready to begin all your other advertising efforts.
- Watch the sales trends carefully. After you implement the initial introduction and advertising phases for your new product launch, you will need to keep a close eye on trends. When you start to see your returns on advertising investment start to decline, it may be time to update the product, or even come up with a new product. At this point the process starts all over again.
New Product Launch Summary
A new product launch can be an incredible success if planned and implemented carefully. The above steps are just the beginning of what it takes to market a successful service or product.