How To Prepare For A Successful Product Launch?

A study by Harvard Business School shows that 95 percent of consumer products that each year go on the market fail. The reasons behind this can be very diverse. However, the institution reports that the main problem is using ineffective marketing mechanisms. That is why this time we share some fruitful marketing ways to launch a new product successfully.

Clearly Outline The USPs’ - Unique Selling Points

The Unique Selling Points explain why someone should buy the brand's product and not that of the competition. Mainly, these points include:

• What problem does your product solve?

• Why is it better than other similar products?

• Price

• Quality

• Environment friendly or not?

• How can it benefit people? Etc.

They make your product unique and valuable. Plus, they play a vital role in the promotion of your product. These aspects are the key to develop an impactful launch strategy. So, the first thing is to clearly outline the USP of your new commodity.

Identify Target Audience Segments

Once you have the USP, the next point to launch a product correctly is to identify your target audience. There will be various niches within the audience to which the product can appeal. Therefore, it is necessary to adjust the launch strategy to the different segments of the audience. For this, the creation of buyer personas can be of great help. These profiles should be well defined to the point where you can understand things like their age, income, and the pain points that the product can solve.

Do Market Research

As a third recommendation, consider the deep market research. It will help you see what is already out there in the competition. Moreover, you will understand how competitors promote their products and how well they are doing with their actions.

Examine the types of campaigns they are running and the characteristics that make their product stand out from others. On the other hand, you should also try to identify the main competitors to understand better how to stand out. Use this information to strengthen or modify the USPs.

Develop A Marketing Strategy

Marketing is the most important point to take into account for a new product launch. You need to develop a strategy because marketing is everything when releasing your commodity in the market. For this, use the information that you collect with the previous points. Then lookout for a reputed product marketing company and take their assistance.

Decide which platforms you want to use, how much you will invest in each one. You must also define the promotional messages that you will use. And finally, choose specific strategies to implement, such as applying discounts, working with referral programs, or even adding an influencer’s help. If this sounds a lot to you, don’t worry. The product marketing agency you will hire will take care of all of these.

Finally - Develop a Launch Test

With the completion of the above points, it is important to perform a launch test before the actual launch. An exercise like this will allow you to better explore the concepts you have before making a significant investment to fully enter the market. Imagine what would happen if things don't work out and a large part of your resources are already invested.

For the release test, initially focus on small groups of consumers. Identify audience members who are excited and ask these people to try the product and then provide feedback on the product. One can also leverage platforms like Facebook Ads to carry out tests and evaluate the new product’s reception and interest. All this information will serve to learn and adapt the necessary things.

That’s all for now. Keep an eye on our blog for more such posts!

My name is Ranny Watson. I'm a professional Digital Marketing Expert.