Research by Harvard Business School states that 30,000 new products are launched every single year, but only 5% of them get to succeed. Isn’t this disheartening? This means that it is not just about creating a product and letting people know about it, there is a need to infiltrate the market the right way and keep spirits high. Among other things, one of the reasons for the 95% failure is the fact that these products are not launched properly, therefore, they die down before one knows it.
It is necessary to create and implement an effective product launch strategy, as this will reduce the rate of yearly business failure. In this article, I outlined ways you can get ready to launch your product. Let’s go!
Know your audience
I can’t stress this enough. If you do not know your audience – the people you are launching your product for – then you are not ready for business. Carry out surveys through social media, online survey systems and questionnaires. Know what people are saying in your industry. This will give you an idea of what they expect. It will help you know if you are meant to launch that product in the first place. If you launch a product that is not demanded, no one will buy it. Join conversations, spaces and forums in that niche and discover what you need to do to fortify your product.
Create a buzz
This can also be referred to as a teaser campaign. You will have to create a buzz around your product. Create anticipation in the hearts of people. It is a great way to grab prospects’ attention. You do not need to show or tell too much about your product. That is why it is called a “teaser”.
You will tease them with what to expect from your product. This will make them become interested, and even look forward to the release so they can purchase it. To do this, you can create a countdown to the release date and run social media campaigns, showing snippets of what your product offers and, most importantly, what problem it will solve for your prospects. Remember, you’re not selling the product, but the solution. You can also make provisions for prospects to sign up for your newsletter, to get first-hand information on your product launch.
Create quality content
Having an effective content marketing strategy will be a plus in your launch process. Create a plethora of content, from videos to infographics and text. However, I will advise you to focus on quality visual content, since people are more visual stimulated now than ever before.
Create content that fully represents your product and puts your brand in a good light.
Use influencer marketing
Influencers have loyal followers who have every possibility to trust and purchase any product advertised by them. You might not get as much traction as you would get with influencer marketing when you only focus on marketing your product yourself. Truth be told, when a product is new, there is a high chance that it will not be trusted. But when you involve a credible influencer, you’re more likely to make more sales.
There are other ways to increase the excitement around your product launch, like organizing a contest/giveaway. However, make sure it is in line with your brand. Remember that your focus is to launch and scale successfully. While carrying out the above, ensure you have an effective monitoring system to track your campaigns. It will help you know what you’re getting right or wrong. You can be among the 5% that will launch their businesses successfully. Just be ready to put in the work and trust the process.Featured Image Source: Foundr
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