There are a lot of new products coming into the market almost on a daily basis, but most of them get off to a rough start and eventually crash out of the market while some shoot off like rockets, selling big right from day one. What then makes the difference? Well, there are few factors but major amongst them is how the product is launched.
Especially for start-ups and SMEs, how a product is launched is a very critical, it will go a long way to determining the longevity of that product and in the long run, the company. A product launch must not just be viewed as an event but as a process that has a lifecycle. A successful product launch can take you into new markets, give you access to new customers as well as increase business with existing customers.
Here are a few strategies for a successful product launch:
- It’s about the market. It’s not really about the product and its functionalities but about how the product affects the target market. People are interested in how your product will fit into their life. You have to match the capabilities of your product (service) to the needs of the target market. You have to know that your product is solving a real problem that buyers are willing to pay you to solve. That is your pitch.
- Who is your product for? You need to define and target specifically the sphere of the society you want to reach out to. You have to know their demographic information, why they need your product, who influences them, what types of media they consume and any other information that is relevant to your product. Also, you need to define your message. In one sentence, can you articulate the product offering and its benefit?
- What are your goals? What do you intend to achieve what are your set goals for the launch? There is no chance at a successful product launch if you don’t make clear the goals you want to achieve. This helps frame the purpose of your product launch and helps guide you in evaluating launch tactics. Also, make your goals short simple and measurable not abstract goals, let them be readable and understandable to the next person.
- Who do you know? Ahead of your product launch, you need to leverage on the people you know to put out word concerning the product. You need to get the word out faster and build your customer base faster. You need to involve people in your company, your partners, industry analysts, thought leaders, and press. As many people as possible and give them something to talk about
- Timing is key. The timing of your product launch is also paramount to its initial take off. Turn it into a key event. Timing is everything and sometimes timing a launch can mean all the difference in the world. As you go through your planning process, identify the times and locations that afford maximum leverage.
- Create a mystery. Create a mystery around your product, create an atmosphere full of suspense around your product. Deliberately release very very few details about your product. The mystery will drive your customer base into a frenzy and by the time it’s actually launched, its reputation would have grown to mythic proportions.
- Buy a measuring tape. You need to define and understand not only what a successful launch would look like but also have a way to measure it. As often as possible, track your page views, visitors, social shares etc, to figure out what’s contributing to the success of the launch. Create a way to measure how far you went in achieving your goal(s).
- It’s a process. Finally, that you’ve launched your product is just the beginning of building a long-term sales strategy. Good and fine, the product launch was successful, what next, how do you ensure that your product remains relevant to your customer base? Always be one step ahead.
Wishing you a successful product launch and do invite me for the event.
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