It is a big deal if you are launching something new into the market. Whether it's a recent service upgrade or a physical product, the way you launch it can make a big difference between success & failure. Did you know? 90% of the 'product launches' fail every year.
In these digitally isolated times, it is crucial to adapt to the online spectrum. The survival of your business depends on how you strategize your digital journey; let's explore the different ways to introduce a new product in the market.
RESEARCH! RESEARCH! RESEARCH!
Before launching a product, whether it's from a big or small business, you must consider what your product is actually 'worth' to your TG (Target Audience or Group). We mean why should the customer buy your product. Market research is one of the most powerful ways to uncover the real demands and find a new product launch strategy to meet the needs of your specific customers.
Before taking the first step towards a product launch, you must have answers to these questions:
- Is there a need in the market for the product?
- Who are my competitors?
- Who is the target audience?
- What is the best way to present my product to the customers?
- What will be my ROI?
Also Read - 5 DIGITAL MARKETING TIPS FOR SMALL BUSINESSES
Defining Your Launch Goals
While launching a new product or service, most companies want as many sales as possible in a short time. However, figuring out what else you want to achieve can help flesh out the product launch strategy & provide measurable indicators of success. Some of the goals that you should focus on are as follows -
- Positioning: Clear, establish or transform the consumer’s understanding of your brand.
- Awareness: Raise the market’s awareness and create a buzz around your brand.
- Prospects: Introduce the product to a specific number of potential users within a set period before the launch.
- Differentiation: Set your new product apart from earlier incarnations or competitors’ versions.
- Usage: Increase the number of individuals or companies using your product regularly, incorporating it as part of their organisation, or placing additional orders based on initial product satisfaction.
Devise Your Initial Target Audience
Avoid launching to everyone all at once. Rather, start by setting an initial target audience and marketing plan to reveal your product to more users progressively over time. This will provide an opportunity to tweak your messaging & add more value. It will test your assumptions & will confirm answers to the important 'Who, What & Why' positioning questions.
Map Your Customer Journey
Determine how you will get in front of the people in your TG and recognise the key steps you expect them to take through your launch.
Brainstorm everything you could do to accomplish your goals. This might include landing pages, email marketing sequences, paid ads, referrals, blog posts, webinars, or any other approaches.
Digital Marketing Strategies to Consider
There are all kinds of tactics to consider and which you choose will depend greatly on your industry, your product, and your target audience. Some of the examples are -
- Pay-Per-Click marketing
- Influencer marketing
- Content marketing, including blog posts
- Search Engine Optimization
Let's explore a unique methodology that brings together all of the moving parts that make a product launch successful.
1) Planning Your Strategy
Before initiating a product launch, map the plan to roll it out. Many possibilities can influence your product launch (seasonality, cultural events, etc.) and without a tactic that considers these variables, you can easily lose focus.
Have a Look at our case study of LIME (Lessons in Marketing Excellence): https://bit.ly/3hwVVRJ
2) Articulating Achievable Targets
Having goals and breakthroughs that track the development of your launch and keeps the team motivated is essential. These can be goals in terms of market penetration, product awareness, positive reviews, or even negative feedback.
3) Interpreting into Actionable, Accountable Steps
You’ve defined your goals, now it’s time to create actionable steps to accomplish them. Be mindful of all the levers of digital marketing that can help you achieve your goals. This is the most important part of creating a strategy for a new product launch.
4) Social Engagement
In a world of social media platforms, you cannot take the risks of your brand's absence. A new product launch social media plan needs to cover all of the major platforms that your target audience frequently visits (Facebook, Instagram, LinkedIn, Twitter etc.) and it needs to have a paid and unpaid campaign plan. Besides that, it should incorporate best practices for follower engagement, influencer outreach, and promoting user-generated content.
5) Driving Traffic to the Website
Driving high-quality traffic that has higher chances of conversion from all the channels you’re running a campaign on should be one of your primary success metrics when it comes to launching a new product. A well-designed website that is optimized for conversion will have dedicated product landing pages, clean UI, and intuitive site navigation. This aids in grabbing the attention of the visitor and makes the conversion process smoother.
Have a Look at our case study of Ayushakti: https://bit.ly/3hue7LK
6) Discovering the Correct Time to Announce
Once you think you’re finally ready to launch your product it will be time to carefully consider the timing of your announcements and promotions. Look at what your competition has done when they launched a new product or service. What have other businesses in similar industries done to get ready for a product launch? Nailing down the best time can help optimize both the launch and the sales that follow.
Here's a testimonial from one of our clients from the Healthcare sector, Co-founder of Ayushakti Ayurved, Doctor Smita Pankaj Naram. Sociomark has helped Ayushakti in strategizing numerous product launches, health camps, online consultations etc., digitalizing the Ancient Ayurveda with a modernized approach. https://www.youtube.com/watch?v=F44hEXu7HRo
If you want to be more effective with your product launch marketing strategy, let's not waste more time. We assist brands with their launch tactics, optimizing the content in such a way that your brand's story gets the maximum exposure possible. Reach out to us on firstname.lastname@example.org or DM us on our socials and we’ll be glad to help!
Author - Heta Desai (Managing Director)