November 5, 2018
Tips For a Successful Product Launch
1. Define Your Target Audience and Know How to Reach Them
Before your product launches, you need to ensure that you are more than familiar with who it is to be released to. You obviously have a good knowledge about your customers, you have just created a product around their best interests. However multiple various demographics are needed to be taken into consideration. This will increase the likeness that your advertisement content will reach those who you think will be most enticed by it. Concentrate on accurately defining your target market such as gender, age and occupation.
After generically investigation of your customer’s characteristics, a more specific investigation of your main consumer base should be undertaken. This will ensure that your products are tailor-made to your customer’s needs. Using these specific demographics to narrow the focus of your audience will give you an edge over competitor brands.
It will also genuinely strike a chord with who you want to sell to. You will need to ensure that you have narrowed your demographics as much as possible. You want the right person viewing on your various ads and consuming your content, such as university students who like to travel or company managers who enjoy sport.
2. Focus on Who’s Buying it More Than ‘it’ Itself
Once you have made your target audience as specific as possible, then you will have good idea of how to persuade them towards purchasing from you. Whenever you create any advertising element, always ensure that it’s pinpoint to what the consumer is looking for.
Although it is the actual product itself you are trying to promote, make sure that your content describes why the customer should purchase your product/service rather than describing the product itself. Furthermore, make sure you release a product your customers will want to show off, which will generate free publicity.
An example of a well-suited advertising strategy would be using different social media platforms to target specific groups of people. Instagram for example is far more effective for targeting the younger generations as it is most informal social media format. Vice versa applies with Twitter’s formality appealing to older generations and business minded social media accounts.
3. Know Your Competition and Be Different (one of a kind)
Intensely research your competitors, the companies who are providing a similar product or service to you. This will give you the fullest knowledge about the structure of your chosen marketplace, allowing you to negotiate it easier. Identify at least one commonality that links all of these businesses.
After identifying such a feature, don’t try and avoid using it completely unless you can afford to. Instead try and come up with your own unique take on it. Instead of following the market trends, look to what makes you different. This’ll make consumers notice you easier as you aim to be a one of a kind, trend setting business.
Dominos are a good example of the benefits of finding a unique take on an existing market. Their food ordering system became one of a kind, allowing consumers to order through social media and text message. They also implemented a tracking system that shows a consumer’s order go live through the various stages of production. These unique features have made Dominos stand out from competitors, making them more appealing to consumers worldwide.
4. Sign Influential Celebrities On-Board
There are so many bloggers, celebrities and market experts who almost dictate the popularity share of a market. They do this through either endorsing, wearing, using or even just writing about your product/service. Even by simply completing one of these actions, the amount of coverage your products/service will receive can be unbelievable.
For example, many clothing brands use famous celebrities to wear their products where they will be seen. Calvin Klein successfully did this through Justin Bieber’s endorsement of the #mycalvins campaign. After just 48 hours, the #mycalvins hashtag generated 1.6 million Twitter mentions. Overall Calvin Klein gained over 3.6 million followers across its social media accounts.
Obviously not all businesses can afford the endorsement of an A List celebrity like Bieber. Yet this example shows just influential the famous can be, so it is definitely something worth businesses dabbling in.
5. Offer Early Use Incentives and Take Pre-Orders
You want to make people interested or even active in purchasing your product before its even launched. One of the best ways to do this is to offer free trials or discounts for pre orders. This will attract consumers attention as they feel that they will be getting a too good to miss deal just by purchasing your product either before or just after it is launched. By having this source of sales already lined up, you are almost guaranteeing your products future success.
6. Turn Your Product Launch into an Event
Even though it may seem extravagant, having a well-publicised product launch with a live audience emphasises your product’s importance. By organising such a spectacle, you are creating an instant sales and awareness boost.
An effective platform to gain live viewers for your product launch is social media live streams. Over 360 million users watch Facebook Live regularly, 200million for Instagram. This demonstrates the immense viewing potential for a product launch that is streamed on these platforms.
7. Get All Relevant Employees on the Same Wavelength
The entire company should be unified in terms of how to go around selling your product or service. By keeping all publicising and marketing activities consistent across all of your business, you’re strengthening not just your products image, but the image of your company as a whole.
An effective exercise to ensure all your relevant employees are on the same wavelength is to write a mock press release. Marcus Andrews of HubSpot suggests to do this very early on in the product’s life to ensure that everyone involved in the launch is aligned on the messaging. Furthermore, employees will be enticed into coming up with their own take on the press release, encouraging active involvement.
8. Keep Testing It and Start Planning the Next Version
Your product’s perfection process is never ever complete. Constantly test the effectiveness of your product and when it seems to be on the decline implement some change, or a whole new product to reengage consumers.