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A collection of steps, inspiration, and solutions for product launches.
Launching a new product is always an exciting moment for a brand. But without proper planning of a go-to-market strategy, strong communication internally and with your target audience, and ample time and resources to commit to prelaunch and postlaunch marketing and advertising, even some of the best products face the risk of failing. That’s why it’s imperative that you develop a product launch strategy.
If you want to avoid common mistakes and make your next product launch more stress-free, take a look at the recording of our latest live talk. We covered everything from the pitfalls of product launches to the effective pain-relievers and upcoming trends.
The Marketing Research Association states that only 40% of developed products actually make it to market. Of those, only 60% generate positive revenue. As an established brand, you may have already experienced a failed product launch. You can certainly learn from your mistakes and take the proper steps to mitigate potential risks with future product launches. But first, you must understand the common challenges most product launches face.
Timing is a critical factor. You cannot rush a product launch before everything is ready, nor can you wait too long and miss out on a marketing opportunity. That’s why you need to start preparing for your product launch many months in advance, using consumer data, surveys, analytics and other forms of testing.
Customer preferences will also dictate the perfect timing for your product launch. Launching a product that perfectly coincides with a time the market desires it most will greatly improve the chances of success.
At the same time, you want to ensure that the quality of the product has not suffered just so you could release it at a certain time. Additionally, marketing and advertising must align with your target go-to-market date.
And lastly, what are your competitors doing? Are they releasing a product similar to yours? That could also affect the success of your product.
A lack of proper marketing and advertising is another major reason product launches fail. Before launching your product, you need to identify consumer needs and pain points, discover what channels are optimal to advertise the product, and determine what type of messaging will resonate best with your audience.
Understanding consumer needs is vitally important to the success of a product launch. Consider the customer journey. What touchpoints does the customer come across when researching your brand. Put yourself in the customer’s shoes and see where your own journey might lead you. This will better help you to identify failed touch points and make the necessary adjustments to better speak to and guide the consumer along the right path to a sales conversion.
Many products fail simply because companies focus on the wrong market. Additionally, many brands fail to price the product based on the relationship between consumer demand, need and the ultimate value of the product. There are dozens upon dozens of factors to consider when launching a new product, and only with the development of a strong plan can you hope to achieve sales success. In fact, many experts state that it doesn’t matter how good your product is — without a strong product launch, there is little chance of success.
Creating a marketing plan can be just as intensive and time-consuming as developing the overall product launch strategy. The story of the product should explain to consumers why they need the product and why they should choose your product over the competition. Stay focused on customer pain points and product benefits, and you’ll be truer to the development of a viable marketing strategy that showcases your product without focusing too much on selling the product.
Communication is always an integral component of any business function and planning strategy. Several departments will play roles in the product launch, and they all need to be able to communicate effectively with each other throughout the planning stages. Keeping everyone on the same schedule and making sure everyone within the organization understands the messaging and goals will help increase the likelihood of success for your product launch strategy.
Holding a product launch event serves to build awareness as well as generate buzz and anticipation during the prelaunch efforts. You might also want to consider holding a virtual event as opposed to a physical event.
Augmented reality can be used as a truly unique sales tool, allowing customers to easily visualize how a product will look within their own homes to build the buzz during the product launch.
Virtual reality can take your product launch event to a new level by offering a unique experience to your participants. By seeing your product in virtual reality, users can understand the benefits quicker and you take care of the entertainment as well.
Spend your time on what you like the most; getting creative, minimizing lead time on marketing assets, or plain and simple free up more time in your schedule. Let the technology do the hard work.
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