Just like shooting a spaceship into space, it's not only the launch stage that is important. Keeping the momentum and movement up is the ultimate goal. So, why is it so hard sometimes when a new product launches?
Planning, advertising, and announcing a product are three key pillars of a new product launch. When it comes to why product launches fail, it's usually that one of these three pillars is lacking support. Wondering how to do a new product launch?
Read on for the best advice on how to launch a new product release.
How To Plan A New Product Launch
When a new product launches, it's so easy to get ahead of yourself. Visions of sales may be dancing in your head, but it's important to keep the big picture when promoting an exciting product.
It's possible to be ambitious without losing sight of your overall goal.
Take the following simple steps to first familiarize yourself with the new offering:
- Define the Target Audience- Defining your target audience helps determine the proper channels, information, and language you use to connect with your ideal customers. This also gives direction to your campaign and a channel to learn from your eager potential purchasers.
- Define the Audience's Problem- Finding out how this product will solve problems clarifies the solution you'll be presenting to potential buyers. By understanding the problem, you know how to best present the solution (the new product).
- Define the Purchase Process- Understanding and defining clear steps in purchasing the product ensures that your customer has the easiest path possible to buy your good(s). You don't want to make the journey difficult. Instead, simplify the process as much as possible and list brief steps for how to get to the point of sale.
Don't rush to market without having your ducks in a row. Here are a couple key tips for planning a successful product launch.
Do Market Research
Skipping this vital step could cost you big time. Figure out the "who" and "why" of the audience by looking at existing similar products, competitors, and the current or projected climate of the market.
In other words, what is predicted about the industry you are in around the time of the product release date? Anticipate the audience's needs and be prepared to make them an offer they can't refuse.
Determine How To Reach Your Customer Base
A great, new product means nothing if you have no one to share it with! Make sure you have a way to reach your target audience. Knowing who your target audience is can help you plan the best advertising strategy.
For example, an older audience might respond better to an email or Facebook campaign. A younger audience may be more into TikTok, Instagram, and SMS marketing. It's important to consider different avenues of reaching your customer base so you can create the most appropriate approach.
The best way to know if you're familiar with your customer base is if you can concisely answer the following two questions:
Secure Online Steps
In the digital world, it can be easy to dismiss cyber-security. However, people with bad intentions can take advantage of companies and clients during a launch. Don't get caught up in a cyberattack where identities and critical company information can be held at stake!
Instead, before the launch, secure your online identity, payment system, and overall presence. In other words, it's important to make sure that every part of the process is secure before the official launch happens. You want customer and company information to be as safe and secure as possible.
Set Measures For Success
You won't know what you're aiming for if you don't get a goal set first. Involve the whole team and any other individuals who are going to need to be in the know. It's important that everyone is on the same page so that progress can be measured along the way.
Don't forget to keep track of feedback as well. Your approach will likely need adjustments along the way and that's okay! It's easier to know what to change if you've been taking notes and tracking analytics along the way.
How To Advertise A New Product Launch
The worst thing to do after a well-planned launch is to launch a product into obscurity. Go overboard on outreach and it will likely be just enough to get people talking.
Try It Yourself
People will often trust a product more if it is recommended by someone they trust. If you try it prior to launch, you'll be a better testament to the fact that it works!
Ask your supplier or a representative when samples will be available. Alternatively, plan your own launch date at a time after the product you are going to resell launches. That way, you'll have plenty of time to test it for yourself before launching.
Create A Landing Page
A landing page can be the perfect place for your customer to learn more about an upcoming product you are launching. Even if the product is not yet for sale, you can add a submission form or field to collect the information, questions, or messages of interested customers.
This tactic can help you to gauge interest and better plan or prepare for an upcoming launch.
Align With Your Brand Voice
A launch needs to be innovative, but it can get awkward if it seems totally separate from existing products in your inventory.
Try advertising using brand guidelines or a strong brand voice. We've got some incredible visual assets in our Media Library Kit that you can use to promote Hemplucid products to your customers. Use the kit to your advantage by picking images with your brand colors or images that resonate with your ideal customers.
Offer Something For Free
Pairing a pricey new product with something perceived as added value can be a vital strategy in winning new clients. Especially when you offer something linked to the user experience, such as offering free loofahs with a lotion you're selling, the customer gets sold on the experience and better understands how the product can potentially be utilized.
Brainstorm some ways that you can exceed customer expectations. Consider offering enticing packages or providing a free demonstration at the point of sale.
Other exceptional ideas that will make ideal customers feel like insiders include:
- Pre-order discounts
- First-time buyer discounts
- Participation rewards or "points"
How To Announce A New Product Launch
Announcing a product launch is the most exciting part, right?! Here are a few tips to make sure it goes off without a hitch.
Host a Pre-Launch
Consider hosting a pre-launch video or event to tell people about the new product. Whether virtual (online) or in person, this can be an incredible opportunity to catch a potential customer's attention.
Stand Out From The Crowd
In a saturated market, do something different. Standing out from the competition makes your brand more recognizable. It also sets you apart as a potential expert or resource for others to connect with.
Make people feel intentional about buying your product. Explain what makes you unique. Be aware of trends, but also be innovative with your approach.
Be Comfortable With Not Knowing Everything
There's likely going to be a couple of questions you don't have the answers to on day one of the launch. That's 100% normal! Be comfortable with telling the user or customer, "I don't know, but I'd be happy to research that a bit and get back to you. Could I take down some contact information?"
This can actually be a great strategy for creating loyal, educated customers who love your products and use them long-term. Especially in the market of CBD, health, and wellness, instilling that sort of trust with customers is crucial.
Find Avenues For Feedback
Understanding how your product fulfills user expectations can help you plan for future launches and events. Have a way for your customers to easily submit their feedback.
Like the purchase process, the way to submit feedback should not be complicated. Make it as easy as possible for your customers to give feedback to you.
The Last Word On New Product Launches
When a new product launches, it's important to follow-through and keep the momentum going. Proper planning, advertising, and well-planned announcement can make all the difference in the outcome. Tips for feedback, getting to know your customers needs, and having a secure platform are crucial pieces of creating an optimal launch experience.
References
Entrepreneur. 8 Steps for the Perfect Product Launch. Entrepreneur.com. Published April 5, 2018.
Forbes Agency Council. 17 Steps To Take Before You Launch A Product Or Service. Forbes.com. Published October 24, 2017.