5 Tips to Guarantee A Successful Product Launch!
Many businesses make the mistake of presenting a new product to their customers without determining a strategy for launching it. This can result in several issues, such as financial loss and ineffective product promotion. Successful product launches result from thorough planning and research conducted by a team of reliable, experienced marketers. In this article, I’ve created a product launch guide to give you the essential information that’s required for effectively launching a product.
Establishing a Product Launch Plan
No product launch should begin without a proper plan in place. You need to establish a strategy for how you’ll be presenting your product and to what kind of audience. Here’s a product launch guide on the steps you must take to create a successful plan:
#1. Know your Product
Your product plays the starring role in your product launch, which means that it’s the most important aspect. Therefore, you need to have in-depth knowledge about your product and what it offers. Then you can present its best features to your audience. How does it fill a demand in the market? How will it benefit potential customers? You need to develop a product that will connect with enough people so that it becomes financially viable.
It’s important that your product satisfies the needs of consumers on multiple levels, including quality, functionality, and price. It basically needs to be a product that sells itself. Skype is an excellent example of such a product. Despite the occasional company-related press release or announcement, you’ll rarely see an ad for the service. Yet Skype’s user base grew from 10 million in 2004 to 60 million in 2005.
As of January 2016, the service is being actively used by 300 million people worldwide. Skype is able to achieve this by making constant improvements in the quality of its voice and video calling. By enabling people to place international calls at highly reduced rates, they’re providing something much better than traditional phone companies. This means that the product is satisfying the needs of a huge customer base on a constant basis.
The first step in a successful product launch guide is to identify the features that your customers are most likely to benefit from. You can then highlight these features efficiently when launching and promoting the product.
#2. Research your Competition
There are numerous products in the market being offered by a large variety of businesses. So you and your product will undoubtedly be up against some competition. For your product to be a success, you need to know the strengths and weaknesses of your competition. Conduct research to see how your product is measuring up.
Read the rest of post on Shane Barker’s Marketing Blog.