Learning how to launch a new product effectively will improve your company's return on investment.
When launching a new product, there are many things you will need to consider.
Almost as important as the creative and technical minds that design and manufacture the new product is how you plan to take the new product to market. Are you targeting a new audience with this product? Have you already researched your competition to make sure that you have a unique offering? Are you prepared to adjust your marketing strategy when your competition responds?
If you are looking to learn how to launch a new product, keep reading to learn our 9 strategies for success.
How to Launch a New Product: 9 Tips for Success
- Keep everyone on the same page. A key component to a new product launch is the cooperation of all parties involved. Make sure to hold meetings or dispatch communication regularly. This will make sure that everyone knows his or her role in the new product launch and that deadlines are being met.
- Analyze your competition. What other companies are in your space? Try to empathize with your customer and determine why he or she should buy your product instead of one from a competitor. Note also the marketing techniques your competition uses. While you may not want to draw direct comparisons between you and your competition, you will need to know exactly what they offer and how they offer it.
- Identify your ideal customer. Your product should satisfy a need or desire of your ideal customer in a way no other product can. Use your CRM (customer relationship management tool), a customer survey, or social media to find new orders from your existing customer base.
- Determine your product’s unique value proposition. One of the cornerstones of marketing is identifying what sets your product apart from other companies in your industry. It doesn’t matter whether the difference between your product and others like it is tangible or qualitative; just make sure the marketing materials you develop highlight exactly what makes your product special.
- Decide on a marketing strategy. Your ideal customer and your product’s value proposition could very well dictate how and where you market your new product. The real key is to make sure you convey a cohesive message across all channels.
Use a promotional product to introduce the new product. Promotional products such as those sold by InkHead can be used to interest prospective clients or excite current customers about your new product or service.
T-shirts will build buzz for the launch of your new product.
- Test your launch plan. If possible, create a select group of customers and prospects and test your launch strategy on them. Make sure to take note of what works and what doesn’t. The point of a test run is to iron out any kinks and identify strategies that don’t operate as expected.
- Take your campaign live. After you’ve tested your strategy, it’s time to take the product to the streets. Consider kicking off the new product launch campaign at an event or trade show. Marketing at trade shows is a great way to build buzz for your product, both through word-of-mouth and mass media coverage.
- Know when to start again. Your product’s life cycle is not indefinite. As you notice your competition change their approach following the launch of your new product, remain agile and proactively adjust your marketing strategy accordingly as your product lives out its life cycle.
The Bottom Line
The 9 tips above are a good starting point for anyone wanting to learn how to launch a new product, but they are not the only strategies you should bear in mind.
Have you or your company launched a new product in the past? What advice would you offer our readers? Leave us a comment below to let us know!
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