Unfortunately, there are many great products launched every year that don’t become successful. As a matter of fact, according to the Insights Association, only 60% of all products that make it to the market will generate any revenue at all. There can be many reasons for this kind of failure. However, one of the most common is the lack of an effective product launch strategy. In order to help readers that are planning on launching a new product, this guide will go through the nine basic steps to create a new product launch marketing plan.
1. Figure out the Right Product by Focusing on People
Despite having a strong product launch strategy, any startup is doomed from the very beginning if the product it creates is not relevant. Unfortunately, there is no fool-proof method to know what the right product is before testing it. However, there are some measures you can take in order to improve your chances of success. One of the most important is focusing on people rather than the product itself. Ask yourself the following questions: How does it affect the potential consumer? Why should they care about it?
2. Get Opinion Leaders on Board
If it is at all possible, it’s always a great idea to convince a few opinion leaders that your product is great before going through with the product launch strategy. This can be done by offering them descriptions, limited samples, and demos that will hopefully get them interested in what the product might do. However, it is important not to offer the full version of the product. This way, the company maintains a certain amount of mystery and building anticipation.
3. Build Your Messaging
Also known as positioning, messaging is the action of building a narrative for your product. An effective messaging describes the most valuable and interesting characteristics of the product in a simple and straightforward manner. Even though this can be difficult to pull off, if done correctly, it conveys a strong message and allows potential customers to get a clear idea of what the product could do for them.
At the same time, the messaging should be enticing and persuasive enough to elicit a response from as many potential customers as possible. The following are the basic elements of any good messaging in a product launch strategy:
- A strong tagline.
- A declaration of the problem the product solves.
- A short list of the most important features.
- A short (10 to 20 words) positioning statement.
4. Beta Test the Product
Once the first draft of the messaging is consolidated, it’s important to have a group of beta testers to evaluate the product. This provides a great opportunity to get feedback that will allow you to review your messaging and come up with strategies to hype up the product in the future.
5. Adjust Your Messaging
In order to be as effective as possible, your messaging should go through a constant process of adjustment. After talking to prospects, beta testes and industry experts, you might have noticed some aspects of your messaging that need adjustment.
6. Set Goals
In order to set the parameters for success, it is a good idea to set ambitious goals before launching the product deliberately. This is particularly true when the product in question is a new product without benchmarks. An effective way to do this is by asking the following question: “If everything goes perfectly right, what is the highest possible number (of leads, users and so on) we could achieve?”
7. Draw a Plan to Get People’s Attention
Once it’s almost time to launch the product, it’s time to start looking into ways to get people’s attention by building launch assets. These assets can be in the form of website pages, videos, social media posts, emails, and various other tactics. However, before deciding on any specific asset, it’s important to ask yourself the following questions:
- How do people make purchase decisions in your industry?
- Is there a free trial or a demo?
- Is it better for potential customers to talk to a salesperson?
- What do potential customers need to know before they get to the point of buying?
Once these questions have been answered, you will have a much clearer idea of what the best ways to get people’s attention are. You can focus on one single type of launch asset or use a combination of a few.
8. Choose Your Channels Wisely
At this point, you have reached the last stage of the product launch strategy. Before doing it, however, it’s vital to choose the right channels to use. Do not try to supersaturate by using all the channels at your disposition. Instead, avoid the channels that have audiences that are not the right fit for your product. Try to choose one main channel and then redirecting traffic to it through email, social media, paid advertisement, and other channels.
9. Create a Launch Event
Last but not least, a launch event is a perfect way to culminate the launch process. If pertinent, you can have a live event that includes a ceremony and any other activities that will get people’s attention.
If you think a live event is not the way to go, you can also try an online inauguration consisting of a streaming event, webinar, a Hangout On Air, a Reddit AMA or a live social chat. If at all possible, you can invite influencers or celebrities to your event in order to create hype and exacerbate expectation.
People who want to learn how to launch a new product can benefit from going through every step in this product launch strategy guide. By hitting every point in this product launch checklist, you will greatly improve your startup’s chances of success.
Do you have any other tips to create the most effective product launch strategy? If you do, please let us know all about it in the comment section below!