Finally, you are just a step away from fulfilling your dream. You are a few days from the official launch of a new product.
This is something you have been planning for months or even years. You are excited that your efforts are paying off. But you are scared of the unseen.
Launching a new product is not the easiest thing for any business. The upsides are worthwhile, but the challenges can be draining.
Whether you are a startup, or an established business looking to add a new product to the existing ones, you must develop a plan to make the launch a success.
Never rush the process. Sure, you cannot wait to introduce the product to your audience, but you also must ensure that you do it right and at the right time.
This guide explains seven things to know before a product launch.
1. Timing Is Everything
The idea might sound fantastic, and everything could be going as you had planned. Nonetheless, without the right timing, your launch will likely fail.
There are particular seasons to avoid. For instance, if you are a clothes dealer, summer cannot be the ideal time to launch your new winter clothing line.
A lot comes into play when determining the right time to introduce the product in the market.
Consider the consumers’ need to establish if the product is helpful at that particular moment. The product should fill a gap in the market.
What about economic factors? Do you think your target audience is financially well off to grab the products sooner?
Check the motivations for making a purchase and potential reasons why they wouldn’t buy your products. Weigh the two and come up with a sound decision.
2. Test Your Product for Credibility
As earlier mentioned, the easiest way to kill your product launch is to do it in haste.
It would be better if you took years to introduce the product, and when you do, you bring something that will change consumers’ lives.
Being in a hurry will push you to introduce a product that does not work correctly or meet the consumers’ standards.
Test your product over and over and only avail it to customers when you are satisfied with the outcome.
3. Consumer Testing Saves Your Time and Money
You ought to consider your customers’ needs before launching a new product.
Failure to consider the product’s users right from the design stage increases your chances of failing after the launch.
Therefore, it is crucial that you conduct consumer testing as it allows you to collect information about their needs and establish if they love the idea.
While at it, learn their motivation to make a purchase, possible reasons for not buying the product, what problems your product can cause, and what suggestions they have to make your product the best.
Consumer testing saves you time and money such that if you find out that your target audience has no interest in the product you have in mind, you can do away with it before investing too much.
4. Set a Reasonable Product Price
In many instances, product launches fail due to wrong pricing strategies. As much as you want to make high returns from it, the price must be reasonable.
Consider the production cost and then establish your ideal profit margin. You should conduct in-depth research to determine how much your competitors are charging for similar products.
Whether you want to set the price slightly higher or below your competitors, make sure consumers are willing to pay the amount you ask.
Do not let the urge to make high profits misguide you, as you will end up losing potential customers to competitors with more reasonable pricing than yours.
5. The Product Name Should Speak Before You Do
By now, you already know what problems your new product will solve for consumers. This should be your guiding point when coming up with a name.
Consumers should know what you are launching even before you say it, simply by checking the name.
However, just because you want to be unique does not mean that you should be complicated. The product name should be easy to spell and pronounce.
What’s more? It should be easy to remember. Make the name original and straightforward while ensuring that it leaves a lasting effect on consumers.
6. Branding Is Critical When Launching a New Product
Do you want to make a statement with the new product? It can only happen if you have a proper brand strategy.
Your brand differentiates you from competitors. It communicates more about who you are and what you believe.
Now that you understand your audience better, you should come up with a message highlighting the most valuable features of the product and why they should not miss out on the launch day. Focus on the product packaging to ensure that it suits your sector and highlights what you believe in.
7. You Cannot Sell Without Proper Marketing
Before launching a product, you should have effective product marketing strategies to put you ahead of competitors.
Unlike promoting existing products, marketing a new product takes more time and planning to convince consumers that what you are offering is legit.
Conduct research on the best campaign ideas to grab your audience’s attention and make them want to try the product.
The most effective promotion method is influencer marketing. Prepare several PR packages and send them to your favorite social media influencers for a review. Buyers are likely to make purchases based on what their favorite celebrities think about the items.
You may also try making videos explaining how the product works and even demonstrate how to use it if necessary.
Do not forget to offer discounts on your first days of the sale, and you can go to full price as soon as you feel that consumers love and trust your products.
Make Your Product Launch Memorable and Worthwhile
Launching a new product is all about proper planning and timing. The guide above will make your walk through the launch process manageable, all from product development to the actual introduction to the market.
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