Do you want to launch a new product or service in the market? Launching the product is next step after you have decided what you want to offer as your product or services. Product launch is a crucial step as the sales and growth of the product is dependent on a good and well-hyped product launch.
Take an example of the leading tech brand Apple. Do you know that they sold 300,000 WiFi units on the launch day? Within 3 days, 1.7 million iPhone 4 units were sold. Clearly, they knew how to launch a product for maximum sales! You too can kickstart your product launch and can boost your sales to a huge success. But there is no universal law that is to be followed. Every brand has its own strategies, brand value, and shortcomings. Do you know that sometimes even the most experienced product managers fail to get the product off the ground?
Every single day countless products are being launches across the globe. But they fail to perform well in the market no because they are not up to the mark, but because they are not marketed well. To launch the product in the market that creates a buzz in the market and that catches the attention of the target audience requires careful study of the market. Let us have a look at the following steps that will help you in achieving this target:
Analyze your Competitors
In addition to working on your brand’s SWOT (Strength Weakness Opportunity Threat) analysis, you have to keep an eye on the competitor’s SWOT analysis too. You have to start by taking your competitors seriously. Make a list of your competitors that are offering products or services in your domain. Try to figure out their strength, weaknesses, strategies and future plans. Analyze what makes them stand in the competition. Plan your strategy according to your competitors. Get into the shoes of the customers and know what is their definition of a good product. This will help you in your marketing strategy, advertisements and you can stand out from the crowd.
Focus on Target Customers
As a brand, you have to focus more on the target audience. They are the ones for whom you are launching your new product or services. So it becomes necessary to focus on the customers who are most likely to buy from you that too for a long term. There may be customers who might be purchasing similar products or services as you are providing and appreciate the new features or quality you are offering. But your ideal customer will be those who have a need for your products and services, can afford to buy the product and are eager to buy from you.
Give Something Unique
Before actually starting marketing, you must have a clear idea of what you have to market. What are the things that make your product stand out from all the products that are available out there in the market? You should make it clear to the customers that why should they buy your product and not from the bunch of competitors out there in the market. In a nutshell, make sure your product is a value to the money, it should have unique features and it should fulfill the needs of the customers.
Work on Marketing Strategy
Next, you have to make your marketing strategies clear to your team. What would be your channels for the marketing? Are you going to market the product online? Select all channels through which you would like to market your product eg, newspaper, magazines, print media, digital media, television etc. Generally, multi-channel marketing is more effective as your product is exposed to the customers from every possible channel.
Test Before Launches
We know you have put a lot of effort, money, and resources and bought up your post like a child. Why risk the success of your product prior to the proper testing of your product. You should test your product or service, marketing message and the value you are going to provide through your product. You can first focus on the sample target audience group or simply can have a meeting with the target audience group. Distribute your product in malls, and small retailers to know the response. Carry out online surveys to know how your product is performing before actually launching the product.
Get your Campaign Started
It’s time to start your campaign. Get all the media coverage you can get. Create a hype and buzz for the product. Start advertising heavily, start various contests, distribute prizes. Hold a launch event for the product. Get your product available in the market so that customers can easily buy your product. Make sure that you get the most out of the media coverage and hype. Analyze the results after the campaign and check what worked best for you.
By implementing all these techniques, you can boost the sales of your product. There are many other strategies that you can follow for a good product launch but these are few strategies that work for almost all the brands whether big or small. A good product launch is foundation for the good sales and you can lay the foundation for your next product and next innovation.