The product launch is a proud day for your company and a vital one as well. If you want that product to succeed, you need to find a meaningful way to connect with the customers. That can be more challenging than you might realize at first.
We’ll run down the three things you should do to make sure your product launch works. Doing these three things won’t guarantee the product’s success, but it gives you the best chance to get the market penetration for which you’re undoubtedly hoping.
Product Launch Tips that Dramatically Increase Your Success Chances
There are various product launch tips that can increase your success chances significantly and some of the major ones we have described below. Have a look!
1. Announce the Product Via the Right Venue or Channel
As you’re getting ready for your product launch, your company’s employees might be a little bit nervous. Your R and D department might have worked on that product for weeks, months, or even years. You might need this product to succeed if your company is going to remain afloat or gain ground over your competitors.
If you want to give that product the best successful chance, you should announce it at the right venue or using the proper channel. That venue might be your website, but it could also be a podcast. You might also set up a press conference and announce the new product that way.
If your company is just a startup, though, a press conference is probably not a possibility. You haven’t established yourself yet, so there’s no reason why the press would care enough to show up.
You might choose social media as a way to announce your new product is out now. If you do, you’ll need to figure out the right platform to use.
You should utilize what social media platform you know your customers use the most. Using an online video editor, you can create a video introducing your product. It could be Facebook, Twitter, Instagram, YouTube, or something else.
You might also announce the new product via your website. Again, that’s only going to work if you’ve already established your company and a good amount of people know about it.
2. Build the Anticipation to a Fever Pitch
You also need to run a marketing campaign before dropping the product to attract as much attention as possible. Think about the marketing leading up to a new movie or album release. Consider the various ways the marketing team drums up as much anticipation as possible.
Exactly how you can promote the product before the launch depends on several factors, such as what the product is, how much money you have to work with, and what channels you have available. You might release featurettes on your YouTube channel about the product for months in advance. You can offer related merchandise if that’s practical.
You might offer a limited edition of the product for those who preorder it. Try to fill up the waitlist on your website. You could include a special giveaway that comes with the product, but only for the first 500 customers.
3. Make Sure Your Product Fills a Need
The last thing you need to think about is whether your product addresses a customer pain point. The pain point is something the customer wants or a need they have.
If you do a lot of market research using advanced analytics and customer surveys, you should develop a very clear idea of what your customers want. If you don’t bother to do that, you’re leaving the product’s success up to chance.
That can’t happen, especially if you’ve sunk a lot of time and energy into this particular product. If you miss the mark when you feel like you’ve determined what your customers want, that can be an error from which your company might not recover.
Remember that if you’re deviating too much from what your customer base has bought in the past, you’re taking a significant risk. If you launch a product that’s a major departure from your prior offerings, offer it in a much more limited capacity. If it catches on, you can mass-produce it.
You have a much better product success chance if you derive your product from what you already make. If you’re a clothing manufacturer, for instance, and you decide to expand your brand to something wildly different, like office supplies, the odds are against it succeeding.
The Final Thoughts
You’ll need to plan the launch meticulously, with painstaking research and customer focus groups beforehand. If you do all that, you can probably count on a strong reception. With any luck, your product might go viral. It could be what propels your company to new recognition and previously unseen success. Hence, this is all about product launch tips that will help you to dramatically increase your success chances.