How To Launch A New Product?

To launch a new product-

⦁ Know your customers
⦁ Make prototypes and test your product
⦁ Research the competition
⦁ Try pre-marketing
⦁ Network and share

You put in all your effort, time, energy, and resources into creating a new product. However, when it hit the shelves, it didn’t make much of an impact. The key to successfully producing and selling any product lies in the method of introducing the new item to your customer base. So, the question now is- How do you launch a new product?

⦁ Know your customers

Before formulating the actual strategies, it is important to do your homework on who your customers are and what they want. Creating a new product, despite how beautiful or useful it may be, won’t bring in a lot of sales if the customers aren’t interested in it.

The first step is understanding who you intend to target your product. Who can use it? Who would buy it? Can it be the solution people need to fix a problem?

After narrowing down who your core audience is and what they want, it’s time to start listening.

Listen to the advice people give to you. It’s easy to get defensive when your friends and family start poking holes in your new idea. But, their perspective can be the golden words you need to develop a fool-proof, bound-to-be-a-hot product.

More than the people in your surroundings, you need to connect to your audience. Interact with them, gauge their reactions and note their opinions for your idea. This can be easily done by interacting with them on social media platforms, email marketing, fun investigative posts like quizzes or questionnaires, etc. These tactics can even drive engagement- killing two birds with one stone. Listen and modify your product based on what you hear and your judgment.

⦁ Make prototypes and test your product

The light bulb wasn’t invented with Edison sitting on his chair mumbling over his notes. Instead, he conducted hundreds of test trials and failed, just to get the final product working. The process today is no different than it was then.

Once you think you have a usable product that has captured the essence of what you wanted to create, it’s time to test it out. First, build a prototype to see how it works. Is it functional? Is it good enough? Will it be profitable?

Of course, just like the last step, it is crucial to test it out. An easy practice that many dropshipping businesses have taken too is hiring beta testers. To avoid investing in a defective project, beta testers investigate the prototype and offer useful feedback for improvements.

Make constant subtle changes to better the product quality. Consider adding or removing features, and don’t be shy to take action. After several cycles of testing and then improving can a final product is formed.

⦁ Research the competition

Checking out the competition is never a bad move. Researching how your industry’s past businesses acted, how they moved, the current status of your competitors, what policies they have adopted, etc. can be a great resource for you while trying to think of a game plan yourself.

Study how past businesses have gone about introducing a new product to their manufacturing line. Measure the strategy against the success rate and sales made. Observe how their audience reacted, what marketing tools worked, and what failed. Don’t forget to note the mistakes they made to avoid making them yourself.

At this point, your arsenal should be filled with data on your customers and even potential customers, the performance of your competition, and the current market status. Using this essential input, a thoroughly thought-out marketing plan can be custom-built to fit the criteria of your product.

Formulate your strategy- identify a timeframe, marketing, and promotional tool, pricing formula, estimated numbers, etc. In the end, you should set your goals indicating what you aim to achieve through this product launch- do you want to build brand recognition, increase your sales, or build a large customer base. Setting goals can act as a measure as well as a guideline, moving ahead.

⦁ Try pre-marketing

Marketing has evolved so much so that it has become a multi-million dollar industry of its own. Thinking of adopting a few marketing tactics and crossing your fingers for a good response is old school. The success of a product launch can be determined before your product even hits the market, thanks to pre-marketing.

Pre-marketing aims to build anticipation for a new product before it can be revealed to the customers. It works the same way a movie trailer attracts viewers and builds their interest, so they watch the movie when it is finally released.

Building hype for a product entices customers to buy it and spreads awareness of the brand and product which ultimately drives more sales.

Here are common methods used in ore-marketing schemes:
⦁ Social Media Pre-Marketing- Social media is the easiest way to introduce a new member to your production line. The most basic way to achieve this is by posting pictures and uploading them for your followers to see, like, and share the word.
⦁ Email campaigns- As historic email campaigning may be, it is still effective. Many companies invest in these campaigns to generate awareness about the new product and the launch as well as to encourage more signups.
⦁ Blogs, journalists, influencers- The best way to get people talking about a new product on the way is by going to representatives your target audience is always listening to. This means partnering with a popular influencer or getting your brand and product into popular blogs.
⦁ Advertise, advertise, advertise- Depending on your budget, investments in advertisements can go a long way. Choose effective ad campaigns like Google Ads or Facebook Ads to promote your product launch.

⦁ Network and share

Use your buyer persona from your extensive research and establish ways to target your audience. This can be done by networking with personnel from related businesses or your industry and having them share your product. Invite calls to action to your followers, asking them to spread the word and share your content and posts.

When you finally launch your product, don’t stop promoting. Keep up with the email campaigns, and social media. Encourage your contacts to spread the news. Grabbing attention is what makes a product launch successful.