Three Top Tips for Launching a New Product
Launching a new product can be cause for great excitement, but it can also lead to a significant amount of stress and uncertainty. You never really know if a product will fly or flop until it officially launches. However, there are certain measures you can take to help avoid a potential flop as much as possible. With the proper preparations, you can set your product and your company up for success following the debut of your new items. This guide explores three top tips for launching a new product successfully.
The most important tip for launching a new product is to plan ahead and do as much research as possible. This is the best way to gauge current audience perception of your brand and the new products. Start by conducting marketing research regarding the product itself. Consider holding focus groups or providing a survey to your loyal customer to ascertain their thoughts and desires regarding new products. Once you have a clearer vision of what your audience would like to see from future products, you will be better able to alter the marketing strategy for this new product accordingly. Remember that you can never be too thorough when conducting this preliminary research. Be sure to also conduct research regarding the product packaging design and the marketing strategy for the new products. This will ensure a more cohesive, well-rounded marketing strategy in preparation for the product launch.
In the days and weeks leading up to your product launch, try to drum up as much anticipation as possible. There are many different ways to do this, from hosting an experiential marketing event and providing an exclusive free sample of the product to incorporating brand ambassadors into your marketing strategy. You can also utilize digital media to provide exclusive videos and photos of the new product prior to launch. When building anticipation around a product launch, it’s always best to start sooner rather than later. You want consumers to be aware of the product well in advance of the actual launch. Enacting marketing efforts too close to the release date will not allow enough time for news to spread through the grapevine.
Use technology to your advantage
Technology and digital media can be a very beneficial adversary when it comes to launching a new product. As we’ve stated, you can utilize digital media to share exclusive content about the product itself. You can also use social media to interact with customers and gauge perceptions about the upcoming product launch. Partnering with prominent social media influencers has also become a popular trend in recent years. Providing influencers with the product in advance of the official launch can be a great way to elicit additional interest from an audience that your products may not normally reach. These influencers will discuss and promote your product on their personal channels, which will help garner interest in your product in advance of the official launch.