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Have you ever seen an ad for something and asked yourself, “Why didn’t I think of that?” If you sat up and took notice, it’s probably because that nifty or innovative product had behind it a really great marketing campaign and a well-thought-out launch strategy.
It’s estimated that nearly 70 percent of new product launches fail within the first year. Some of these are products that had a lot of potential. On the other hand, other products that seemed silly managed to succeed. Why is that? What is it that makes the difference?
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A product launch can fail for a number of reasons. For example, perhaps the business owner failed to do proper market research. Or maybe they didn’t educate consumers adequately. More than anything else, ineffective advertising and marketing has brought about the demise of many a product.
Therefore, before you launch your product, make sure you’ve worked out the kinks in your marketing strategy. Ensure a smooth transition to market by incorporating the essential steps we discuss in this post.
Research, Research, and Research Some More
Doing the necessary research is key if you want your product to succeed. Therefore, before you launch learn everything you can about your target market.
Will they be interested in buying your product? Is there a place for your product in the market? How does your product stack up to the competition?
Above all, be objective and realistic. This is one area where people often fail. In other words, they maintain a bias toward their own product. They think it’s fine the way it is, and they expect customers will think the same.
Don’t be like those people. On the contrary, ask discerning questions about your product. Solicit feedback from actual consumers, and really listen to their concerns.
Develop Your Marketing Strategy
In order for a product to have a successful launch, it needs to have a well-developed marketing strategy. Therefore, work out a plan for how to best reach your target market.
Moreover, determine the best media to use in order to reach them effectively. For example, do people in your target market like to hang out on Twitter? Or do they prefer Instagram or Facebook? Is an email campaign right for your product? On the other hand, you might need to focus your product launch locally, perhaps by using flyers and billboards.
In other words, your strategy will be different based on your product and the media you launch on.
Test Your Product
Create a prototype, then test it on a small focus group. Solicit their feedback and make any necessary adjustments accordingly. Test your product over and over until you get it right.
To dovetail off the point above, ask for feedback as often as possible. Find out exactly what people are looking for. Then use this information to improve the overall usability of your product. Now is the time to ask any questions you have, so ask away.
Keep in Mind That Timing Is Everything
Set goals and adhere to a strict production schedule. Doing so will help you stay on track.
What’s more, think about the time of year. Additionally, consider what is currently going on within your organization or in your personal life.
Above all, do not launch before your product is fully ready, even if this means your schedule shifts.
Plan Your Launch Around a Major Event
Is there an annual major event, like a trade show, in your industry? If so, what better place could there be to launch your new product?
You’ll find trade shows in nearly every city in the US. Do it right by investing in trade show display rentals for your show in Baltimore, for example. In short, a trade show will give you the opportunity to debut your new item in front of a large audience.
Give Your Product a Chance at Success with a Dazzling Launch
You have what it takes to make your product great. So incorporate these steps into your marketing strategy and you’ll be sure to dazzle the public when you launch.
Who knows? Do things right, and your product could end up becoming a household name.