Tips to Make the Best Product Launch Possible
Introducing a new product to the market requires a lot of work at three key moments: before, during and after the launch. Ensuring that your product is well-received by the market takes more than a fantastic creation. Creating a strong and well-rounded launch strategy is essential. Neglecting this process could bring unexpected problems, affecting your finances and brand credibility.
If you need help knowing where to begin, we have prepared this article to help you, explaining everything you need to know to launch your product successfully and keep your company growing.
As mentioned above, a successful launch begins before the product is on the market. The "pre-launch" phase of your item includes everything and every decision that takes place between presenting an idea and that idea becoming a reality.
At this point, a marketing professional needs to know everything there is to know about said product, becoming familiar with its key attributes, risks it might present and, most significantly, what market need this product aims to meet.
A marketing specialist should be involved in developing your product from the very beginning, asking questions, making suggestions and understanding the best way to present that item to the market.
The goal is to have a marketing manager become a real expert in what you sell. By profoundly knowing your product, your marketing department will be able to create an excellent launch campaign, following every step to increase your chances of success.
Create a buyer persona
The first step in every marketing strategy is to determine and understand who your consumers are. Creating a buyer persona is imagining a fictitious person that you think could represent your clients.
Your product can fit several different people, and that's completely normal. However, for marketing purposes, you should focus on just one persona. Consider the type of person that is most likely to become a loyal customer and make that your buyer persona.
Creating a buyer persona requires studying your demographics, interviewing people that fit this profile and understanding what they usually buy. It can take a long time to gather and analyse this data. However, determining a clear buyer persona will help you guide your marketing initiatives and focus your efforts. It is also likely that you'll reach the more willing people to buy your product if your campaign is directly aimed at them.
Once your persona is clear, you can then assess the market.
Conduct a market analysis
A market analysis is a crucial step in a launch strategy. It is also a long process that requires you to observe buyers' behaviours for a sustained period of time.
A market analysis should answer the following questions:
What do consumers think about this market?
Consider what your buyers think about the market you are part of. Is it seen positively or negatively?
What do consumers like or dislike about it?
Ask them to explain what are the things they like or dislike about the market. This will help you find an unmet need or an opportunity for your product.
Is the marketing growing or decreasing?
Before launching a product, you should pay attention to how the market behaves. Is there enough space or momentum for your brand to grow, or will you likely face challenges?
What are your competitors' strategies?
Understanding how your competitors behave can give you a better idea of your opportunities and threats, guiding your launch to success.
What does your product offer that is different?
Your product will be sold based on what it offers that is different from competitors. You must have this very clearly to set your brand apart from others.
How would your new product fit this scenario?
Once you fully understand the market in which your product will be launched, you can clearly see how your item would fit this scenario, offering solutions or exploring untapped opportunities.
If you have the answers to all these questions, you can then move on to the next phase of your strategy.
Defining your key performance indicators (KPIs) is an important part of any strategy. Not only they'll indicate if you are succeeding, but they will also guide your efforts.
Your KPIs must be relevant to your business and your product. Your goals must also include every department, as everyone should be committed to making your launch a success.
Some common KPIs are the number of people who purchase your product, the percentage of people who say they are satisfied with what you sell, your profit, or how significant is your market share after a certain amount of time.
Once your company has all the information and is prepared to release an item to the market, it is time to launch.
Work has not ended here. In fact, launching your product can be even more challenging than the pre-launch phase.
Start promoting your product
Once your product is ready to hit the shelves, you can use every marketing strategy to leverage your brand and raise awareness about what you are selling. At this point, you can send press releases, create a content marketing strategy, develop a social media strategy and even hir influencers to showcase your brand.
Make sure this part of your product launch strategy is connected to your buyer persona. Use the communication channels that make sense to your audience, and make sure you have a well-defined message to share.
Create a sample distribution campaign
Creating samples of your product can increase your brand visibility and improve the chances of your future customers trying and buying your new product.
For product launches, a sample distribution campaign is essential. It will allow your clients to try your brand for themselves and give you feedback. With a better understanding of what your buyers might want, you can make strategic changes and hit the market even better prepared.
Distributing samples can be combined with email marketing, influencer marketing and content marketing, ensuring that your customers will have a direct channel of communication with you and that you can gather information from them.
Data shows the importance of including a sample distribution in a launch strategy. According to an Arbitron and Edison Research report, 47% of people try a new product when offered a sample. A NEOSOL research also reveals that 53% of people who try a new brand will eventually buy the product they tried.
Make your launch a big event
You have seen how some brands make a big thing by launching new products. Think of any big technology company, and you'll remember when they created a big event, presented a new item to the whole world and were the focus of newspapers' headlines for a few months.
Events are more than an opportunity to showcase the functionalities or features of your product. They allow you to keep your audience engaged with your brand and create an opportunity for the press to cover your launch.
Thanks to technology, events do not need to be costly or elaborate. You can create the buzz you need by doing a live stream on TikTok or Instagram, inviting a couple of influencers to a nice dinner party, or even developing an online event in which people can claim or win samples of your product.
You can leverage your product and strengthen your brand in many ways. A launch is an excellent opportunity to make some noise and attract the attention of your potential buyers.
Partner with influencers
Digital influencers have a great reach and can become key ambassadors of your brand. Consider partnering with people that represent your buyer persona or speak directly to the type of people you are trying to reach.
Working with people online can boost your brand and increase interest in your product. According to Meltwater, 49% of consumers follow influencer recommendations.
You can send samples for influencers to try and recommend to their followers, or you can do more. At Odore, we have created campaigns in which influencers have shared a link with their followers, who would then claim a sample and try a new product for themselves. You can learn more about how to combine both strategies in this article.
To plan a successful influencer marketing campaign and include this strategy in your launch, first, make a list of internet celebrities that fit your brand and your message and who communicate well with your buyer persona. Once you have a list of potential profiles, you can decide how to work with them.
The goal of influencer marketing is for them to promote your product and encourage more people to try it. Decide on a hashtag to boost your presence online, and make sure to include these people's followers on your campaign by offering a discount code or letting them claim a sample.
Once your product has hit the market and has reached its first buyers, the focus of your attention can shift. Now is the time to pay attention to potential mistakes and correct whatever might have gone wrong or can be improved.
This part of your product launch strategy can last until your product is no longer in the market or can be resolved in just a few months. It will all depend on your willingness to change and how the market responds to your release.
Assess your KPIs
At this point, the KPIs you decided on before your launch will be crucial in indicating the success of your product. Assess what can be improved and try to generate insights from the data you have. For example, you can look at the channels that generated the most significant number of sales and come to the conclusion that your product doesn't perform well in certain stores or markets. You can also discover that your message needs to reach the buyer persona you initially had in mind.
Analysing your KPIs and your results will allow you to set a new route for your product or confirm your launch's success.
However, it is important to note that KPIs are not just for the moment of the launch. You should constantly assess your results to identify potential problems, risks or opportunities quickly.
Continue to promote your product and develop marketing campaigns
A marketing campaign is not just for a product launch or a special occasion. In order for your company to fully enjoy the long-term success of your launch campaign, your marketing efforts must be constant.
Throughout the existence of your product, you might want to educate your audience, keep encouraging them to buy from you or even broaden your client base, introducing your product to more and more people.
For that reason, keep the conversation going with a social media campaign by distributing samples to key customers or constantly interacting with your consumers.
Encourage feedback and listen to what can be improved as you go.
Focus on retaining your customers
Up until launch, your aim was to gain customers and attract more people to your brand. After this period has ended, you should focus on retaining clients and turning them into loyal consumers.
Having happy and satisfied clients increases the chances of more people feeling like purchasing your products. Happy customers become ambassadors of your product. Therefore, it is important never to neglect people who are already buying from you.
An excellent way of doing that is by sending them samples of your products whenever there is a new launch or special occasion. By consistently communicating with your clients, you can keep them updated about your next move and get them involved in your future marketing efforts.
Launching a new product often presents challenges and opportunities. A successful launch requires a lot of work at every stage, starting with developing your product and understanding your market and ending with constant efforts to keep your customers happy and engaged.
Every marketing initiative, at any critical point for your business, will require a deep understanding of your strong suits and weak points. Knowing your product in and out is an essential step in developing a successful strategy for the longevity of your brand.
However, remember that your focus should always be on your customers. You can do a lot to keep them satisfied, turn them into ambassadors for your brand and encourage them to participate in future launches.
In this context, consider sample distribution as part of your marketing strategies. Your customers will certainly appreciate that you care about their opinion. Furthermore, people are more likely to try your brand for themselves if they receive a sample first.
Contact Odore if you want to know more about our solutions and how we can leverage your business through product sampling.