Photo by WILLIAM MURPHY
When it comes to knowing how to launch a new product, it’s good to remember that doing so is an inherently risky undertaking. Unfortunately, no matter how much customer research you’ve conducted, how much insight you have into the market or how tremendous you think your product is, there is no guarantee of a successful product launch.
So, with the odds against you, it’s pretty clear you need to do everything in your power to create a solid product launch checklist that gives your new product the very best chance of success.
Not all hope is lost—here are our top tips on how you can create an excellent product launch plan.
1. Focus on the people, not the product
The reality is that very few consumers care about the specifications of your product. All they want to know is how the product will improve their lives. Almost everyone involved in marketing will have heard the phrase coined by Elmer Wheeler in the 1920s: “sell the sizzle, not the steak”. What he meant was that product marketing should be all about the benefits for customers and not the features of the product itself. Do your market research to better understand your target audience and why they would buy your product. Benefits include things like simplicity, speed, ease of use, productivity and style.
So, when planning how to launch a product, think carefully about how you will convey these benefits to consumers. Creating a compelling picture of how your product will make their life better will generate interest and excitement.
2. Create a buzz online and off
Writing a press release and reading it out on stage or simply uploading it online is not the sort of product launch strategy people will take note of. To grab consumers’ attention, you should create an entire event around the release of the product so your audience realises it’s happening.
To build excitement, you should start planning how to launch a new product long before the actual event. Drip feeding prospective customers with details will help to create a sense of mystery around the product and give the rumour mill time to kick into action before the launch date. Offering snippets of information to industry blogs and magazines in your sector will also create a buzz.
If you have a big enough budget then thinking about how to launch a product at an upcoming trade exhibition or show is a great way to reach your intended audience. If not, you should definitely be making noise online with your marketing plan so prospective customers and the media take it seriously and pay attention.
Building momentum before your product launch is a great way to allow time for the news to spread and build buzz. Online platforms like social media are a huge asset here as they allow you to reach out to your intended audience directly and possibly reach an industry authority. This type of endorsement from a well-known expert in your industry can be invaluable in the lead up to your product launch, not having the power to affect your sales but also grow your client base.
3. Be unique
Not every business has the budget or the reach to create a product launch event that will make waves in the industry, but every business can work to make their event different so it is memorable for the attendees. Know your competition and pinpoint your unique advantages that set you apart. It’s important to remember that different does not have to be expensive.
Hiring equipment such as iPads, virtual reality headsets, large video screens and projectors can bring an extra level of immersion and interactivity to your launch without breaking the bank. This will show your audience that your business is modern and allow you to communicate the benefits of your product in the most compelling way.
4. Encourage pre-orders
Don’t be so protective of your new product that you miss out on what is a low-cost and incredibly effective way to boost sales. If you already have stock on the shelves, a simple way to build on the buzz you’ve created and to create a sense of exclusivity is to offer a limited number of pre-order sales.
Creating regular online updates about the progress of the new product and providing a link so customers can pre-order will help to generate even more excitement before the official launch day. It gives the sense that your product is something desirable that people won’t want to miss out on.
5. Consider feedback post-launch
Once your product has been launched the customer reviews won’t be far behind. Positive or negative, customer feedback has a big impact on how your audience sees you as a brand.
It isn’t necessarily the end of your business if you receive a negative review. Responding to these reviews empathetically and kindly is key. Offer a short-term solution to their issue—this could be technical support or a replacement—and develop a long-term solution to ensure future customers will not have the same problem.
Addressing customer feedback whenever possible shows your audience that you truly believe in the benefits of your product and are invested in product development to ensure it is the best it can be. Ultimately, people will respect your dedication and this will create more loyalty to your brand.
Hopefully this article has given you good insight into how to launch a product in a memorable way. At Hire Intelligence, we offer IT rental on short-term and long-term deals so you have access to the best technology and equipment you need to create an unforgettable product launch event for less. Need some advice? Get in touch with our team today.