Do you know? Research shows that annually, around thirty thousand products are launched globally. However, only 60% survived, as the rest couldn’t solve customers’ problems. Coming down to how product launches affect the survival of the product in the market, it narrows down to 95% of products facing failure right after being launched. Yet every 1 in 5 customers purchased the product right on the launch. Does the issue come up after some research shows a lack of preparation for product launches? They usually miss any step, e.g., identifying the target audience or the problem that needs to be targeted for the product.
In this blog, we will be discussing the step-by-step process of how to launch a product and what are the essentials you always need to keep in view.
How to launch a product?
Product launch can be a daunting task. However, it is also exciting. To ensure the product launch is successful, you must plan it accordingly. The following twelve steps are the most crucial ones, made up by considering every aspect, including marketing strategy, sales, team members, and launching day.
Identify the audience
The core of any product launch is understanding your target audience. Once you have a clear head regarding the audience, it’s easy for you to design your marketing campaigns. Once you analyse everything, you can connect with all your clients naturally. All you have to do is understand what they are looking for and how you can target their minds.
Moreover, we now have different kinds of groups, including millennials, Gen Z, and Gen X, and their preferences vary accordingly. However, integrating visuals at your product launches is the most efficient way. You must incorporate LED video walls to attract a maximum audience, as the displays leave a lasting impression on minds.
Problem you are targeting
After analysing the audience, the second step is understanding how your product will solve their problem. You must be using the phenomenon of who and why to make sure to target the problem just to satisfy the undefined desire.
Analyse the buying process
Consider this step the basis of the marketing and sales venture. All you have to do is understand buyers’ pain points. If we thoroughly understand this, what’s the source of influence from which they are getting all this information, and how is it affecting their minds?
Maintain online presence
Nowadays, everything is all about online presence. However, the major step is securing your online name, as we see many cybersquatters who typically try to steal your business name once you are socially recognized. Once you secure it, start building a social media presence even before you launch your product with posts and stories like Coming soon! Or Are you ready? This really helps to build up a good brand image in front of all the clients.
Upload promotional content
Once you plan the strategy, you will utilise it for marketing. Ensure you maintain your online presence with promotional content to keep your audience updated. This may include providing awareness content regarding the product you are introducing.
The following are some platforms through which content can be channelled to the customers.
- Use the blog posts to deliver more informative and detailed awareness content. More likely, explain the usage and benefits of the content.
- With social media posts, you can briefly provide the hyped content, mainly used for announcements or more engaging content to grab attention.
- However, email marketing is usually used for multiple purposes, mainly to provide highly promotional content through email addresses, including informing customers about sales and product launch details. Moreover, you can deliver the required attachments and documents through emails.
Analyse the competition
Make sure you analyse the market competition before you launch your product. Analyze the effectiveness of their product launch and how they grabbed an excellent audience and targeted their planned goals. You must figure out the loopholes and fill them in to outshine and make up your identity in the market.
Better to lay a plan
If you are looking forward to launching a business, you must make a strategic plan beforehand. Ensure that you have gained enough knowledge about the brand and are ready to make up a new identity for the launching brand. You can easily determine the success and how far good your business will be in the market. Moreover, you can utilise various analyses to evaluate future performance, including SWOT analysis or ROI.
Guidelines are essential
Well, making guidelines is essential to building up a firm brand. You settle down the tone of the brand. The brand’s tone depends on the identity and the image you look forward to building up in the market. However, you can slip yourself into the market without realizing who you are and what your brand identity is. Moreover, it’s all about consistency and being firm on your path.
Distribute the channels
If you are looking forward to launching in the market, make sure you have clearly set up channels, more likely stations where your products will be available. It is essential as it determines the product required and its customer reach. You need to analyse whether they are going to be online stores or physical markets.
It is vital always to make a chain process on paper to understand it well. It not only helps to increase the product time in the market, but once you have designed the whole process, it gets more manageable for the distributors to make it available to the customers. It helps to cut the delay time and update the customer’s needs.
Put together your partners
Make sure you always keep your partners on a single page with you. However, stakeholders are usually left behind in some matters. Yet it is essential to mentally prepare them before launching a product and getting ready for the market.
Assemble your team for the go!
Before launching, ensure your team is fully prepared for the market. The members might include all your distributors, social media team, and more. Beforehand, ensure all your team members have access to the newly launched product early. However, hold a training session to clear out all the queries and ensure they are fully ready. You can plan a few more activities for your team to make them all set to go.
Launch the product
After completing all the steps, it is better to analyze whether you are ready to launch. If everything on your list is marked checked, and your team is on the same page, you are all good to go. Here’s a quick list to recheck everything to ensure everything is aligned.
- Double-check everything important, whether inventory, arrangements or any other paper. Make sure everything is ready to go.
- Make sure everything is according to plan.
- Keep all the team members, social media, and distributors in a loop to understand what’s happening.
- If you have a website, make sure it’s running smoothly.
Analysis after launch
After launch, analyses are vital as they help evaluate every aspect, including marketing and goal setting. However, in the meantime, if the business isn’t growing well, ensure you have a plan B to work on.
How to launch a new product?
Here are a few things you must do when launching a new product for your brand in the market for the first time.
Conduct research
Conduct thorough research regarding your competitors in the market and understand the loopholes. Learn from the mistakes they have made before.
- Try to look for differences to enhance your unique features.
- Evaluate your competition to understand the estimation of profit.
Test your idea
Despite the fact that you are launching something unique and new, you must test the new product to understand the success rate. Usually, when the product is not new, there’s always enough research to analyze its success or failure. However, it’s not the same with the latest product. For instance, if you look forward to introducing new software in the market, you must go through different tests, including alpha and beta testing.
Incorporate the best marketing strategy
Whenever you offer something new to the market, make sure to do it with the best plan. Here’s how you can do it in a small process.
How to create a product launch marketing plan?
Here are three steps upon which you can base a product launch marketing plan which we will be discussing briefly.
Pre-launch phase
The pre-launch phase is the most essential phase considered to be the basis of any product launch. This step is divided into two further steps;
- Research: You have to do all the research about the product and the market you are going to target.
- Roadmapping: Once you are done researching, all you have to do is make a roadmap for channelising the best marketing strategy.
Launching phase
In this phase, all you have to do is implement your plans. Each and everything you have been planning for months, including all the strategies, ’s the time to execute.
- Rollout: You have to create events and reach out to the audience through email marketing, ads, and other ways.
- Reporting: Once you are done, you have to report regarding it.
Post-launch phase
After you are done with the marketing stage, you need to analyse the data at this stage.
- Response: You need to implement the feedback from the customers.
- Retention: This is the last in which you and your project management team come in front to analyze which product features require any sort of modifications or removal. In rare access, there’s an option for the addition of features as well. This is in order for analysts to think of any indeed need and generate very good revenue as well.
However, marketing strategies might be different for different reasons. Mainly, the marketing strategies are based on the product and the budget as well.
How much does it cost to launch a product?
However, the cost of the launch usually varies from event to event. Moreover, if you are looking forward to launching a product, first compile all the services you are availing of and estimate the money. Accordingly, let’s talk about th rough maximum or minimum estimate.
Usually, product ranges are ten thousand to one million dollars. However, casual events cost around seven to eight million dollars.
Integrate Audio-visual equipment
Product launch is nothing less than any occasion, especially nowadays when everything is extravagant and top-notch. Aside from planning the whole sales process, one more thing can considerably make the entire launch a blockbuster. For the audio-visual equipment, all you have to do is hire an AV production company to set up the whole stage and create the right atmosphere.
AV equipment’s significant advantage is that it grabs the audience’s attention. Audios, visual, and high-tech displays are considered to evoke emotions. Moreover, it directly affects the mood and sets it right with the ambiance. Hiring an AV production ensures you provide an environment that compliments your launching product affectionately.
List of AV equipment required for product launch
- Lights
- Cameras
- LED video walls
- Projectors
- Speakers
- Microphones
- PA system
AV experts sent by the company ensure that the whole setup is glitch-free and is working seamlessly. They ensure that the product launch leaves a lasting impression on the audience’s minds.
Conclusion
The success of the product is mainly dependent on its launch, which can make or break the whole market value of the product. To increase the success rate of product launches, you need to start preparing and focusing mainly on the major aspects. However, people usually oversee the primary step of product launch, AV integration. It is quite essential as it helps grab the client’s attention and engage them accordingly.
Mainly, you have to do your research research on the landscape of the industry to determine if the launch is a good investment or not. Otherwise, you can do is to run trials alongside the whole bench of customers to record their responses. Considerably, it’s one of the things you require to make the changes and make it better.
FAQs
Refer to the three most AV rentals.
- AV productions
- RED Occasions
- Awesome AV
How to launch a product?
- Identify the audience
- Problem you are targeting
- Analyse the buying process
- Maintain online presence
- Upload promotional content
- Analyse the competition
- Better to lay a plan
- Guidelines are essential
- Distribute the channels
- Put together your partners
- Assemble your team for the go!
- Launch the product
- Analysis after launch
How to launch a new product?
It takes more consideration and effort than any other product launch already available in the market. It requires a marketing strategy that is considerate of an awareness campaign and extra product testing as well.
How do you create a product launch marketing plan?
- Choose a marketing strategy
- SWOT analysis
- Predict your ROI
- Measure the product’s success (KPIs, leads generation, traffic)
How much does it cost to launch a product?
The minimum cost range lies right in between the minimum range of £7,000 to £30,000.
What are the main objectives of the product launch?
There are three major factors every business requires to do a product launch:
- The very first objective is to win the maximum number of customers.
- Strengthen the retention game and sleep the customers they have won lately.
- Ensure that the customer rate has grown initially.
What is the best time to launch any new product?
The best time to launch any new product is as soon as it’s ready. Once you know the product has started working in terms of services or if the product is in a physical form, make sure to launch it as soon as possible, as there is always a risk of leaking the spoiler alert.
What’s the main purpose of launching a new product?
Launching a new product always leads to boosted sales and increased revenue generation for any business.
How often should I launch a new product?
Usually, if you have a running brand, you consider launching a new product after every 6 months.
