Launching a new product or service into your market is never easy, even if you are 100% confident in the product or service (which you should be!). But think of the difficulties if you were to launch into a new market as well, diversifying completely into new product and customer markets needs preparation and strategic planning put in place ensuring the product or service launch is successfully.
Here at MarketingFile we have been working on our innovative system Touchpoint and are going through the process of launching this to our current clients and potential customers. So, to help other businesses going through the same process we have put a small guide together.
Some essential points for your product launch:
1. Research your market needs – the new product or service needs to fulfill a need or want from your potential customers, developing a product or service that gives a solution to a particular business problem or frustration will give your product a purpose.
2. Clear positioning – Put your product in the mind of potential buyers, promote the benefits and capabilities clearly so they understand without excessive effort. Align your product capabilities with your market needs as this will give you a basis for communication strategy for target markets. If targeting potential customers, finding the right marketing list is half the battle done and should be an important part of your overall strategy.
3. Set launch goals – the goals outline the purpose of the product launch, helping you evaluate launch tactics, who are you going to launch to first, at what time, what messages are you going to send? All of the goals need to be measurable with the tools and procedures in place before the launch to ensure you can measure the results and have reporting processes ready. Having a rolling launch or soft launch to current clients will not only give you priceless feedback but it gives you advantage of time to get your message out there.
4. Bargaining Power – offer potential clients leverage with a small investment in return for a very high return. Using bargaining power in the launch will help evaluate the tactics to achieve the goals. Use stakeholders close to you as influencers to promote the launch and product or service, for example giving employees, partners, investors, family and friends something to talk about can influence the success of the launch.
5. Build excitement – create a buzz around the product or service before it is generally available to buyers, again use stakeholders of your company to create this excitement, if you have a customer service team they are at the front line talking to customers everyday so get them talking about it. Ask for feedback from industry analysts, this will also give credibility to your product or service.
6. Timing is everything – Time the event to maximise sales potential, this may be predetermined by a trade show or major event but keep in mind the time of year, industry updates or news and make sure your product is ready! By indentifying the times and locations to give you maximum opportunity is essential in having a successful launch.
And a few hints and tips:
Give an element of secrecy – everyone loves to think they are in on a secret
Create a buzz – use social media to get customers and followers talking, it is a great interactive platform so get conversations going
Make interaction easy – make it easy for potential customers to find out about the product or service with free trails, downloads, videos or demos.
Stick to the plan – if you set a release date to the public, stick to it. All the hype and conversation you’ve built around the launch will be wasted if you don’t keep to time frames.
Make sure your product is ready – set a realist launch date and ensure the product or service is ready for release.
Launching a new product or service is not straightforward there is a lot of work to complete before the launch around finding the right market for your product. If you are launching to new markets, finding the right prospect data for your launch campaign will give you an advantage in the long run by getting your message in front of the people that matter. If you want to find out more about prospect lists speak to us today on 0845 345 7755 or send an enquiry to firstname.lastname@example.org