New Product Launch Strategy: 4 Ways to Launch a New Product

New Product Launch Strategy: 4 Ways to Launch a New Product Launching a new product is NOT easy, so preparing with a new product launch strategy can really help reduce stress and increase the likelihood of success.

You have a new idea for your business, and the new product seems like it should be a winner.

The question is, what are the best ways to launch that new idea into the public domain? A product launch can make or break a business, and it is only through finding ways to promote your new product that you will find success. Launching a new idea can be a stressful experience, but with a solid new product launch strategy in place you can reduce your sleepless nights and lower your frustration levels. Get your new product launch strategy off to a good start by ensuring that your new product reaches the most people possible.

Here are 4 Ways You Can Launch a New Product More Effectively 1. Know your customers

Knowing who your customers are is the number 1 step in any marketing strategy.

Whether it’s from your current client list or the market research that alerted you to the potential of your new product, knowing what your customers want is key to your launch. Being aware of how your customers will use your new product, and emphasizing why they should use you to provide it is essential to your campaign. Every product launch takes planning and time to get right, and knowing your customer demographic, and the best ways to target them, is key.

Knowing who your customers are is the first step in being able to solve a problem for them. Too many people do these steps in reverse by coming up with a product and then struggling to find an audience for it. A great example of a company launching a product the right way was Beats Electronics. As Jimmy Iovine stated; “You’ve got to be lucky enough to identify a problem where you think you can help,”  Iovine had identified two key problems in the music industry: first, the degradation of record sales because of piracy. Second: the degradation of audio quality because of Apple’s plastic earbuds.

2. Use social media to create buzz

Getting people interested and on board as early as possible will be critical.

Just look at the video GripStud used to show how effective their new product was. The video alone motivated hundreds of purchases and generated tons of reviews just like this one;

I am constantly telling friends and colleagues about your studs and we use them a bunch here at my work (I am the Mtn Mngr for Alyeska Ski Resort). My winter work boots are studded along with my fat bike tires and I even ran some in my Goodyear Duratrac MT tires all through last winter and they performed fantastic even while towing my snowmobiles. You guys and gals put out a great product and I will keep telling anyone who could benefit from using them all about them. Thanks and keep up the good work.

A simple marketing campaign on your Facebook pages can help spread awareness in a very natural way. Something as simple as a teaser campaign can increase buzz about your new product, and it is key to your success that as many people as possible are aware of your upcoming launch. Using social media to promote yourself during pre-launch is also useful for building and maintaining relationships with your clients, meaning that they are more likely to use your services in the future.

I’m going to include crowd funding platforms in with social media as well. Using platforms like KickStarter is a great way to get interested influencers to back your product and help spread the word.

Preparing to generate this type of social buzz is going to require some stellar marketing materials primarily in the form of videos or any other items that will help illustrate the benefit of the product.

3. Dedicate a new webpage to the product

Nothing says fresh like a brand new website, and whether you’re an existing company with a new line or a start-up with a brand new service, you want a dedicated website for customers to use. If you feel that you lack the technical skills to build and maintain a business website, there is plenty of help available, and hosting through sites such as theaccessgroup.com will make your product launch run considerably smoother. A website is more than just a description of your company, it is a statement of your ethos, your dedication and the perfect place to spend as much time as possible explaining your new product.

Having a website for you new product launch will help new customers identify your product as an established brand and not just fledgling product trying to crack into the consumer world for the first time. SkinnyBeef, used their website in this fashion to help establish consumer confidence as well as using it as the main hub for their social media and online marketing efforts by driving new customers to their website as a means to collect customer data for continued email marketing.

*ProTip: by Neil Patel

One of the most important things to do before you launch your product is to start generating an email list of potential leads.

This doesn’t have to be a list of buyers. It can just be a list of your current fans or even friends who have expressed interest in your product.

But you need to make sure you have a list.

Once you launch, you need to use effective email marketing to reach out to those people as early adopters.

4. Plan a Giveaway and Promotions

Jimmy Iovine gave away hundreds of the famed Beats by Dre headphones as part of his unconventional marketing strategy. While you may not be as wealthy as Jimmy Iovine, you should have plenty of budgeting in place for product give-a-ways.

Everybody likes getting something for free, which is why so many people share competition posts on their social media. For the cost of a free sample of your new product, you could be reaching thousands of new potential customers, as social media algorithms increase the potential reach of every post. For every retweet, share or like, your social media is able to be viewed by more people, and as a result, you increase your customer base.

No matter your product and no matter your ambitions, failure to take the adequate steps in the run-up to your launch is a guaranteed way to fall at the first hurdle. It is imperative that you take advantage of the available resources in order to maximize the potential of your new product.

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by Chris London of Pixel Productions Inc. The Everything Design Company