Congratulations, Mr Boss! You’ve finished the prototype of your product perfected the branding for your new venture, and now you’re ready to schedule a product launch.
It can be daunting to deliver a new product into a market with an estimated 1.92 billion digital customers worldwide.
The Stanford Business Review found that about 75 percent of consumer packaged goods and retail products during their first year struggled to raise just $7.5 million, causing almost 60 percent of small firms to shutter.
When your company isn’t ready for sale, you should postpone the sale of your company until the product is truly ready! But continue to read and I’ll tell you why.
You’ll learn step by step in this article how to build an effective marketing plan for the launch of a new product.
Understand your audience
Believe it or not, understanding and using your target audience-based data does not end in product analysis. It continues over the lifetime of the company and product.
Who is the target audience?
This question will allow you to choose which channels, networks, collaborations and, most importantly, how to launch your product in a way that will captivate their attention.
Many new entrepreneurs believe they’ll quickly draw new buyers and a group of people eager to rally behind their cause because their product is so special but that’s not the case.
You must create a target consumer identity and use that knowledge to help prepare the launch of your product. If your company is a makeup brand, for example, then reach out to MUA’s on famous social media sites to promote your brand.
Know who your clients are and you’re going to learn how to catch their interest and make sales effectively.
Master Your Specific Value Proposal
It’s time to hammer down the value proposition you plan to use for your product launch and marketing strategy once you’ve learned what kind of audience you are selling to.
Your value proposition is not a catch-phrase or a slogan. Instead, it describes what the company solves problems. It will drive particular advantages and let your customers know why your product is different from those on the market.
Prep Before launching
Here’s a short checklist of items you should have ready to please your new customers before introducing your new product into the world. When you don’t get these things reviewed, it doesn’t matter how fantastic your launch is, you’ll be missing out on sales and you could end up with a bad reputation.
Build a Robust Website or Landing Page
Your product landing page and website should be up and ready to view your new product, create a smooth online interface, and allow potential customers to find out more.
Return & Shipping Policies
With revenue losing more than $369 billion from last year’s returns, companies need to start enforcing a return policy on shipping. It’s found that over the past year 48 per cent of customers returned at least one item.
This would be naive not to expect at least one customer to return your product, it is unavoidable, no matter how fantastic you think your product is actually.
Build a shopping, friendly return policy with simple and concise instructions so you’ll be ready to manage any online returns seamlessly once shoppers start storming your page, making their shopping experience memorable!
Start Taking Pre-Orders
Do not wait until you launch your product to start placing orders, encourage customers to pre-order your product before telling the good news online.
Scale Fast found that for less popular products, on the first day that pre-order is open, get an average of 15-18 percent of overall sales while more in-demand items would sell out of pre-order within minutes or hours.
Pre-orders give you insight into the consumer appetite for your product, and show you how much work you need to put into your marketing if you want to make an impact and boost sales.
Create Your Keywords and SEO
To ensure an SEO strategy is in place for your website and company to benefit from organic traffic. Here are some tips to help set up your product for SEO success:
- set up your website according to Google Webmaster Guidelines and make sure that both users and Google crawl bots are able to navigate easily.
- Find the product’s parent keyword so it shows up in Google Searches. From there you can use seed keywords and online content on your website. Start writing content on your blog website. Blogs provide a strong starting point for organic SEO and content marketing. Blogs may also concentrate on helping inform and educate clients about your brand.
- Only aim for quality backlinks that are important to your niche, but make sure you get backlinks from a variety of outlets, including forums, social media and blogs, to make your backlink development look more organic.
Set Up The Email Marketing Automation
93 percent of B2B marketers are using email for content delivery. Email marketing is one of marketers’ most effective means of telling, delivering, or offering goods to customers. Smart Insights found email marketing to be rivalling organic and paid quest among the top platforms boosting online sales.
Using the Marketing Strategy for content
What is the importance of selling content? A social media marketing strategy for the launch of a company focuses on showcasing your value proposition, company specifics, the story / why of your brand and new features.
Your marketing strategy will be promoting your goods on your platform and attracting like-minded consumers.
A content marketing strategy must have innovative and captivating content, or in the long run, it will be missing the intent. With marketers becoming more content-savvy, you’ll need to step outside of the box to grab the interest of your follower.
Drive Sponsored Ads
On your chosen social media platforms you would need to advertise your post and run sponsored ads. Facebook and Twitter all dominate the advertising on social media. Based on what your priorities (and budget) are for your product launch you can choose one of both.
Here are three things that you can pay attention to before you start running advertisements to advertise your new product:
- Take a beautiful picture/graphic of your company. You want to avoid viewers from clicking by or create an eye-catching picture that holds the attention of the viewer.
- Have CTA (call to action) easy but efficient. Your CTA will impact your engagement rates; customers need to ask what step you want to take to see your ad until they quit. Below are 42 examples of CTA which you would like to copy.
- Define your target market; the larger your target market, the less likely sales you’ll be having. To achieve better outcomes, using your buyer’s identity to describe your ad audience.
Using a Social Media contest
We all too well know the value of a successful social media contest at Wishpond. Its primary aim for marketers is to raise awareness of products, followers and consumers.
It can also be used to promote the launch of your drug. So much so that it was mentioned by Shopify as one of Shopify’s top ways to increase sales and go viral.
Bonus: Build an own company with a recommendation or an associate plan. Enable you to advertise your goods for you, add backlinks, ratings and push traffic to your website in return for a share of the sales or a special discount. The best aspect, you can even use references to push pre-orders.
After the product launch
The job has just begun after the product launch. Now that you’ve set the pace, to solidify the popularity and profits of your new product, you’ll need to hold it for the next few months.
Keep your social network active:- Do not slip off the internet map until you have carried out your social media marketing strategy. When you do social media revenues will continue to plummet and your dedication will fail. Maintain your social media visibility with a social media checklist and content marketing plan every day, weekly and month.
Hire or appoint someone to run your full-time social media site if appropriate.
Provide outstanding customer support and service
If your new product continues to rise in revenue, your customer service is going to have to suit it. One-third of customers claim that after a single case of poor customer service they will consider switching businesses. While 91 per cent of disgruntled consumers with a company would leave without complaining.
Since the product is fresh, you want to rack up positive feedback and consumer recommendations, which is achievable with outstanding customer support. Make sure you test all of your online channels (website, social media, deal tracker, and yelp)
Follow-up on Orders
When you have taken pre-order to give consumers a follow-up note, letting them know when they will get their goods or whether there are any delays. Little or no follow-up on (pre)orders leave consumers feeling insecure and creates doubt the longer you wait or follow them up.
Never Stop Marketing
Whether it’s offline, instore, internet, or on social media, marketing will never cease. Marketing drives the traffic and allows you to put your company before existing and past consumers. The moment you pause is the moment you encourage your rivals to come in and take over, even though you’ve surpassed revenue.
How Product Launches Fail
Failure is rarely a choice as a company owner but often the reality is expected. Because of inadequate preparation and implementation, product releases crash, without thought. So here are three things to prevent before and after you launch your product.
- Not Preparing for Rapid Growth and lack of proper lead generation: Not being prepared for quick growth is a common mistake that popular brands make. Take stock of the number of units you are planning to sell online and in stores, and always be prepared to have a plan of action if you go out. Have your manufacturer on speed dial. And the support of a successful lead generation strategy and a perfect service provider is also a must. People always tend to fall prey to cunning hyenas and makes their business lives short. So, a successful lead generation and greater strategy is also a must. The vice-versa situation is always a puzzle.
- Create Assurances You Can’t carry: The last thing you want to do is to make commitments and deliver them. This leaves retailers and consumers poorly disappointed. Start tiny before you launch your project and work up to bigger ambitions afterwards. Please prepare and offer practical promises.
- Stuck in the preparation phase: When you are prepared to deliver a project, and you have not yet finished design or test, you are setting up yourself for disappointment. After announcing your product, the last thing you need is to be stuck in the planning phase, that ultimately people lose interest in your product altogether.
- No one is to buy it: It is impossible to believe, but product releases often fail and no one wishes to purchase the company. That’s why testing, approaching customers and pre-ordering your company before a launch is so crucial to your growth.
Studies found that 80 per cent of new items had crashed. With a well-thought-out marketing plan for the launch of your new product, you can fall through the 20 per cent positive range.
Planning is almost as crucial as implementation so make sure to log anything when you plan to launch the company. Keep moving ahead with courage, confidence, cunningness and above all, a successful marketing plan!