How To Launch A Product
Is your company thinking about launching a new product? Launching a product successfully takes a lot of time, planning, and effort. There are many different areas to consider, such as beta testing and sales. But, the real key to any product launch is having good marketing on your side. The success of a product launch can greatly benefit or impair the value of a brand and it’s equity, so the strategy your company uses to market this launch is essential.
Follow along as we detail our top tips on how to develop a product launch marketing plan and other ways marketing can lead to the success of your launch.
Developing A Product Launch Marketing Plan
Beyond the typical steps of orchestrating a new product launch, like writing press releases and hosting webinars to demo the product, there are more strategy-based items that brands need to work through in order to secure a successful launch. A launch is created by the parts of an entire plan working in unison together, and if these parts are not aligned properly, it could create confusion to the detriment of the new product and the brand as a whole.
In order to ensure this doesn’t happen, your company’s stakeholders need to come together to create a product launch strategy that is both easy to implement and effective.
Product Launch Strategy
Developing an overarching strategy for the launch is the only way that it will achieve the success you’re looking for. This product launch plan will be the guiding force behind the entire process. While there are different strategies a brand can pursue, the most important thing is to develop one that is based in research, but is also flexible enough to change if need be.
Additionally, during the planning phase, take time to really get to know your product. Sit down with your product development and sales teams to understand how the product will work from both a technical and user perspective. This way, you’ll be able to understand how the product will impact your audience and you’ll be able to explain its value to your audience.
Product Launch Steps
Product launches have a lot of moving parts to them. In order to stay on track, we recommend following the following product launch steps below. These steps are important in creating a well-rounded process.
1. UNDERSTAND THE LANDSCAPE
To successfully launch a product into your industry, you need to understand the landscape in which it exists. It’s important to have an in-depth knowledge of what differentiates your company’s product offerings from its competitors. Some questions to consider during this step are:
- How do consumers feel about this industry?
- What are the top brands in this space?
- What are some issues people experience within this landscape?
Another thing to do during this phase of the product launch is to perform a competitive analysis and a customer sentiment analysis on your industry to see how your company stacks up against competitors. These tools will help you understand both your industry and audience better than before, which will help you navigate the product launch process better.
2. FIND YOUR AUDIENCE
Next, it’s time to find your target audience. By finding your audience through market segmentation, brands can hone in on the people who are most likely to interact with their product. This step is important because you’ll be able to understand their needs, wants, and desires, which will help you tailor your product launch marketing.
We recommend that your market segmentation measures include surveying, social listening, and possibly interviewing your target audience.
3. BUILD BRAND TOUCHPOINTS
Messaging is critical when a brand is trying to create its image inside the minds of consumers, and the best way to gauge how your messaging will affect your audience is by establishing customer touchpoints. Customer touchpoints are created by a company to enhance its customer’s experience, and they can encompass any number of physical, digital, and abstract components. Each touchpoint contributes to a brand’s perception and should be thoughtfully aligned, especially during a product launch.
4. TEST YOUR MESSAGING
Messaging is everything when it comes to introducing a new product, so we recommend extensively testing the messages you want to surround your product launch and evaluating feedback from your company’s industry and its consumers. In this stage of the product launch plan, social listening and brand tracking are two of the most valuable tools to use during this phase of the process.
5. ADJUST BRANDING
In relation to the previous step, take the information you learn from your messaging analysis and make adjustments to your product launch branding accordingly. Due diligence here could save an entire launch, so be sure to take your feedback seriously, and be prepared to pivot your branding strategy if something isn’t working.
6. SET GOALS
This goes without saying, but it’s always important to set goals for a product launch. And now that you have data surrounding how your product could be perceived in the industry, it’s time to set them. Be sure that they are SMART goals because these will serve as a baseline for your entire product launch marketing strategy.
8. CREATE A GO-TO-MARKET STRATEGY
There should be a comprehensive guide available for all team members to refer to, and that is exactly what a go-to-market (GTM) strategy is. GTM strategies ensure that everyone is well informed and prepared to push the product during the time of launch. Hard Money Property explains that to create it, grab all of your company’s top stakeholders and devise a holistic plan that can be understood at every level of your organization.
You’re at the finish line – now it’s time to put all of your efforts into action. During this phase, expect to have your marketing efforts be at full capacity with things like product events, social media pushes, and an initial sales push. Enjoy this step – your product is officially launched!
Once all of the components of your plan are in place and actively working together, it is important not to be complacent. Keep up with your audience by continually communicating with them and asking for their feedback. Then take their feedback and course-correct your marketing efforts where it makes sense.
But, the only way to achieve all of these steps to their fullest potential is to use a tool that has strong brand tracking capabilities. Compass by The Harris Poll makes it easy to track your brand at every phase of a product launch so you’ll be in touch with your company’s audience and the industry it’s in. With our brand tracker, you’ll be able to use unique customer insights to inform your decision making and hone in your strategy. Find out how Compass can help your company successfully launch a product by scheduling a free from today!