From the biggest corporations to the smallest start-ups, launching a new product is always a time of uncertainty and risk. There are no guarantees when presenting something new to the world, and it is rare to get a second chance if the product doesn't see the reception that was hoped for.
No formula will ensure a product launch goes on without a hitch, but there are a few things that can be done to help increase the chances. Here are a few of the techniques that can be utilised to help make a new product launch as smooth as it possibly can be.
Don't Underestimate The Power of Marketing
Marketing is a vital part of any business, whether launching a new product or supporting an existing one. Marketing is the way businesses reach and inform consumers about their products. It is also an expensive endeavour, making it easy to be one of the first cutbacks when pre-revenue on a new product. Resist that urge, though. While marketing may swallow a large chunk of a product launch budget, it's a hugely powerful tool in making a launch successful.
Stefan Kaczmarczyk, Sales Director of Crystal Bathrooms, stresses the importance of a good digital marketing strategy in developing a strong consumer relationship: ”As technology becomes a significant part of everyday life, it helps us establish brand awareness and credibility towards potential clients. Digital marketing allows us to reach and engage with our target audience and ensure them that we deliver high-quality services through our contents and customer support.”
Test Ideas with an MVP
A Minimum Viable Product (MVP) is the most basic version of a product that you can release to the marketplace. An MVP is free from any of the luxury and advanced features that aren't essential to a product's purpose. In some cases, an MVP is a spin-off product, related to the final idea, but on a much smaller scale and scope.
MVPs are a great way to test a product ideas market viability before investing significant time and resources into its development. Google benefitted from the MVP concept when trialling AdWords Express—a system designed to generate automated ad-copy for customers—by first having students write the copy behind the scenes. This model allowed them to first test if the idea was something consumers were interested in before investing the money and resources to develop the product further.
Communicate with Customers
Customers will ultimately make or break a new product. It doesn't matter how reliable, innovative, or competitively priced a product is if customers aren't interested and engaged it will fail. Communicating with customers, whether they are customers of previous products or new leads developed through marketing, is crucial to developing and launching a product consumers are going to want to buy.
Bree Bensley, National Marketing Manager of Narellan Pools, talks about how engaging with customers is a key component in Narellan Pools success: “Our client engagement strategy relies on an effective digital marketing presence. Being able to communicate with prospective and current clients through several digital touch-points ensures that we can be there to inspire, connect, and help them, no matter what stage of the buying journey they’re at.”
Establish Goals and Metrics
Every product launch is unique. Even when the product is a new iteration of an existing product that is tried and tested in the marketplace, the launch will be a unique experience. To determine the success of a launch, various goals and metrics will need to be set to measure the success against. With every product and launch being unique, however, it's of paramount importance that the goals and metrics for the measurement of success are unique too. Once the measurements for success have been established, they should be consulted regularly and remain unaltered throughout the launch.
Leverage Your Network
Networks of contacts, both professional and personal, are a hugely powerful tool when it comes to trying to get the word out about a new product. Leveraging the personalities and skillsets of a network can aid a product launch by filling in gaps and overcoming blocks. A good network can also help to simply get the word out, putting the product in front of the right eyes to develop interest and excitement.
Get Ready to Pivot Your Plans
A new product launch can be a particularly turbulent time in a businesses' lifespan. It's unfeasible to anticipate every change that may be required to a product, its marketing, or its launch plans while introducing it to the world for the first time. Factors both internal and external to the business can have a huge impact on the success of a launch. It's impossible to avoid disruptions to a launch, but the ability to adapt and pivot plans will enable a business to keep a launch on track regardless of the issues that arise.
Launching a new product is one part science, one part art, and a touch of luck. New products, by their very nature, are untested in the marketplace and therefore it's impossible to tell what consumers' reaction will be. The tips and techniques in this guide aren't a magic solution to guarantee a smooth and successful product launch, but they will set you on the right track.
Top comments (1)
You may be surprised but investors are more likely to invest in your startup if you offer them a Minimum Viable Product. Here are the brightest examples why: