7 Steps to Launch Your Product Successfully
- April 26, 2021
- Posted by: Funmilola Sanya
- Category: Product Launch
Quick question: On a scale of 10, what are the chances that your product would succeed in the market if you introduced it today? Will people purchase it? Will they want to use it?
If you scored above 5, we can say you are ready to launch your product, and congratulations to you.
If your score is lesser than 5 or you can’t answer the question at all, don’t beat yourself up about it. Grab a seat and get ready to read all about how you can create a successful product launch strategy that will make people buy from you. This strategy includes developing, positioning, promoting, and launching the product. It also includes creating valuable content that will spread the good news of your product.
Let’s get right into it.
Know your target audience and their needs
Customer-first, right? That means you place the needs of your customers above all else. It also means you understand your audience enough to create products around their needs and ensure they get the very best of your products or services. Identifying your customers’ needs is crucial for creating a product that truly meets their needs. It also places you in the right position as a product they can always return to. Here are four main customer needs that you should consider when creating your product:
- Price: Customers would usually go for fair prices. Ensure your price matches the quality of your product/service
- Quality: Customers always expect a level of quality – whether low or high – no matter how much they are paying for that product or service. Ensure that what you are selling is of a good standard.
- Choice: Customers’ needs are insatiable. Most times, they go for businesses that offer different products that are capable of catering to their various needs. If you run a skincare brand, your premium package could include a range of products: moisturiser, cleansing gel, body/face scrub, toner, hand cream, beard oil, etc.
- Convenience: How easy is it for your customer to get your product? Customers want convenience and are willing to pay for it.
Write a positioning statement
Positioning is how a business defines itself – it creates an image that showcases the unique strengths and values in the mind of the customer. A positioning statement tells the customer how your product/service is different from the others in the market. The statement specifically explains what the product does and how it meets the needs of the customers compared to others. The idea is to ensure that the product appeals to the needs of the customers.
Your positioning statement should be able to answer these questions:
- Who is your target audience (for whom is your product)?
- Why do they want or need your product/service?
- How is it different from other products out there?
- What are the key benefits of your products?
- What is your product’s/service brand name?
- What category does your product fall into?
- What are your key strengths?
- Who are your main competitors?
Pitch your positioning statement
To the stakeholders in your business so you all can be on the same page. If you run a very small business, where it’s only you, pitch it to your family and friends. If they buy into it and believe in you, you are guaranteed a successful launch. Also, pitch it to yourself too, you need to believe in what you are about to sell. A strong conviction in your business’s strength and value is offering the customers will go a long way in having a smooth product launch.
Know your competition
All businesses face competition, even a day-old business. Your competitors are not only out to take your money or customers from you, they can make your product unwanted in the market by creating a product similar to yours. Knowing who your key competitors are, and what they are offering compared to you is needed in creating a successful product launch. The knowledge you gain will help you position and sell your products/services better. Identify your product’s unique strengths and advantages and use them to grab your audience’s attention.
Plan your marketing strategy
With your positioning statement, the knowledge of your target audience and their needs, and your competitors too, you’re halfway ready to launch your product. Now it’s time to plan your go-to-market strategy. You can do this with the aid of a sales funnel strategy. A sales funnel shows you the places where your potential customers drop out – never becoming customers – and helps you measure your progress at each stage of the funnel. It is an effective marketing tool needed for scaling your business.
Set clear launch goals
Your launch goals must align with your business objectives. Your set goals give you and your team the needed direction and clarity in achieving your purpose. They should be smart, clear, measurable, and defined by a timeframe. The SMART analogy is a great place to start in setting your goals:
- Specific: What specific thing do you want to achieve during or at the end of your product launch?
- Measurable: Track the success of each phase of your product launch. It will help you access your performance
- Achievable: Are your set goals achievable or the standards are too high?
- Realistic: Your set goals must be relevant to your business objectives
- Timely: A clearly defined timeline set for each of your product launch goals will help your mind stay focused
Create content for promotion
It’s not enough to plan a good marketing strategy and set smart goals for your product launch, you have to create promotional content that will make people hear and seek out your product. Content marketing is creating quality and trustworthy content that’s able to expose your products to your audience, capture their attention, and improve their engagement. Your content could be in the form of blog posts, landing pages, product reviews, personal stories, and tutorial videos.
You are ready to launch your product, once you have completed the above steps.
Don’t forget to monitor how well you did during each phase of your product launch. The lessons learned will help you prepare when you are about to introduce another product to the market.
Featured image: istockphoto