8 Best Practices for Launching a Company or Product
Launching a brand new company or product needs to work well or it could result in financial ruin if you do not get it right. Wasting vital capital on the wrong areas that do not drive sales and market shares will make you hit the bottom line hard.
For new companies with limited resources, you’ll want to be successful on the first attempt as you do not have the resources to spend on a second campaign. To help you get it right at the first attempt, based on my experience, these practices will help you create a successful product or company launch.
#1. Create a Business Plan & Strategy
According to an article on the best ways to launch a product, the most important thing before you start your launch is to create a business plan with a cash flow forecast along with the exact cost it is going to take for the business marketing strategy. Using the method of marketing that creates the maximum amount of sales for the least amount of capital is vital.
You need to decide how you are going to go about the marketing strategy such as using TV commercials, billboards, digital media, social or mobile advertising. You must create a plan that gives the estimated costs of returns for each type of marketing so you can work out which one is the most effective for the less amount of money.
#2. Content Is Key
One of the key components of a successful launch is having lots of great content so that your business story and campaign reaches the most amount of people. It is the best way of getting your message out there. This is vital in helping the purchaser to make up their mind if it is for them or not. On average, a new purchaser is taking in around 10 pieces of information before they make up their mind on whether to make a purchase or not.
#3. Stand Out From the Crowd
It is extremely important that you have a unique selling point (usp) that your competition is not offering to make you stand out from your competitors. There are thousands of new product launches each month that are fighting for a large percentage share of their business sector. According to Forbes, 66% of new products launched on the market fail inside two years. One of the main reasons for this is that marketers do not understand how to stand out from the crowd using their products differentiator.
#4. Carry Out Extensive Research before Launch
The only way to know the best approach to marketing for your product is by carrying out extensive research on your competition. You can then use this information to devise your own business strategy by identifying the key areas of success and the ones you need to avoid.
You need to identify what brings in the best return on investment (ROI) and one of the best ways is to make sure you know what the current trends in the market are along with what’s hot at the moment.
#5. Start a Blog for the Product
One of the most common mistakes that business make in the new digital world is not starting a blogging platform. This is a huge mistake as it is estimated that blog posts generate an estimated 67% increase in leads compared to those that do not. A large percentage of purchasers base their decision on a blog post and without one you are missing out on this.
#6. Product Sheet
You need to create a product sheet that details the products you are launching. For example, if you were starting a unisex clothing company you need to explain all of the key points of the products history along with any new information about how the product is different and unique. This information needs to be readily available on the company website in an easy to read format so that potential buyers and investors are aware of as much information as possible.
#7. Social Media
Starting a social media campaign is becoming more and more important. Many campaigns use hashtags for specific topics and successful people will identify your business with the keywords used in the campaign. One of the best approaches to this is to attempt to encourage the customer to use your hashtag when talking about it online.
#8. Product Website
A company’s website can make or break them as a badly designed site will have a lot lower returns on investment compared to one that is extremely well presented and user-friendly. Make sure that you visit all of your competitor’s websites and take the parts that are working well to adapt them to your own.
John Hawthorne is a former sports writer and analyst who is enjoying writing about more mainstream topics. John also writes for a variety of online publications and is the primary contributor for businessconnectworld.com.