Before you launch a product to the market, their are certain factors that you must put into consideration. When you ignore these factors, it could result in financial ruin and complete disaster.
When you waste vital capital on the wrong areas that doesn’t drive sales or market shares, you will hit the bottom line hard. For new companies with limited resources, you’ll want to be successful on the first attempt as you don’t 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.
You must have a cash flow forecast along with the exact cost to implement your marketing strategy. You should use the method of marketing that creates the maximum amount of sales for the least amount of capital. This will help to increase your success rate.
You must decide how you are going to go about your marketing strategy. Do you want to use TV commercials, billboards, digital media, social or mobile advertising. You should create a plan that will give you the estimated cost of returns for each type of marketing. This will help you work out the most effective marketing plan that fits into your budget.
#2. Quality content Is key
One of the key components of a successful launch is having lots of great content. People love stories. You’ve to give people what they want so as to get what you want.
Your content –or story– will help propel your campaign to reach as many people as possible.This is the best way of getting your message and ultimately your product out there.
Your story will help your prospect decide on whether to buy your product or not. On the average, a new buyer is taking in around ten pieces of information before they make up their mind on whether to make a purchase or not. Don’t make this process any more harder for them.
#3. Stand out from the crowd
It is extremely important that you have a unique selling point (USP). This is what make your product different from what other people are offering.
You must offer something different from your competitors.There are thousands of new product launches every month that are fighting for a space in the market. Joining the crowd without a strategy on how to be seen will lead to failure.
According to an article on Forbes, 66% of new products launched in the market fail in two years. And one of the main reasons for this is that some businesses and marketers don’t understand how to stand identify their unique selling point.
One way to do this is to research other products similar to what you want to offer. You look for loopholes or any other thing that users have been complaining about in those products, and improve on them. It can be anything. Just be creative in your research. Focus on your customer’s satisfaction and not on your products only.
Don’t just add features to your products just for the sake of adding features. Develop a product that your prospects will want to use. This is one of the ways to identify your unique selling point.
#4. Carry out extensive research before launch
The only way to know the best approach for marketing your product is by carrying out extensive research on your competition and on your users. You can then use this information to create your business strategy.
This will help you to identify the key areas of success and the ones you need to avoid. You need to identify what brings in the best return on investment for your business. One of the best ways to do this is to keep up with trends in the market. After which you can then use this information to your advantage.
#5. Start a blog for the product
One of the most common mistakes that businesses make in the new digital world is not starting a blog for their business. 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.
Blogging about your business or products is not a waste of time. Research has it that a large percentage of people base their decision on a blog post. 47 percent of buyers read about three to five blog articles before engaging with a business.
You need to start seeing a blog post as a digital tool for business growth. And tools are meant to be used. There are many free blog platforms out there with ready-made audience. Quora blog, LinkedIn Pulse, Medium, Facebook notes etc. So, you’ve no excuse for not starting a blog for your business.
If you have no time to blog and you need help writing your blog contents, then you can reach out to me. I offer premium services. Seriously, you need to start blogging about your products and business.
#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 your products. This must include your products history along with any new information that makes your product different and unique.
Don’t forget that people buy good stories and brands that they know.This information needs to be readily available on your company website in an easy to read format. This is to make sure that your potential buyers and investors have as many information as possible. This will build trust in the long term.
#7. Social media
Starting a social media campaign is becoming more and more important for many businesses. But before you do this, you need to identify the right social media to use. When you do this, you will save yourself the stress of wasting your time and money.
Identify where your customers hangout on social media. It can be Facebook, Twitter, Instagram, LinkedIn, Pinterest or any other one that is available to you. When you identify this, it makes it easy for you to target your customers.
It is a simple logic. Go to where your customers are and they will find you on social media. Most social media campaigns use hashtags for specific topics to bring in their preferred customers. These hashtags are then associated with these businesses. One of the best approach to this method is to encourage your customers to use your hashtags when talking about your business or products online.
#8. Product website
Your website is very important to your business. It can either make or break you. A badly designed site with poor structure will have lower return on investment compared to a website that is user-friendly.
Optimize your web pages to make them appealing to users and also to search engines. Make sure that you don’t neglect your website. It is a major part of your brand.
The Editorial Staff at Ideas Plus Business is team of brand strategist, digital marketers, entrepreneurs and consultants led by Adeyemi Adetilewa.