Taking a new product to market is both an exhilarating and nerve-wracking experience. If the launch generates a buzz, the future is limitless. If it falls flat, months or even years of hard work go down the drain.
To be sure, the stakes for a launch are high, which is why businesses need a detailed strategy to execute during a product’s infancy. Here are five essential components of a flawless product launch that can help you take the market by storm:
1. Create Detailed Buyer Personas
You can’t make sales if you don’t have a clear picture of your prospective buyers. You need a clear understanding of your customers’ mindset and the pain points they face in their business. For example, determining that your buyers are “members of the C-suite” is not nearly detailed enough. To crystallize exactly who your buyers are, ask yourself questions like:
• Where are they located geographically?
• What are their exact job titles?
• How old are they?
• How much experience do they have in their market?
• What does a typical work day look like for them?
• What are the most common problems they face each day?
2. Know Where Buyers Get Their Information
After you create personas, the next thing to figure out is where your prospective customers go to information about their industry. For example, if the product you are selling relates to a hot topic on social media right now, your launch should include a heavy Twitter component. If you sell primarily B2C, it may make sense to get your product written up on a popular review site to get the word out there. Wherever your prospects go to learn about the latest happenings in your industry, that’s where you need to be as well.
3. Create an Overarching Launch Document
As a marketer, you already understand the importance of documenting your strategy. The same concept can and should be applied to product launches. Every goal and procedure should be outlined in a central document that should read as a road map for getting from the launch date to the end of the process. The plan should include items such as:
• Sales objectives
• PR goals and scheduling
• Possible channel or retail partners
• Detailed launch budget
4. Don’t Forget Existing Customers
Bringing in prospects during the launch phase is fantastic, but it can be difficult as well, especially early on. It’s critical not to forget that you already have a loyal customer base that trusts you and is more likely to buy your new product than anybody else. Make sure your existing customers are aware of the new product launch and consider offering them special promotional offers if they make a purchase. Your devoted fans are often your most effective brand advocates, so you should use them accordingly.
Need Help? Get it From the Experts!
Of course, paying full attention to these steps and executing them perfectly is time-consuming and difficult; many organizations simply don’t have the necessary bandwidth. If your company falls into this category, outsourcing some of the work is a wise choice. Are you intrigued? Click here to learn more about Product Boost, a one-stop shop for all needs relating to your product unveiling. Click here to read our white paper, “Sidestep DIY Product Launch Challenges.”
Known around the office as the unofficial (or official if you ask him) “Content Boost Mayor,” Eric Lebowitz is one of Content Boost’s Digital Content Editors. Before joining the team, Eric worked in development at the Child Guidance Center of Southern Connecticut in Stamford, Connecticut, and “Golf Digest Magazine.” With experience in account management and content creation, Eric has helped dozens of clients bolster their Web traffic and customer acquisition. When he’s not cracking jokes in the cubes, you can find him on the golf course working on his handicap. He’s also a recent newlywed. Eric earned his Bachelor of Arts and Sciences in Journalism from Purchase College in Purchase, New York.