You’ve toiled, innovated, researched, and tested. Your product is now ready for launch. With a clear vision and dedicated team, you can make your product launch as innovative as the product itself. With a few easy tips, you will draw a crowd and lots of buzz for your new product. Here is how:
Start From the Bottom
Every product launch needs a plan, but a successful product launch will have a plan built from the bottom up. The foundation of this plan will revolve around a simple question: “Why?”
Why is this product being launched? Why should consumers be vested in it? The answers to these questions will help clarify your overall goal. With a precise and attainable goal, the best strategy for introducing the product to the market can be formulated.
Knowledge is Power
With the foundation of your plan rooted in your product’s goals, it’s now time to add more layers to it. This process should involve detailed research that takes a multi-dimensional approach to your product launch. Key aspects of a successful product launch include technical uniqueness, competitive advantage, protection of market position, profitability, and sales. This is where your research comes in.
Ideally, you and your team will have a clear audience in mind, compiling market research on whatever demographics your audience falls into, and formulating specific strategies for different “buyer personas” within your audience. These personas should be based on data and demographics from real-life consumers, which will give your product a clear path toward immediate sales.
While formulating this strategy, keep competitors in mind as well. By comparing your product to similar ones, you can find ways to demonstrate the innovation and creativity behind yours.
Meanwhile, make sure your team is fully informed about the product itself. Every team member should have basic knowledge of the technical, economic, and social aspects of your product. Most importantly, make sure the numbers back up the pitch; thoroughly test your product and compile empirical data showing its potential for success.
Create the Space
Using the research you’ve conducted, your event should be catered toward the demographics of your product. It can be a trade event, a media event, or a consumer event, depending on which market you’re trying to break into. Each type of event has its benefits, whether it be networking with industry insiders and consumers to start sales on day one or getting the name of your product circulating in the media.
To make a “wow,” get creative with the format of the event. A launch event doesn’t have to be a grand presentation or a cocktail party. Some launch events are public artistic performances or competitions like hackathons.
Build the Hype
With the details of your event solidified, creating a wave of anticipation is key to getting turn out. An important concept to remember is that product marketing is different from event marketing. While product marketing focuses on drawing in large numbers of people and then tailoring the onsite experience to make them more likely to buy, event marketing revolves around engaging your audience beforehand.
Starting a social media countdown is a great way to build anticipation for the product launch, and contests with prizes can bring out not only your target audience but other potential consumers as well.
Create an event around your launch, not just a talking head who gets on stage and reads a press release.
Too many companies zero in on the company doing the launch, a mistake, says Laurie Richards, a communication strategist with a background in public relations and marketing who is also the author of the book, “Ready, Set, Go!”
“Working with hundreds of enthusiastic and ambitious marketing people and their teams, it’s easy to see them go down the road of ‘this product is a continuation of our line…’ or ‘Our R&D department has been working really hard…’Customers want to know how it impacts them,” she explains. Her advice: only talk about the customer.
Plan a corporate event that will attract the who’s who in your industry. If possible, include a demonstration of your product that is hands-on as that’s what makes the biggest impact, says Shakun Bansal, head of marketing at Mercer Mettl, an HR technology company and talent measurement firm.
Campaigns across Channels
Leverage different channels to create awareness about your product launch with the same messaging at multiple customer touchpoints, explains Bansal. “Have paid and organic campaigns on social media that resonate with the launch,” says Bansal.
Activate your PR and create a good story around the product launch. Create a press release that focuses on the fives Ws. Where are you unveiling the product? When? Who will be attending? What is the product? Offer details. How do you envision it growing your bottom-line? Why are you launching this product? Why now? Why is this newsworthy?
Ride the Wave
After your product is launched with a splash, continue the momentum. To ensure your product’s continuing success, listen to your customers. Make sure your sales team is engaging your customer base, taking detailed notes on customer concerns, and asking follow-up questions.
Carefully read customer reviews as well as social media and search engine analytics and look to both for potential improvements to the product and the customer experience, as well as always having a clear picture of the public’s perception of your product.
Keep social media campaigns that you started to promote your product launch going to keep the audience engaged and active.
With a well-rounded, flexible approach, your first product launch can pave the way for many other successful launches down the road. By keeping these tactics in mind, your product launch will get people talking, and that buzz will lead to success.