There are more than 30,000 new products launched every year into the marketplace. The unfortunate fact about these launches is that more than ninety percent of them fail. It can be challenging for companies to convince consumers to try their new products, so in this fast-paced competitive world, you have to engage in significant planning.
If you have not done proper planning to market your new product, it may fail to deliver on the expectations of consumers. These key steps for launching a marketing plan for your product may be the difference in your success or failure.
Why a Marketing Strategy is Necessary When Launching a Product
These are some of the reasons you will want a strong marketing strategy to launch your product:
- You can enhance your company’s reputation when your product meets the expectations of the consumer
- You learn who to target as your audience and ensure they see and use your product
- It will allow you to acquire new customers from the start and reduce your chances of the product failing
- Having a strong strategy will create new business leads and loyal followers
- Your strategy will generate attention and open doors for business partnerships, new business, and investments
It will be difficult to accomplish a successful launch of your product if your strategy doesn’t include a pre-launch. The pre-launch is going to show which channels will be useful and how you are going to use each of them. Some of the steps you can use include:
- Find followers on your social media platforms and create suspense with them about the upcoming launch of your product.
- Choose influencers and work with them to help spread the word that you are about to launch a new product. This step not only alerts potential consumers about your product but also raises trust in your product.
- Offer discounts to people for your upcoming launch of the product so they talk about it and spread the word that your company is releasing something new and soon.
Creating the Marketing Strategy for Your Product Launch
The strategy to follow for a successful product launch include:
- Conducting surveys
- Performing a survey will allow you to discover which features in your product will attract the most consumers. Ask questions like what they are currently using, why they are using it, and what they’d be willing to pay for what you are offering.
- Study Your Competition
- Because your product will be competing against hundreds of other products, you will want to analyze the weaknesses and strengths of your closest competitors. Look at how your competitors have used content on their site and compare it to what you are using.
- Build Your USP
- Unique’s Selling Proposition is one of your best tools to use against competitor’s products. USP allows your audience to see what makes your product superior to others.
- Beta Test Your Product
- Through a beta test, you are able to work out the bugs of any new product before it goes to market. This step is essential in your marketing strategy of launching a new product. Beta tests can be either open to everyone to test the item, or close to just a few testers.
- Once you’ve received sufficient feedback from potential or future customers on how your product performs, you are ready to launch.
Who to Contact for Marketing Strategy on New Product Launch
Marketing Guardians believe that with the right strategy and message, your product can sell itself. With our subscription-based, full-service marketing strategies, we have the experience to support your long-term marketing plans to ensure your business succeeds. Marketing should deliver, and you need a team that will help your company grow. Marketing Guardians are your best choice of marketing experts.