Did you know that around ninety-five percent of all product launches end up failing?
If you try to plan a product launch without implementing the most effective launch strategies, it is possible that you will not be successful. This is why it is a good idea to prepare as far in advance as possible.
Regardless if you are preparing to launch something small or something huge, it will be helpful to have a detailed plan.
To help make things easier for you, we have written a guide. Keep reading if you want to find out more about launching a product.
1. Understand Your Customer
Regardless of whether you refer to what you are doing as “market research” or “client development,” it is essential that you understand what motivates your customers. This will involve identifying what their goals and pain points are.
Once you understand these things, it will become easier for you to come up with the right kind of solution. Contrary to what many people believe, it is not necessary to spend years doing this research.
In fact, it might be sufficient to hold conversations with ten to fifteen of your ideal clients. When you’re holding conversations with them, notice how they begin their sentences.
Try to ask follow-up questions that encourage them to go a bit deeper with their answers.
By holding these conversations, it will be easier for you to have a clearer understanding of what their pain points are and what kinds of solutions they are looking for.
2. Create a Positioning Statement
If you are preparing for a product launch, make sure to write a positioning statement. This statement should identify who your product is for, what the product does, and what makes it unique in comparison to other products.
If you want to write a statement that goes more in-depth, explain what brand name you will give your product or service. You can also offer evidence about how and why your product is unique.
Once you’ve written this statement, it will be easier to prepare a product press release.
3. Pitch Your Offer to Stakeholders
Next, you will need to pitch your offer to stakeholders in your organization. This will ensure that everybody is on the same page.
If you notice that some of your workers are not buying the product, it is possible that your customers will have a similar reaction. But if your employees enjoy it, your product launch might be successful.
4. Design a Go-To-Market Strategy
You will use your go-to-market strategy to promote and launch your product or service. Some types of company products will have the most effective launches if they use a funnel strategy.
But there are other types of products that will require a flywheel approach.
The process of designing a go-to-market strategy will have various moving parts. If you want to stay organized while you are developing this strategy, you should consider using a template.
While you are creating your strategy, it will also be helpful to start developing a content strategy. Figure out what types of content will be most likely to grab the attention of your potential customers.
You’ll also need to put together a strategy for distributing your press release.
5. Create a Goal for Your Launch
You will need to articulate your launch goals before implementing your launch strategy. Your launch will be more likely to be successful if you write out goals that are clear and specific.
Once you know what your launch goals are, you will need to bring them to mind from time to time. For instance, your goal could be to generate a certain amount of revenue or to make a certain number of sales.
If you are not sure if the goals you have set are realistic, consider creating SMART goals. These are goals that are Specific, Measurable, Attainable, Relevant, and Time-bound.
6. Put Together Promotional Content
Once you’ve set your launch goals, it will be time to start designing compelling content that will align with your promotional activities. Consider writing blog posts, producing a podcast, or creating a YouTube channel.
It is also important to design a landing page.
7. Work With Your Team
You will need to make sure that all of the employees in your organization are prepared to launch. Make sure that everything is in place to begin marketing your product or service.
You can stay in touch with your employees by using a content management system such as Slack or ClickUp. It is also a good idea to regularly send out emails to make sure that everybody is on the same page.
8. Launch Your Product and Assess the Results
After you have gone through all of the previous steps, you will be ready to launch your product or service. At the end of your launch period, you will need to assess how your go-to-market strategy has performed.
Don’t hesitate to make pivots when you need to if the sales for your business products do not meet your expectations. You will also need to reflect on the launch goals that you made.
Don’t worry if the launch does not end up meeting your goals. Take this experience as a learning opportunity. The next time that you launch a product or service, you will be more prepared.
Launching a Product: Understand What’s Involved
If you are planning on launching a product, it is important to know about the top product launch tips and tricks.
And remember how important it is to write and distribute press releases. If you need help doing this, eReleases is here for you. Don’t hesitate to find out more about our services.