Startups are growing at an extremely fast rate these days. There are tonnes of new products being launched every day!|
Are you planning on launching a product as well?
Well, there is no need for you to get all worked up or have the fear of competition or scope of your product. But before the market closes down for new services or products or startups as a whole. It’s a wise decision for you to consider these tips in order to launch your product in a great way before it’s too late. And not just launch any product but launch a product in a great way that will prosper in the market.
Tips to Launch your Product to Success
1) Concentrate on the customers
Many people consider concentrating on their products rather than the customers who would buy it and pay for it. This is, in fact, a wrongdoing because without the knowledge about your customers who consume your product, you would surely go nowhere.
So, it is customary to say that, when everyone in your office would be noticing the technical specifications as well as all the various ways in which the product can reach the customers, you would assume that customers would feel the same way but unfortunately they don’t. The customers would notice the solution to their problems in your service/product. This is because these customers do tonnes of research before coming across service so they would want additional features or better features than the ones that they already have.
Hence, that’s how you need to plan your concentration. Don’t just talk about what your product does or why it’s superior; show them a compelling picture of how it’s going to make their life better. That’s what gets people excited. You must make a customer profile, do some surveys and get the exact specifications which your customer requires. You need to know few demographic details about your customer profile like age, gender, marital status, occupation, hobbies, etc.
Also, you need to know few habitual information as well like where they get their news, what is their favorite publication, how they spend their free time, etc. By realizing these details, you would be able to understand how and where to find your prospects.
Also, it’s easier for you as well because it’s easier to satisfy an already existing need rather than creating a new one.
2) Consider Pre-Orders
This tip could be one of the most ignored product launch plan strategies.
People would surely love to buy something that has got a lot of speculation earlier and if you give some kind of offers while pre-ordering then there are high chances that you would get more prospects. Consider the example of movie tickets. Just like the premiers could not only give higher hype over the movie but the viewers could also be among the few who watched the movie first.
But with pre-orders, you must be ready to supply bulk orders as well as not have too much inventory stock either. For example, you can’t offer pre-orders until you know what your final pricing will be. But you can still harness the enthusiasm. Until you know your pricing, make sure you at least have a way for prospects to sign up for updates. Then make sure those updates offer a link to pre-order as soon as it’s possible.
This way you would be safe from unnecessary inventory and you can get lots of speculations and rumors about your product. Just remember that care must be taken in all aspects before launching pre-orders.
More Insight –
3) Track your competitors
Never neglect your competitors because any kind of product tends to have one or the other kind of competitor.
You need to create a list of other companies that produce the exact same products/services just like the product you tend to produce. You would assume your service/product to be different or unique and hence you would not do your research on competitors. But it is necessary for you to be in your prospect’s shoes. Learn to think what your customers would want to purchase instead of the product you tend to provide, as mentioned in the first tip.
There are 3 basic steps after you realize where the competition lies –
- Assess – you would have to review the various materials included in the marketing field, or the advertisements, pamphlets, or even your website.
- Estimate – you would have to estimate how the product/service stands out among the similar kind of products.
- Develop – you would have to develop the various ways in which you would stand out, the various methods to reduce the similar businesses in the sector.
For example, again consider the movie scenario, each movie that comes out competes not just against other movies, but against all the other things people do with their free time. To convince people to go see the newest blockbuster thriller, studios must convince their potential audience that the movie is worth their time.
4)Define a unique cost function analysis and SWOT analysis
Many business marketing classes teach participants how to perform a cost function analysis or a SWOT (strengths, weaknesses, opportunities, and threats) analysis. You have to start by taking a serious look at your competitors.
Function Cost Analysis (FСА) (sometimes named function value analysis (FVA)) is a method of technical and economic research of the systems for purpose to optimize a parity between system’s (a product or service) consumer functions or properties (also known as value) and expenses to achieve those functions or properties.
SWOT analysis (or SWOT matrix) is an acronym for strengths, weaknesses, opportunities, and threats. It’s a structured planning method that evaluates those four elements of an organization, project or business venture. A SWOT analysis can be carried out for a company, product, place, industry, or person. It involves specifying the objectives of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.
Hence, it’s not only necessary to have a unique product but also one must have unique cost function and swot analysis. This analysis can help a company grow to success drastically if done right.
5) Create Marketing Strategies and Marketing Approach
Any company must require a marketing strategy or approach in order to launch a product.
You must create marketing strategies in order to choose the marketing/sales channel and to promote your product successfully. Few of the platforms to market online are through the pamphlets or through dealers. In fact, multi-channel marketers gain most of the success due to the prospects who can shop when as well as how they want to. They not only spend a lot but they shop a lot as well.
For example, in case your marketing strategy comprises of a plan to market a low-cost workout device to people who can’t afford gym memberships or high-priced home equipment. You would choose traditional direct marketing as well as online sales as your primary channels, and employ tactics including direct-response TV spots and online ads and email solicitations that link to your website.
Hence, a perfect strategy or an approach is a must to get your product the boost that it requires.
6) Do something Innovative to Promote your Product
Everyone knows that one must be unique in order to shine in the startup sector, but it is also necessary for one to be innovative.
By innovation, we mean bringing new ideas. These new ideas could be to promote your product, create it, market it, update it, etc. You need to do something unusual in order to win your customer’s hearts even during the release cycle.
Few examples, include creating a funny video, doing a stunt centered around an industry event, publishing a survey that supports the value of your product, or creating an interesting infographic that describes the need for your product.
In a recent product launch, we noticed a mock public service announcement (PSA) website; it warned of the ‘dangers’ of using a new mobile product while walking. The irony created an enormous buzz around the launch and even led to a huge spike in free product downloads.
You could also lend out some offers or sales for first 100 customers or any such method. This would not only get your prospects excited, but you would also get the rumor to spread enormously.