We are pacing through one of the most entrepreneurial eras in modern history. In this hyper-competitive market space, launching a new product, raising brand awareness, and generating a profitable revenue stream is no easy feat.
Nevertheless, with the breakthrough of digital media and automated advertising solutions, introducing a product or service to a global audience has never been so manageable. Marketers have coined new product launch marketing strategies that pave the way for a smooth launch, ensure rapid growth, and help compete with established companies.
Instead of adopting the traditional “launch it, and they will buy” approach, you need to build the Apple-level hype and Robinhood’s growth-hacking tactics. Although many startups are eager to enter the market with their little-known offering, most are bound to land in pitfalls due to poor pre-launch marketing.
Your next product launch could earn you an entry into the Fortune 500 list. When organizing your launch campaign, adopt these ingenious product launch marketing strategies to animate the success you’ve imagined.
Product Launch Strategy: Understanding the Basics
A product launch marketing strategy is like rocket fuel for your new product, propelling it to success in the market. The plan encompasses various advertising activities and tactics aimed at creating awareness, generating interest, and driving sales for the newly launched product.
Devising a marketing strategy enables companies to define their prospective audience, understand their preferences, and present their offerings in a way that addresses their needs. Instead of promoting a product aimlessly, a launch strategy pinpoints and emphasize product USPs that distinguish it from the competition.
From building the pre-launch buzz through social media to monitoring product launch metrics after launch and gathering user feedback, a new product launch marketing plan outlines all necessary actions to execute a successful product launch.
The goal is to educate the potential audience about an upcoming product and ensure maximum growth and traction at the start of the launch. While it engages the broader audience through interactive advertisements and campaigns, a product launch plan coordinates concerned stakeholders toward a common agenda - initiating a new product launch.
Why are Product Launch Plan Important?
Every business sets goals and objectives for what they want to achieve with their upcoming launch. Devising the launch strategy in advance serves as a blueprint for effectively introducing a new product to the market.
A Marketing Research Association survey shares that of all the products developed, only 40% launch into the market. Of that 40% that do make it, barely half manage to generate revenue or earn profits. Cut-throat market competition and ineffective marketing strategies are the leading cause of such high product failure.
A well-crafted marketing plan ensures the product stands out amidst competition, communicates its USPs to the audience, and maximizes visibility through various marketing channels. Let’s take an in-depth view of the possible benefits of implementing an effective marketing strategy.
Higher Chances of Reaching the Target Market
Initiating a pre-launch campaign while your product is under development helps you understand the market dynamics and the audience you’re selling to. Outlining the buyer persona with your customer’s demographic and psychographic details will allow you to personalize the product launch strategy that better suits their preferences.
You can implement a strategy that galvanizes customers and generate leads by leveraging the appropriate marketing channels and adopting the right tactics.
Low Risk of Product Launch Failure
Before preparing for the main event and supplying your new product to stores, ask yourself the following questions:
- What makes my product important?
- What are its unique selling points?
- Is my product better than the competitors?
- Who is its ideal audience?
- How can I effectively reach that audience?
- What’s the ideal time to execute the launch?
If you want to avoid wasting your resources on a failed project, make sure you have the answers to these questions figured out. Developing a flawless product isn’t enough. You must have a launch campaign checklist ready to take it to the big stage.
Generate Maximum Leads Before the Launch
The fundamental objective behind every SaaS product launch is to maximize lead generation and improve the landing page conversion rate. Signing in more clients ahead of the launch increase the chances of success of your product launch, but how do you achieve that?
Depending on the type of your product and its relevant audience, conduct teaser campaigns, set up landing pages, and offer pre-launch incentives and promotions to intensify hype. When it comes to executing everything meticulously at the right time, a comprehensive product launch marketing plan becomes crucial.
Meet Potential Investors and Establish Partnerships
The pre-launch hype isn’t limited to the audience. Create a positive brand image successfully, and you can lure potential investors that are interested in your project. Presenting your offerings to the right community can offer lucrative opportunities and build the long-term partnerships you need to take your business to the next stage.
Pre-Launch Stage: Initiating the Product Launch Marketing Plan
Be it the entrepreneurial passion or a manager’s sense of duty, every product launch is driven by goals and objectives. Setting a pre-launch strategy prepares your product for an impressive launch and keeps you on track until you achieve the results you’re aiming for. Let’s explore the steps and tactics you must take during the pre-launch stage.
Define the Target Audience
For a product to be deemed successful, it must have a customer base ready to purchase it at first notice. A pre-launch stage aims to identify and galvanize an audience for an upcoming launch.
By understanding your target audience, you can optimize your promotion messaging to capture their attention and develop a deeper connection. It's a crucial step that ensures you're not shooting arrows in the dark but rather hitting the bullseye with precision.
Conduct SWOT Analysis
A SWOT analysis gives marketers an insight into a company’s existing dynamics. Understanding the strengths and limitations of your business and knowing the external opportunities gives you a perspective of the target market and figure out ways to disrupt that.
Identify and evaluate the internal strengths of your business or product. What unique features, resources, or expertise does your business possess? Likewise, acknowledge your internal weaknesses objectively. What areas require improvement or need additional resources and attention? Identify key areas you can leverage your strengths to capitalize on opportunities.
Carry Out Market Segmentation
Instead of capitalizing on the market as a whole, disintegrate your target market into individual groups based on their characterization and preferences. Segmenting the market will help you direct your advertisement campaigns and product offerings to niche users.
Market segmentation involves conducting surveys, interviews, and studying market research reports. To best fulfill your business goals, profile each segment and tailor marketing strategies that address their pain points.
Streamline Product Development
Developing a cutting-edge product is a prerequisite for a successful launch. Marketing a product that doesn’t comply with industry standards or meet consumer demands and expectations is bound to fail.
Achieving market relevance is essential to capturing the attention and interest of your target customers. While it gives you a competitive edge over rival brands, effective product development ensures customer satisfaction and mitigates the risk of a potential failure.
Establish the Product USPs
One of the fundamental marketing principles is effectively articulating your product's capabilities, functionalities, and unique selling points in front of the target audience.
The purpose is to educate customers on how a product will fulfill their needs and address the possible shortcomings of the competitor brands. By highlighting the key features and benefits, businesses create a compelling narrative that captures attention, generates interest, and inculcates anticipation for the future launch.
Finalize the Pricing Strategy
Pricing is often a major contributor to the success and failure of a product launch. Follow these principles while finalizing the pricing strategy for your upcoming product:
- Conduct market research to understand competitor pricing and user preferences.
- Determine the value your product offers and price accordingly.
- Analyze production and operational costs to set a minimum price.
- Set a pricing strategy aligned with your business goals and target market.
- Select a pricing model that suits your product and revenue objectives.
Remember, pricing is not set in stone and can be adjusted as you gather more data and insights post-launch. Monitor market dynamics, customer feedback, and competitors to stay responsive and adaptable in your pricing strategy.
Prepare your Promotion and Sales Strategy
Besides the product’s superiority in its niche, the popularity and competence of a company depend on its promotion and sales strategy. A well-planned strategy promotes a product’s unique features, benefits, and value proposition in a way that piques the audience’s interest.
Companies engage in promotional activities and advertise compelling messaging to entice their prospective customers, urging them to learn more. Set strategies and sales tactics in your product launch campaign to cash the audience’s interest.
Determine the Marketing Channels
With the promotion strategy finalized, you need appropriate and effective marketing channels to get your message across. Conduct market research to identify which platforms your audience uses and channels that align with your brand personality.
The most preferred marketing platforms include social media channels, emails, landing pages and microsites, and blogs. Adopting a multi-channel approach to marketing can maximize your reach and effectiveness, allowing you to build momentum leading up to the official launch.
Create a Content Strategy
Content doesn’t simply mean a body of text on a page; rather, it infuses images and multimedia to maximize its influence. A content strategy focuses on creating, optimizing, and publishing promotional content to fulfill business goals behind a particular product launch.
Content strategy is an overarching term that outlines; articulating marketing goals based on the audience demographics, identifying appropriate channels, and instating a compelling brand narrative.
The strategy is marked by a content calendar that highlights the topics, formats, and publishing schedule for the content. The process ensures a consistent flow of content leading up to the launch and sets the stage for efficient planning and collaboration between concerned departments.
Developing a content strategy reinforces your brand identity by propagating consistent messaging across various channels and touchpoints. It helps foster audience engagement by encouraging interactions, posting comments, and sharing social media posts with social contacts.
Set Up a Referral Program
Referral programs count as one of the most effective marketing strategies startups and enterprises adopt. The program leverages the power of word-of-mouth marketing, encouraging existing customers or brand advocates of a company to refer to an upcoming product in exchange for rewards or incentives.
For enterprises, a referral program serves as a structured framework for customers to share their positive experiences with others, carving the way for new leads and clients. Setting up a referral program during pre-launch builds excitement about the new product, taps into the power of personal recommendations, and expands your customer base.
Referral programs have proved quite influential for startups. Harry’s impeccable waitlist strategy is a stunning example for budding startups hoping to make it big on the launch day.
Capitalize Paid Media through Press Release
While generating popularity and awareness organically goes a long way, there’s no marketing quite like paid media - if your budget supports it. Initiating press releases through paid media channels extend your outreach to a broader audience.
With reputable news outlets promoting your product, you will not only gain exposure to the masses but also earn credibility for your brand, fostering trust among influencers. Include backlinks to your landing page on the press release to improve your website's search engine rankings SERPs and drive organic traffic.
Write a concise, engaging, and communicative press release to leverage mainstream broadcasters. Optimize it with relevant keywords, include compelling visuals, and provide clear contact information for media inquiries.
New Product Launch Stage: Kickstart Launch Execution
The product launch phase marks the execution stage of your pre-launch marketing practices. It involves all the activities and strategies implemented to successfully bring the product to market.
The launch stage is a critical milestone in a product’s lifecycle where companies focus on creating a positive impression, gaining market acceptance, and positioning for the long-term success of your product.
Finalize your Sales Goals
Setting specific sales goals sets a clear direction and focus for the concerned parties to execute a flawless launch. It coordinates product managers with sales, and marketing teams toward achieving specific targets, ensuring everyone works towards a unified agenda. Let’s count the benefits of highlighting sales goals when launching your product:
- Sales goals serve as a benchmark to evaluate launch performance and the impact of marketing campaigns.
- Finalizing the goals helps efficient resource allocation, ensuring the right strategies and tactics are implemented.
- With a common objective to work for, goals create a sense of motivation and accountability within the team.
- Clearly defined goals provide a basis for communicating with investors, stakeholders, and potential partners.
Develop Effective Sales Tools
Sales tools refer to the resources, materials, and technologies marketers adopt to support and amplify their tactics and effectively engage with customers before and after the launch event.
Most companies develop sales collateral to educate potential customers and marketers about selling the product. The process involves creating visually appealing and informative sales collateral such as brochures, product catalogs, presentations, and demo videos.
Developing or identifying sales tools directs consistent messaging across the sales department, aligning them with the product's value proposition. They empower concerned personnel by providing them with the necessary information and resources to engage and educate the prospects.
As a budding startup, you can develop sales playbooks that outline different scenarios, strategies, and best practices for selling the product. These playbooks serve as a reference guide for the sales team, helping them navigate various customer interactions.
Create and Manage the Launch Timeline
We’ve outlined the key steps to set up and manage a product launch timeline:
- Identify the key milestones of your product launch, such as development completion, marketing strategy fulfillment, and campaign launch.
- Based on the target market considerations, set a launch date. Ensure the date allows sufficient time for carrying out all necessary activities leading up to the launch.
- Disintegrate the launch process into smaller, manageable tasks and designate them to relevant product teams.
- Determine the resources required for each task, including workforce, budget, and technology tools.
- Continuously monitor the progress against the set timeline and identify potential delays throughout.
- Recognize that unexpected challenges or opportunities may arise during the launch process. Stay flexible and revise the timeline as needed.
Organizing the Post-Launch Marketing Strategy
After the initial launch phase, it's important to transition seamlessly into the next stage of marketing activities. Organizing the post-launch marketing strategy is crucial for sustaining the momentum and success of a product launch. The post-launch stage predominantly focuses on maintaining customer engagement, driving sales, and maximizing the product's long-term potential.
Collect User Responses and Feedback
Normally viewed as the response phase, in which customer support staff is directed to interact with the customers that have bought your product - or somehow interacted with it. The feedback from users provides valuable insights into the product's strengths and weaknesses and possible room for improvement.
The customer support teams must actively seek and respond to user feedback. Businesses that are committed to ensuring customer satisfaction tend to build advocates for their upcoming launches.
Keep your management and product marketing teams closely coordinating with the support staff. Evaluate customer experiences and suggestions, and make necessary improvements in the product or re-build a marketing strategy if needed. The iterative approach validates to how you value customers’ opinions and are dedicated to addressing their concerns.
Measure your Progress and Evaluate the Results
Without a proper mechanism in place to track launch progress and gather user feedback, you can’t know whether your product launch is going according to plan. Here are a few things you need to monitor for positive growth:
Performance Assessment: Track key performance indicators (KPIs) such as sales, customer engagement, conversion rates, and user satisfaction, businesses can evaluate the effectiveness of their post-launch initiatives and measure their success.
ROI Analysis: Evaluate the results of your business endeavor to determine the product launch's return on investment (ROI). Compare the costs incurred with the generated revenue to assess the financial impact.
Learning and Iteration: Knowing the marketing strategies that brought fruitful results and tactics that were ineffective in generating sales, marketers can iterate and optimize their strategy for better outcomes.
New product launches are fundamental to any business, regardless of their size and market capital. In order to steer them to success, companies must coordinate their concerned departments and stakeholders on a unified agenda, plan effectively, and track progress to iterate future launches.
Since most of the new product launch marketing strategies are initiated during the pre-launch phase, direct your attention and resource on presenting a positive image. A slight planning deficiency can damage your launch considerably, hurting the brand’s credibility overall. Align yourself with Prefinery.com and let experts strategize your next product launch.
What are the effective marketing strategies for a new product launch?
When launching a product to the market, develop a content strategy, create shareable content, and adopt an omnichannel marketing approach to increase your visibility. Create a lead-generation landing page and optimize your website speed for a higher conversion rate.
How long does a new product launch marketing strategy typically last?
The duration of a new product launch marketing strategy can vary depending on the complexity of the product, market conditions, and business objectives. Generally, the planning and execution phase can range from a few months to a year.