Launching a new product is an exciting-and stressful-time. It’s best to be prepared so you send your new product out into the world with the best chance of success.
So check out our top 3 tips for a new product launch.
Before launching, make sure you understand where your product fits into the market. You might think that your product is completely unique, only to discover too late that someone else sells something similar-and potentially even better. So take the time to research. Ask yourself what your customers would purchase and where they would go if you didn’t exist.
From there, you can delve in to see how those competitors are marketing their product. What features are they calling out? How are they leveraging it? That will allow you to focus on other features in order to give you a competitive advantage so you can pitch your product in a different way.
If you have an unlimited marketing budget, then disregard this section. Still here? Yea we thought so. No one can afford to market to the masses when the masses aren’t going to be your customers. Instead, find the people who are most likely going to make a purchase from you and target them directly. A great way to find your ideal audience is to look at your past customers. What do they have in common? Group them into sections and determine the best way to market to each section.
So, you know who you’re talking to and how you are going to position your product to them, but what channel is best to communicate with your audience? Direct mail? Online ads? Social media? Maybe one channel is best or perhaps it’s a combination of multiple channels.
It all depends on your audience. Older demographics may respond to direct mail over social media because they spend less time online. While a younger audience may be the opposite.
It’s launch time!
You’ve done your research and learned your audience. Now, you’ll need to track responses, analyze results and tweak your methods as you go to maximize your ROI.
And the best news of all? We can help you with all of this. Seriously, we’re a marketing company. It’s kind of what we do.
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