Creating a new product is equally as interesting as it’s stressful. It calls for a lot of time, energy and ruthless focus. But creating is not usually as stressful as launching the product in the market. All the sleepless nights, time and effort you had employed to create the new product can go to waste within minutes if the product isn’t launched properly.
Launching a product into the market needs proper planning and strategies that will enable the product to be quickly accepted by the target market. This will help create awareness about the company, drive sales and increase growth.
We as Eminence Global PR Team wouldn’t want to see your product launch fail and as such, we are giving you the 5 Steps that you should follow in order to launch your product successfully into the market.
- Answer the ‘Why & What‘ questions. Why did you create the new product, why is it beneficial to the market, why should a customer buy it, what sets it apart from the other products in the market, what’s unique about your product, what benefits/quality/superiority does your new product have as compared to it competitors. Once you have the answers to the above questions, then you are more than ready for the second step. Know your product in-depth.
- Understand & define your target Audience. Who is your target audience? to whom will your product be beneficial? Who is likely to buy your new product? what are their needs? How likely are they to buy your new product and leave that of your competitor? Write down categorically who your target audience is, their age bracket, income level and locations they are likely to be found. Get to know your target audience expectations and then inform your audience that you are about to launch a new product into the market soon via all channels e.g social media, emails, sms, broadcast messages, texts etc.
- Write down your marketing Strategies. Marketing & PR strategies are crucial for a company to standout in the market among it’s competitors. Explore which marketing channels will better reach your target audience, determine which platforms are the best to market your product and which ones you are most like to find your target audience.
- Run a test. Now that you know which marketing strategies to employ and you have already informed your audience that you are launching a new product soon, go ahead and run a Beta Test. Sample out customers from your target market and give them your new product to use and request feedback from them.
- Come up with your PR Strategies. Now that you have got the feedback from you beta test, figure out what to improve about the product. If the reviews are amazing, create the social media plan. influencer plan, Outreach plan (bloggers & Magazines) and the media plan.
- Create content for the launch. Create content inform of Videos, audios, pictures, info-graphics, articles, posts and press release to run once you launch the new product in the market.
- Plan and carry out the launch Event. Invite key people who are likely to buy your product, media people and most importantly potential redistributors of your new product. Make the event entertaining and involving to better gain traction, talk-ability and drive sales.
- Analyse the impact of the launch. Once you have launched the new product, it doesn’t stop there. Keep the content rolling across all marketing channels, engage the influencers, use the reviews, testimonials and success stories to drive sales, engagement and to create more awareness on social platforms.
Have in mind that the launch is the most important phase of your new product. The success of your new product in the market is determined by your launch, so you definitely want to make the most out of it.
Remember to not only focus on the D-day but to also focus on the Pre-launch and most importantly on the post-launch.
Follow the above 8 steps and you will celebrate your profits soon.
Are you planning to launch a new product or a new company in the market and you don’t know where to start? Contact us, the Eminence Global PR Team and we’ll make your new product to standout in the market by successfully launching it in the market.
Do you have queries on how to launch a new product in the market? leave a comment below, we’ll be more than happy to respond to you.
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