digital business

A Guide to New Product Launches

If you’re in business, launching a new product can be a challenging task, as every launch is different and must reflect the specs of the company and the item in question. The following pointers can help you launch a new product with less hassle:

The first step in launching a new product is to tell your prospective customers about it. Without doing that, the process would be like a tree falling in the forest. Therefore, whether you’re initiating something huge or small or just updating an existing offering, you need to prepare well for the launch date.

Share with your key teams all the activities involved. Create content and ensure that everyone is ready for the launch. If the product is for a corporate organization, you could need the services of a corporate video production company.

Know your customers

Some people call it market research or customer development. It’s necessary to know what drives your clients, their motivations, goals, and pain points. This could help you develop a product that offers solutions and answers their questions. You don’t need to conduct intensive research spanning two years or more. In the digital era, using Google and social media analytics can help you achieve this objective. Alternatively, you can consider interviewing a sample of your prospective clients. A one-on-one conversation can provide a solid background on the problems your product should address.

Write your positioning statement

This statement clearly and concisely addresses the intended clientele, the purpose of the product, and why it’s different from other products in the market. You can even advance to include your target audience, market segment, and the brand name you intend to use.

Presenting the statement to your stakeholders

business presentation

Once you’re done with the position statement, it’s time to engage the stakeholders in your firm so that you’re all on the same page. If your colleagues cannot buy into your product easily, your clients might have the same problem. If your team accepts it, that’s a good sign that the launch would be successful.

Select a marketing strategy

Come up with a clear marketing strategy that you will use to launch and promote your product. Some businesses prefer a funnel strategy while others work with the flywheel approach. All the same, it’s advisable to work with a specific template to guide you on what to implement. As you mold your marketing strategy, remember the type of content you’ll incorporate into your product launch.

Create a media plan

Promotional content is healthy for your new product, especially in the awareness and purchase decision stages. It’s risky to launch a new product with no media plan. The launching exercise is done only once, so you need to maximize the opportunity.

At this stage, a reliable company for corporate video production could be of great help. With the help of the company, you can devise a matching media plan for your product. Besides, your media plan helps align your marketing strategy with promotional efforts. Media plan could include blog posts, video demos or tutorials, as well as landing pages.

After this stage, the final steps include preparing your team and finally launching the product. After the launch, you can monitor how your marketing strategy is working.

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