Launching a new product for your small business can be a nerve-wracking, yet exciting experience. A new product presents an opportunity for a business to reach a new audience and make a positive impression in the community. While a new product has the potential to bring credibility and generate new business, the positive aspects of a product launch can quickly turn sour if introduced without a firm new product launch strategy.
If your business is considering the presentation of a new product to the marketplace consider these practical steps on how to launch a product:
Know Your Target Market
Before you launch a new product you must invest some time and resources in getting to know your desired audience. It’s important to research the wants and needs of your target market before officially introducing a product to the consumer. After all, how can a product be successful if the consumer cannot relate to it? Your market research should include more than simple demographics. Try to dig deeper and discover the hopes, fears, and desires of your intended market making sure to document your findings. The outcomes of your market research will aid you in developing your new product launch marketing plan.
Design a Messaging Campaign
Once the market research is complete, you’ll want to develop a messaging strategy that aligns with your discoveries and will create an emotional connection with your audience. This can include the naming of the product or the creation of a special tagline. The message you choose should quickly and clearly alert the consumer on why they need your product. The messaging should also clearly identify why your product is superior to any competitor. Make sure you enlist the help of your team to clearly dissect your messaging and ensure its effectiveness.
Test, Test, Test
Now that you’ve done the research and spent the time to develop a messaging campaign; you are ready to test your design. New products will typically undergo several revisions before being fully released to the marketplace. Consequently, this step is an opportunity for you to gather more data from the consumer and make the necessary adjustments before its full release. Introduce your product to a small sampling or focus group and record their feedback on the product. You can then use this feedback to make any modifications. It is important to note that your sampling should be large enough to provide relevant and accurate data.
Planning & Promotional Strategy
It’s now time to share your product with the consumer! To do this, you will need to have an effective and well prepared promotional strategy. There are many different outlets for promoting your product. These channels include but are not limited to: tv stations, radio, newspaper, social media, email blasts, and targeted direct mail. You can also organize and host promotional events. You might consider a promotional campaign where a specified number of consumers are offered a free sample of the product. This tactic gets the product in the hands of the consumer and can impact your word-of-mouth success. Regardless of what tactics you choose, it is important to once again revisit your market research to ensure you are choosing an effective outlet that will reach the intended audience. You should also ensure your strategies fit within your budget.
Although launching a new product is an exciting time for any company, it is important not to skimp on any part of the process. Each step outlined in the new product launch marketing plan should be valued as an important part of the progression. Hopefully these tips will help you in understanding how to launch a new product with success!