Table of Contents
- Step 1. start with market analysis
- Step 2: Hire a project manager and put together a team
- Step 3: Define the marketing strategy
- Step 4: Create and follow a product launch plan
- Step 5: Provide investment for marketing
- Step 6: Advertise on different channels
- Step 7: Collect feedback
- Step 8: Measure the success of the product launch
Will a product reach the break-even point or not? - Every company that launches a new product on the market probably asks itself this question. The introduction of a new product is not only associated with stress and excitement, but also with hope for success.
The product launch is a time-limited project to present a new product or service to the market. It is a process that affects several areas in a company, from product development to marketing. Successful examples of product launches have one thing in common: the company had an effective strategy for the new product launch and stuck to it. Here are the 8 key steps to making your product launch a success:
Inadequate market analysis is the most common reason for product launch failure. Therefore, you should define the target group and carry out a detailed market analysis before the product launch begins. This provides the company with information about the market volume and market potential. After all, time, place and target group are the most important factors when launching a product. Only if there is high demand and the product satisfies customer wishes and needs can you move on to the next step.
The selection of a suitable project manager is crucial for the successful launch of a new product, as they will be responsible for coordinating the collaboration of several departments, monitoring the use of resources, ensuring deadlines and milestones are met and solving any problems that arise. This is often a marketing employee or product manager.
Equally important is a good and trustworthy team, which should consist of representatives from all departments important to the product launch - sales, marketing, service and, if necessary, purchasing and production. Everyone involved in the team should be clear about their tasks and pursue a common goal.
Developing an effective marketing strategy for the launch of a new product requires a lot of planning and effort to ensure that the product launch is ultimately successful. From marketing to sales, a good marketing strategy must be developed to encourage many interested parties to buy.
The four classic instruments of the marketing mix are the so-called 4Ps: product, price, place and promotion should be well thought out and planned from the outset. You can initially concentrate on a smaller target group, but this does not necessarily have to be the case. The international rollout can take place successively or simultaneously. These and many other questions need to be answered when developing an efficient marketing strategy, including
- When is the right time?
- Should special attention be paid to early adopters?
- How should the product be positioned with the target customers (product perception)?
- How does the product differentiate itself from competitor products?
- What obstacles could stand in the way of the product?
- How should the success of the new product be measured?
To ensure that the product does not become a flop, the product launch must be thoroughly planned. Without a plan, the product launch phase will end in chaos with hundreds of tasks. Set milestones for yourself and create a binding product launch plan. This plan should include all the individual measures taken by the relevant specialist departments in preparation for the product launch up to the time of the launch. All such measures must be coordinated and monitored by the project manager. This includes, for example, building up know-how in sales and service, obtaining the necessary permits, approvals and other documents required by law in the respective country, coordination with dealers and much more.
Not only can costs be saved by adhering to the schedule, but the marketing team can also create a marketing campaign based on the product launch date. Of course, the tasks and process will depend on the company and the product in question, as it makes a big difference whether it is a digital or physical product.
Product launches are always risky because customers first have to get to know the new product. Building up knowledge about the product and its use can incur high costs, especially in the case of conceptually new products, as the uncertainty among the target group about such a product can be considerable and must first be eliminated. Investments for these and other marketing activities are therefore unavoidable. The available resources in the company must not be overestimated, as unforeseen expenditure can have a considerable impact.
You only have one chance to make a first impression. Make sure it is a positive one. The first thing to do is to set the launch date, as this date will influence the timing for the rest of the campaign. Then the target and the means must be chosen, e.g. SEM, social media or influencer marketing. Proper preparation of the entire marketing team means more than just sending out emails before the launch. Support and sales staff need to know the product inside out and be able to answer basic user questions.
The more engaging the presentation, the faster visitors will pay attention to the product. Multiple channels should therefore be used. You can also combine print and online media. A cross-media or omnichannel campaign also creates a greater reach.
The task is to provide visitors with high-quality content and find out what they think of the product. When you launch a new product, it's important to keep customers in the loop and ask them for feedback along the way. By asking a few trusted customers to test the product, you can gain valuable insight into the product's appearance, usability and features from the customer's perspective and learn a lot about the product.
The launch measures should be measured after the actual product launch. Depending on the product, it can take many months before the first sales can be measured. The responsible product manager should therefore develop and measure early indicators.
Thanks to analysis tools such as Google Analytics or Google AdWords, it is possible to track how many potential customers are interested in the product and make a purchase, as well as which search terms have been used.
Discussions with colleagues from sales and service can also provide initial insights into the effectiveness of the product launch strategy. If necessary, the selected strategy can be adjusted in good time.
The introduction of a new product is always associated with risk. Therefore, the product launch requires thorough preparation. Bringing a new product onto the market is time-consuming and not every small or medium-sized company has the necessary resources to implement an ideal product launch. However, you should definitely be able to manage the most important thing - the entire team should be oriented towards the previously defined goal, the product launch plan and the strategy so that your product launch is a success.