So, you have a new product to release: you should be celebrating! Exciting as it may be, building up to a product launch can be a little bit daunting. The risk of a flop can hang over your head. However, here are some ways to mitigate that risk by giving your new product the best chance of success.
Knowing your audience is key to the success of any product launch. Proper market research can help you tailor your marketing materials, optimize your search engine visibility, and fine-tune the product itself. Additionally. this can give you an idea of how many units to produce. And, a guide to where you might need to distribute your products if you want to find success.
Market research is a big deal. This explains why the market research industry is worth over 73 billion dollars, according to a study by Statista. The good news is that you don’t need to hire a 3rd party agency if you are planning on launching a product. If you have the time and the team members, you can conduct your own research.
Project management is not just for project managers. You can use project management practices to help you create and follow a roadmap as you launch your new product. Project management practices include risk management, setting realistic goals, coordinating team duties, and developing a workable schedule. Traditionally, all of this was done using different programs and a schedule of in-person meetings. However, the proliferation of project management apps has made all of these duties easier. Project management apps bring all of the information and feedback regarding a project to one place. Team members can then view and update the information as they work.
Getting everybody on the same page about goals, schedules, risk management, and communication can ensure that your product launch stays within budget, and on time. Additionally, you ensure quality work.
If a tree falls in the forest and nobody is around to hear it, then did it really fall? You can adapt this often misunderstood proverb to refer to your product launch. If a product launches online and nobody can find your website, did it really launch?
Search Engine Optimization is a broad term used to describe practices designed to get your website traffic via search engines. Search engines like Google use a ranking algorithm to order search results based on a number of factors deemed to represent relevance. However, these factors change regularly as search engines update their algorithms. Therefore, you should optimize your online presence before you launch your product. This can include link building, quality content writing, keyword use, and tagging.
Deep optimization is a great deal of work and an agency often completes this. However, some basic optimization – like including keywords in your content – is very easy to do yourself.
If you don’t have a mailing list, start one now! Asking customers if they are willing to receive emails from you in the future is a great way of building up a database of people that you know like your products. Give these customers exclusive early access to product news or special editions of your product to help entice them onto your mailing list.
A good media presence is crucial if you want your product to succeed. Setting up accounts across social media platforms, reaching out to local news outlets, and creating your own video content or podcast will help spread the word about your exciting new release. Additionally, if you have a large enough budget, consider hiring an agency or team member well versed in media production and promotion.