According to prominent market research firms, less than 3% of consumer packaged goods fail to achieve the $50 million milestone in their first year, a benchmark for a successful launch.
One of the most iconic examples of a remarkable product launch is the unveiling of Steve Jobs’ iPhone. It was indeed a miraculous event, considering the prototype’s technical flaws. Launching a new product is an excellent way to diversify your revenue streams, expand your product portfolio, reach new customers, or enhance an existing product or service. Designing and developing the product is often the easier part of the process.
While a great product can market itself through positive customer reviews and word-of-mouth, the challenge lies in getting your product into the hands of your audience. Overcoming issues of scale on both the supply and demand sides can be a daunting task. A new product launch represents a substantial investment, necessitating a significant return to justify the decision to stakeholders. The good news is that by learning from past mistakes and successful examples, you can develop five effective strategies to ensure the success of your next product launch.
Align with Influencers
Addressing scale challenges is one of the most formidable hurdles in building a consistent user base for your products. Today’s consumers are highly skeptical of brands and advertising. Therefore, a considerable amount of marketing budget may go to waste without a well-established brand presence and following.
One of the most effective ways to tackle these challenges is by gaining endorsements from influencers who can provide social proof and credibility to your product and brand. Influencer marketing is a relatively hands-free strategy that requires minimal investment and effort on your part. Tools like Intellifluence and Followerwonk enable you to micro-target influencers in your niche and geographical location.
Consider these influencer marketing strategies to bolster your brand’s credibility:
Forge branded partnerships with influencers for reciprocal promotion.
Invite an influencer to use your product and provide a review.
Organize contests or giveaways through influencer platforms or accounts.
Utilize Trade Shows
Chances are, there are industry publications that regularly host trade shows and conferences. Trade shows offer the unique opportunity to interact with customers who are already interested in your products and to network with industry leaders.
Strategies for successful trade show marketing include:
Investing in an eye-catching trade show display.
Marketing your involvement in trade show events both before and after the launch.
Networking with industry leaders for potential partnerships and investments.
Delivering a keynote speech to establish authority and attract attention.
Hiring consultants for trade show booth marketing has been shown to lead to more leads and purchases at trade show conferences.
Harness the Power of Crowdfunding
The crowdfunding industry processed over $34 billion in funding in 2015. Crowdfunding your project or product launch is a logical choice. Crowdfunding not only provides free promotion for your brand and product but also free capital.
To ensure crowdfunding success, conduct comprehensive research. Conduct interviews, surveys, and focus groups with past customers or individuals likely to be interested in your products.
Plan a Product Launch Event
There’s no better way to generate buzz for a new product than by organizing an event and celebration around it. Hollywood movies and Grammy artists offer early access to select audiences to spread the word.
A press release and launch party can attract local media figures and industry thought leaders to review your product. Distribute a press release in advance and contact media figures you’d like to attend your event. Hosting a webinar or Q&A about your product’s launch can help gather feedback and expand the product’s reach.
Focus on Digital Marketing
After the launch, a comprehensive digital marketing strategy is essential. This includes maintaining a website with a blog where customers can find information about your products.
Create a landing page and run advertisements on channels your customers frequent, whether it’s search or social media. Begin early social media promotion to build anticipation before the launch, targeting an audience of established followers who have previously purchased from your brand.
In conclusion, a vast majority of businesses fail due to inadequate marketing strategies. Although exceptional service leads to excellent reviews, limiting your audience will hinder your business’s growth. Implementing these strategies will help you achieve significant returns on the substantial investment made in developing and launching a new product.
