In your quest to bring a successful product to market, you need a new product launch strategy to guide you to success. Launching a product requires meticulous planning, coordination, and an end-to-end strategy that will act as your guide on what to do next. Sure, Murphy’s Law will kick in and things will go wrong, which is why having a strategy to keep you on track and focused is even more important.
Here’s how you can develop your new product launch strategy to win paydays you never thought possible:
Step 1 – Understand your market
Even before creating your product, you must understand the wants and needs of your market. If you simply create a product that you ‘feel’ like is going to be a hit, chances are it won’t be. You have to study what are the problems of the market, what solutions are crying out for. You need to understand their habits, their income range, their personalities, etc. Find out what market you are targeting and study that market so you can find a solution to your problems.
Step 2 – Create your product
There are three options when it comes to having a product you can launch: you can build it yourself, you can outsource it, or you can source it. Another consideration is the type of product you are creating. Is it an ebook, a video course, a software or a physical tool? You are more likely to create and outsource an information product than obtain a physical product from a vendor. Of course, you can also create your own new physical product that is sold under your brand name. This requires more resources, such as money, contacts and experience.
Step 3 – Test Launch
Before launching your product to the general public, it’s a good idea to do a small test launch first to see if your product idea is viable. In the online space, this can mean pitching only to your electronic list of subscribers and customers, or even just to a sublist (a section of your list). In the offline world, this often means launching your product only in a certain geographic area before rolling out statewide, nationwide, or even global.
Step 4: Test, Follow, and Tune
Test and track the results of your promotion in your test launch. Things to test include elements of your sales copy, such as your headline, call-to-action, colors, etc. You can also collect feedback from beta testers or test release customers to further improve your product. Keep tweaking your product offering to improve it before introducing it to the general public.
Step 5 – Build Relationships
Relationships are almost everything in business. If you have relationships with the right people and companies, your company and brand can grow very quickly. Before you can launch your product, you’ll want to build relationships with potential joint venture partners through touch points like email, Facebook, Skype, and even direct mail so they’ll be more receptive to promoting your product.
Step 6 – Deploy your product
Once you’re done talking and planning, it’s finally time to launch your product. This may involve starting your advertising campaign on a large scale and/or having your joint venture partners promote your product to their mailing lists, either online or offline, or even both. A launch involves using a lot of leverage, either through media channels or through listings from other sellers. Launch your product by leveraging integrated readers through these channels.
Developing your new product launch strategy is not something you can afford to rush. Take your time, consider all angles, and your product launch can be a smashing success.