A Guide to Successfully Launching a New Product

Launching a new product is equal parts exciting and nerve-racking. While you hope you have the next big thing on your hands, an unsuccessful release could lead to a multitude of problems for your business.

The risk is high, and this is only compounded by the following statistic: 75% of product launches are unsuccessful.

After all, there are many different challenges you have to face when releasing a new product. Your chances of success are determined by how you take on these challenges. With the right preparation, you can make a mockery of the statistics and launch for the stars.

Put in the prep work

It goes without saying, but creating and then releasing a new product is not something you can rush. Even if it’s just a digital product like an eBook, you still want to put in the time and effort to produce something worthwhile.

As for the first stage of preparation, this begins with research. What gap in the market are you trying to fill? Who is your target audience? What competition do you face? Is this a product your customer base wants to buy?

The latter point is especially pertinent. You don’t want to release a new product that doesn’t fall in line with your current offerings. Existing customers are the lifeblood of your business, and you want to appeal to them more than anyone else.

With this in mind, it makes sense to use their feedback when crafting your product. You can utilize CentraCX and its comprehensive voice of the customer platform. This way you can easily gain valuable information from your customers, such as what they like about your business, and what improvements they would like to see from new products.

Change the world

Well, okay, you don’t have to go that far. Yet you mustn’t release an unoriginal, run-of-the-mill product. There are plenty of those already out and saturating the market. If you join them, there’s little chance of gaining any type of traction – which means success is a feeble prospect.

What you do need, however, is a hook. You need something that will grab the attention of potential customers and not let go.

To do this, you require creativity, knowledge about your industry, and a big heaping bowl of boldness. Look for an avenue that has never been explored by your competition. This is tricky, sure, but the potential rewards are worth the struggle.

When you have a product that revolutionizes the game, there’s no need to seek out people to talk about your business. They’ll be hunting you down to find out more, make a purchase, and spread the word.

Set goals

Goals play a vital role in the launch of a product. They act as a guide for you to follow, so you know if everything is on course as expected. When setting your goals, don’t be too modest. In fact, go in the opposite direction. Have lofty targets that are going to be a challenge to hit. This can serve as excellent motivation, so you put in every effort to succeed. Plus, if you don’t quite hit those ambitious goals, you’re still likely to exceed any nominal objectives you may have set.

As for what the type of goals to focus on, here are a few examples:

• Effectively establish the brand and name of the new product
• Hit a certain level of sales with the new product
• Successfully cross-sell the new product to your existing customer base
• Enhance the overall stature of your brand
• Prepare for a marketing push

Yes, targeting your current customers is an essential part of the process. Yet a product launch is an excellent way to draw new eyes to your business. Not only is it easy to promote, but it’s also something that other outlets will want to talk about.

With that in mind, start with a press release. Detail what your product is, why it is being launched, and why it is going to shake up your industry—the more interesting details you can insert into the press release, the better. You want enough juicy content to ensure news outlets, blogs, and social media users post about your product.

This is only the start with your marketing efforts. It makes sense to produce images and videos of the product. A video is particularly effective in demonstrating the features and benefits of your new offering. It’s also perfect sharing content, where you can effortlessly post it on your website and all across social media.

Endorsements from influential figures are also a proven strategy. If you can get industry leaders or well-known celebrities to talk about your new product, this is going to see your product receive a lot of positive attention.

Take pre-orders

The word is out. People are aware of your new product. So instead of sitting around until the launch date approaches, take advantage of the current interest and excitement by making pre-orders available.

This is useful for many reasons. Firstly, you can generate sales immediately and ensure people don’t forget to make the purchase on launch day. Secondly, you can gain an insight into the popularity of your creation. If you’re producing a physical product, it’s difficult to try and judge how many units you will need. With pre-orders, you already know the minimum amount needed to cover those sales, and you can then add to this with an accurate estimate.

Turn the launch into an event

The big day has arrived. Instead of letting it pass by without any buzz, ensure you turn the launch into an event. Now, this doesn’t mean you have to book a venue, hire a DJ, and wax lyrical about your product to a crowd of people who were enticed by a free buffet. Instead, you could do a live stream, a Reddit AMA, a product demonstration for the press, etc.

When you make a big deal about your product, the media and potential customers are going to take it more seriously.