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How to Launch a Successful New Product

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The key to launching a successful new product in today’s technology-driven economy is through media-savvy marketing. Consumers and businesses alike can access resources at break-neck speeds with the Internet and smartphones.

David Lavenda with Fast Company praises the use of new and unusual tactics to reach your target audience. Here are a few tips on avoiding the pitfalls of a bad campaign and making the most of your new product launch.

So your company has created the perfect new product and you’re ready to sell. Guess what? Without a new product launch strategy, you run the risk of missing your target demographic, failing against competitors or losing momentum in a sea of new products from competitors that do the same thing.

Plan ahead. New and unusual marketing tactics can help your new product launch reach great heights. Here are some great strategies to consider when marketing your new product launch.

Less than half of all new product launches see the light of day. In today’s technology-driven marketplace, a successful marketing campaign and press releases geared toward media-friendly consumers are the best strategies for success. Here are some popular and unusual tactics for launching a new product or service that many leading industries are using to win over new clients.

9 Tips for Your New Product Launch

  1. The Harvard Business Review mentions that the number one reason companies see failure with a new product launch is because they neglected to do research. Confidence isn’t enough to launch a successful product: testing, figures, data, and customer reviews are integral to success.
  2. Anticipate growth. If your product takes off, make sure your company can expand to meet the demands.
  3. Don’t embellish. Your marketing should say what your product does and why it’s beneficial.
  4. Test your product early and often. The more practice runs you have, the less chance it will reach “product limbo.”
  5. Market a landing page with an email registration button. Keeping your customers up to date on the product launch specifics and timelines is crucial to keeping them interested.
  6. Know your market. What is your market segmentation strategy? Avoid overselling or underselling your consumer base.
  7. “Leak” your product to build hype. Tweets, trailers, and product demo videos all help to gain momentum if your product is anticipated.
  8. Be patient. For start-up companies that know their product is revolutionary, don’t expect huge numbers. Follow through on clients that matter and build press releases, interviews, and testimonials that support your new product and grow your ROI organically.
  9. Be bold. Viral marketing and alternative methods certainly won’t hurt your chances of success. Think outside the box.

If your new product launch is a breakout story, then you’ll want to keep the momentum moving up and to the right.

The Harvard Business Review asserts that just because your product is popular, a successful long-term marketing strategy is a priority: “We looked at more than 70 top products in the Most Memorable New Product Launch survey (which we help conduct) for the years 2002 through 2008. A dozen of them are already off the market.” Outside sources such as strategic marketing consultants can help sustain the lifespan of your new product.

Expand your universe and take your new product launch seriously. Our CMG strategic marketing consultants work in the trenches with you to define your brand, expand your customer touchpoints and create an Agile marketing solution—giving you the tools to not only stay in the race but leave your competition in the dust. Let’s talk today and unleash your potential.

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Sources:

Fast Company: http://www.fastcompany.com/3004920/10-steps-successfully-launching-new-product-or-service

Harvard Business Review: https://hbr.org/2011/04/why-most-product-launches-fail