You know when your company has a great new product. Every team from design and development to the Board of Directors knows it’s great, but does it stand a chance in the market without a product launch strategy? According to the Marketing Research Association, only 40% of developed products make it to market. Of those that make it, only 60% will generate revenue and become commercially viable.
Developing a solid product launch strategy could ensure that your product successfully brings in great revenue for your business.
Your company’s marketing team has done the research and you are happy about your latest product. It’s time to develop your product launch strategy. Your product’s success depends on it. The Marketing Research Association states that only 40% of developed products will make their way to the market. From there, only 60% will turn a profit.
Help ensure your new product launch is a success with a finely tuned marketing strategy.
With such a slim chance of success, a well-organized product launch strategy could make the difference between success and failure in the market. Plan for the future with these strategies and ensure that your product delivers.
Reasons for Product Launch Failure
- Product marketing is not honest and the products fall short of their claims. Customers can smell dishonesty a mile away.
- Products don’t meet the needs of the market. Products in limbo don’t demonstrate benefits or fall flat against competitive products with more features.
- Products demonstrate something new but don’t offer consumer education to describe value or necessity.
- The product does something wonderful, but there’s no market for it.
A Strategy for Product Launch Success
In the ever-changing consumer market, technology is the key to success. Consumers have new touchpoints every day to evaluate your products, including advertisements, websites, email, phone apps, recommended reviews, customer service, and trade publications.
A successful product launch strategy focuses on the customer experience: price, quality, function, and availability are priorities.
Is your product the right fit for the market? Is there a demand or need for your product? If you aren’t sure, poll your consumer base, beta test your product on a focus group of customers and get a feel for whether or not your product is exciting, useful, or boring.
2. Market a Landing Page
You’ve tested it out on focus groups and it’s ready for the next step. Build up hype about your product. Design a landing page for your product with an email registration. You’re building a database and generating interest at the same time. Keep your consumers updated, excited, and informed as new developments occur.
3. More Testing
Run your product through the gamut. You want an airtight product before launch, so test a secondary group. A marketing consulting firm can help you identify issues that consumers may run into with your product through team-building and testing, and find solutions to opportunities that arise.
4. Organize Your Priorities
Is everyone in your company onboard? From the mail-room to the boardroom, a holistic approach to your product launch can help you determine internal momentum. Every employee has an idea, so listen closely.
5. Set Goals
Create engaging literature and materials to support your product. When customers aren’t sure what a product does, it can be mysterious and exciting, but also questionable and frustrating. A well-known brand can create a lot of hype with discretion whereas startups should provide as much information as possible.
6. Set the Event
Launch your product with a well-paced campaign. Consult with your marketing specialists to develop the correct budget, target audience and promotional channels with which to launch your product.
7. Expect the Unexpected
Don’t get discouraged if your product fails to launch. Learn from failures as opportunities for growth when your next great product design comes around.
Your Product Launch Specialists
Get ready. Be agile. At CMG, our marketing specialists can help you design, implement, and activate your new product launch strategy. We work with your teams in the trenches to move your products—and your business—up and to the right. Let’s talk today and help you unleash your potential.
Let's talk about how we can accelerate your ability to create value. We're here to help. Get in touch with us today!
Marketing Research Association: http://www.marketingresearch.org/the-importance-of-process-in-new-product-development
Forbes: 8 Elements of a Robust Product Launch Strategy: http://www.forbes.com/sites/neilpatel/2015/03/16/8-elements-of-a-robust-product-launch-strategy/#46bb84906851
Small Business Chron: http://smallbusiness.chron.com/new-product-launch-strategy-3241.html