There are no parts of a product’s lifecycle more important than the launch. It’s not the end-all and be-all, but it can very quickly determine enough viability to keep the production afloat, while a difficult one means that you have a lot more work to do to capture the demand necessary to make a profit for the company. Here, we’re going to look at what goes into a product launch and how to make sure you manage it in the best way possible.
Pin that market down
You can’t leave it to chance that there’s going to be a market for your product. You have to know who they exist, who they are, and how much they’re likely to spend on the product that you’re offering. As such, take your time to do the market research necessary. Find your customers, find their pain points, and find a way to increase your reach so that you’re able to better communicate with them. The data you gather on your customers will inform the entire rest of the launch, so this isn’t a step that can be skipped.
Keep that buzz building
Well before the actual launch event, when you have the product ready and all the final information that you need, you need to start building the expectation and anticipation in real-time. A pre-launch marketing campaign isn’t just about advertising. It can involve building a social media campaign targeted at the market you’ve predetermined. It can also involve taking early products to trade shows and other conferences or even sending them out to influencers. Don’t just spread the word yourself, have others spread the word for you, as well.
Ensure all teams are working together on it
A product launch is not something to be handled by just a marketing team alone, of course. Sales, marketing, and support all have to come together to ensure that the market gets the best first impression possible. As such, it may be worth taking product management courses or having someone on your team take them. One person should be able to oversee and improve collaboration between the different teams that will all have a hand in the success of a launch. After all, marketing leads directly into sales which directly leads to support. It should all be one big integrated system.
Have a big night for it
Not every product launch needs a launch event, but it can help make a successful launch all the more successful. You can get the spotlight and PR focused on your company for a time, sharing not just the product but also the company message, and have the opportunity to impress customers, retailers, and industry commentators at the same time. Ensure that if you throw a product launch event that you have your best speakers and more charismatic team members presenting on your products.
With the tips above, you should hopefully be able to organize the kind of product launch that takes your new product into the stratosphere. That’s just the beginning, of course. You need to keep fighting to ensure you hold onto and grow any place in the market that you manage to claw together.