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In 2019, the average US consumer spent about $63,000.
What did they spend that money on? Everything from rent to food to products like the one your company is about to launch.
You might look at the number $63,000, multiply that by the number of consumers you have access to domestically, and think that you’ll have no problem earning sales. Believe us when we say though that there is more than enough competition in just about every marketplace to render your product launch a failure.
Therein lies the purpose of this post on developing a product launch strategy.
Below, our team shares tips we’ve pulled from several successful product launches to give you an idea of how you should approach yours. If you’re interested in making what you’re selling profitable, keep reading!
- Test Your Product Extensively
This product launch strategy tip is actually a pre-step you should take before launch. It’s so important though that we’d be amiss if we didn’t mention it.
Never launch a product without adequately testing it first. If you do and it ends up being a failure due to flaws, it’ll be nearly impossible to fix, re-launch, and win back consumer’s trust.
Your product should be in front of private focus groups for months before hitting the open market. That way, you can address critical feedback before the general public has a chance to weigh in on your product’s efficacy.
- Start Giveaways in Exchange for Feedback
Social proof means everything when selling products. For those of you that don’t know what that is, social proof describes people’s need to see other’s approval on a product or experience prior to buying into it themselves.
In today’s eCommerce driven market, the best way to attain social proof is via online reviews, and the best way to get online reviews is to start giving products away.
Figure out a way to distribute your product to people you feel might enjoy it. If possible, get your product in the hands of influencers that may be open to sharing their review with their audience.
As positive buzz starts to brew around what you’re giving away, you’ll find that sales will experience a spike.
- Get Your Blog and Website Tuned Up
Organic search is a big driver of product sales. After all, Google fields billions of searches every day. By tuning up your website and blog so it’s more favored by Google, you’ll enjoy additional traffic to your sales pages.
Learning about search engine optimization (SEO) is a great place to start when it comes to gaining online traction. While this post won’t go into SEO in-depth, you can learn more about it here and start implementing your findings into your online presence.
- Fire Off a Press Release
The press is a great way to get the word about your products out there. By creating a press release, you give writers from publications like Fox, CNN, CNET, and millions of other places the opportunity to share your product with their audiences.
Firing off a standard format press release, of course, doesn’t guarantee you’ll get it picked up by publications. By being consistent in your releases and building relationships with people that work in the media though, eventually, you’ll see your releases earning your products traction.
- Get Social
We’ll be the first to tell you that not every product deserves a full social media strategy. Some products are targeted at audiences that are not present on platforms like Facebook, Twitter, and other environments companies are quick to pour advertising dollars into.
If you feel your product does align with a demographic a social platform caters to, you’d be amiss to not connect with your customers there.
Hopping on a platform like Instagram, posting regularly to drum up organic attention, and subsidizing with paid advertising is a great way to build product traction. Similar strategies can be ported over to other popular platforms.
Before you start on social media, however, keep in mind that each platform caters to a unique format you should respect. For example, Instagram is a deeply visual platform while Twitter celebrates brevity.
The more natural your marketing is to the platform you’re on, the better your traction will be.
- Install a Referral System
Word of mouth is a low hanging means of customer acquisition. A great way to spur word of mouth is by offering your current customers incentives to do so.
Something as simple as giving customers a gift card that is lower in value than your average customer acquisition cost for sending friends/family members your way is a simple method to engage new prospects. Other incentives could be future product discounts, entries into drawings, and more.
- Invest in Quality Customer Service
You can drive millions of sales with a great product launch strategy and still see what you’re selling fail in the long-term if you don’t have great customer support in place.
Are you prepared to take phone calls from upset customers? Do you have an FAQ section on your website to aid in answering customer’s low-hanging questions? How aggressive is your return policy?
Have great answers to all of those questions by the time your products start making their rounds.
Your Product Launch Strategy Will Serve as the Foundation for Your Success
While some products are capable of starting soft in marketplaces and growing, most need a big win up-front to generate the momentum they need to live long-term. With that in mind, focus on getting your product launch strategy right out of the gate.
In doing so, you’ll give yourself the best odds of achieving long term success.
Are you looking for more tips on how to develop a great product launch plan? If so, browse more of the business content we have available on our blog.
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