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Offering a new product is by no means an easy process. A Harvard Business Report states that about 75% of retail products and consumer packaged goods fail to earn $7.5 million during their first year due to poorly executed launches and limited access to distribution channels. In order to have successful product launches, entrepreneurs and brand managers have to create an actionable plan to increase their chances for success. While there’s no one-size-fits-all formula for launching a new product or service, here are some tried and true rules to help build excitement and create buzz among prospective customers.
Do a Market Research
In today’s competitive industry, the key to a successful product launch from scratch is to identify the goals and buying behaviors of the customers. This will help aspiring entrepreneurs and seasoned marketers create viable solutions to their existing problems and facilitate consistency in the marketing materials they produce. A good rule of thumb for marketers is to interview at least 15 of their current or prospective customers to gain insights on how they could serve them better. By doing so, marketers can address the biggest pain points of their customers, get information on who influences their purchase, and even identify high-level opportunities in various platforms to convert new customers.
Create a Marketing Strategy
From designing promotional materials to PPC management on ads, launching a new product in the market involves a lot of crucial steps. A well-defined marketing strategy will serve as a blueprint and course of action to create more opportunities to sell. There are endless options when it comes to promoting a new product or service offering, such as pay per click ads, email marketing, virtual events, introductory offers, giveaways, and so on. In fact, more than 78% of the surveyed marketers by Hubspot have measured better ROI and 63% of them reported an increased customer acquisition through the help of a well-managed pay per click strategy over the course of a year. Nonetheless, it is important for marketers to identify key channels their audience frequents in order to get the maximum traffic and results for the new offering.
Allocate Tasks Among Team Members
Learning how to assign the right tasks to the right team member will mean the difference between success and failure on the new product launch. A good starting point is to create a common goal for the entire team and then proceed on giving tasks to each member based on their areas of specialties. Some of the important factors team leaders should consider for work allocation include task priority, skills needed, labor availability, personal interest, and employee development. When done correctly, this will also help avoid unproductive effort and money lost-productivity in the process with over 57% of the project budget saved, according to PMI’s pulse survey.
Coming up with a new product or service requires a lot of work. With all the “Me Too” brands popping up in the market, it is important to be the industry leader instead of just riding the trend wave laid out by other brands. Likewise, be sure to keep an eye open for customer feedback to increase customer retention rate and get viable insights coming directly from the people who are willing to buy it.