Launching a new product or service is an exciting, if not unnerving, step in your business journey. Knowing how to introduce your new venture to prospective customers requires careful planning and necessitates a certain skills set. You may well have the best business idea but if you can’t get it in front of the right people, your sales will suffer. In order to help you negotiate this tricky juncture, we offer up our top 5 tips for a successful product launch marketing below.
If you’d prefer to discuss your new product launch strategy with a member of the Think Beyond team direct, call 01625 682110.
Top 5 tips for a new product launch marketing plan
1. Know your buyer personas
There is no shortcut when it comes to research. Know to whom you are marketing and create accurate buyer personas. Your fictional personas should consider firmographics, online behaviour as well as examining motivations and concerns. By truly understanding your buyer personas you can tailor your marketing for maximum impact.
2. Know your position
The old adage, “you need to be ready when opportunity knocks,” rings true for product or service launches. Conduct competitor analysis to carve out your niche and determine competitive distinctness to maximise your opportunity to create brand value.
3. Set SMART goals
Setting goals such as creating a new product name and position; cross-selling the product to existing customers or creating new channel opportunities should not be overlooked as they will serve as your guides for product launch success.
The goals you create should be reviewed against SMART (Specific, Measurable, Attainable, Realistic and Timely), validating exactly what you want to achieve.
4. Plan your launch marketing timeline
Whilst SMART goals list what you want, an effective marketing strategy will detail how you intend to get there.
Your launch plan should consider both your digital presence and offline opportunities. Do you need to reach out to influencers? Who is your target audience? Which media should you use to reach them? Is your content primed for SEO and what does your social content plan look like?
Maximise every opportunity with nurture programmes.
Drive prospects through your sales funnel through content, demonstrations, email and more. Personalise that messaging to create a more engaging proposition and invest in predictive technologies to identify intent.
How Think Beyond helps your new product launch marketing
Launching a new product or service is far from easy.
According to data analytics expert Nielson, 80-85% of product launches lead to failure and one third of the initiatives failed due to insufficient marketing support .
Whilst this seems an astonishing and somewhat sobering statistic, when planned properly, a product launch should be the exciting and rewarding experience it promised to be for both you and your customer base.
At Think Beyond, our strategists have successfully helped businesses define their buyer personas; determine brand positioning, set SMART goals, implement marketing strategies that drive sales and create successful nurture programmes. Our product launch specialists understand that the challenges you face are as unique as your business – that’s why we partner with you and your team to create a strategy that represents your sweet spot opportunity.
To find out more about how we can work together, fill in our online contact form and a member of the Think Beyond team will be in touch as soon as possible.
Alternatively, call 01625 682110 to speak with a launch expert.