9 Tips to Keep in Mind As You Prepare to Introduce a New Product or Service
Launching a new product or service can propel your business to new levels of success — or it can harm both company reputation and the bottom line. Not everyone realizes that the success or failure of a new product launch depends on more than just the product itself; it depends on how the business goes about promoting that product and preparing the market for a new innovation. In this article, we will discuss a few tips that you can use to improve your odds of success.
- Research the Existing Market. Presumably, you’ve already been doing this throughout product development, but keeping a close eye on the newest innovations (and how they are marketed) will continue to be crucial as you decide how you want to present and position your new idea.
- Create Customer Avatars. Creating customer profiles is an extremely useful exercise that can help you narrow in on who you’re targeting and what exactly those people are looking for. With that information, creating a successful marketing message will be significantly easier.
- Start Writing Press Releases From the Start. Even if you don’t publish all of them, writing press releases will be a useful exercise for developing a message and ensuring that your team is on the same page.
- Don’t Fall In Love With Your Current Message. If you stay open to the input of customers, mentors, and the market (which you should), then your message is bound to evolve over time.
- Set Goals That Challenge You. Far too many new products get lost in limbo because their development teams are too perfectionist — which is nothing but a euphemism for procrastination. If your goals and deadlines don’t make you nervous, it’s time to reevaluate them.
- Strategically Select Your Marketing Channels. Most organizations don’t have the resources for a full-scale marketing campaign across every single channel out there — which is another reason why those aforementioned customer profiles are so crucial. Know where your target customers “hang out” online and in the real world, and spend your marketing dollars promoting yourself in those spaces.
- Utilize Events to Make Real-World Connections. There’s nothing like face-to-face interaction to create a lasting impression on a potential lead, and there’s nothing like an exciting company event to drum up hype and improve team morale!
- Plan for Retention. As launch nears, you should be thinking about more than just “how are we going to find customers for this new product or service?” You should also be thinking “how are we going to create loyal customers?” Answering the first question can help get you off the ground, but answering the second question will help you attain lasting success.
- Continue Improving On Your Product and Your Message. When your product hits the market, it’s time to begin listening to your customers and leads: what about your message resonates and what falls flat?
Planbox Can Help Position Your New Product for Ongoing Success. Visit us online today to learn about our services and solutions that can help drive continuous improvement in key areas of your business strategy.