Are you planning for a new product launch? Then it’s obvious to have a fear of failure.
According to Harvard Business Review, about 75 percent of the total products that are launched in the market each year fail to attract customers.
And that’s why they end up becoming losses to the companies. Nothing is worse than seeing your product launch go phut. To help you avoid such aṣ miserable situation and increase your launch’s odds for success, we have come with a few tips. These tips are equally helpful for a service, brand, apps, games and other launches.
First Thing To Do – Define Your Target Market
To enter a new market, you need to create a long-term marketing strategy. It should contain all your actions and milestones for your product launch.
And to create an effective strategy, you first need to understand your target audience.
- Who is your target audience?
- What are their main user demographics?
- What are their age distributions?
- Do they use social media?
- How much time, on average, do they spend their time online?
- On which websites do they spend most of their online time?
Looking for the answers to these questions is the first step towards making your product launch synchronize with your target market.
Example of target audience: Old age citizens of the United States in an age group of 50-60 and are retired. They are keen on online shopping and spend approximately 1,000 hours and $2000 each year online.
Make Sure You Have Clearly Defined Goals
For a successful new product launch strategy, it’s important to create clearly defined goals. Here are a few goals that are commonly associated with product launch:
#1 Financial Goals
Do you want to set revenue goals? Then ask yourself questions like: how many products or services need to be sold to cover marketing and production costs? When will you start earning profits? How much income is your product capable of generating in a month/quarter/year? Here are a few examples of financial goals:
- Add $2 million in the incremental revenue over two years
- Boost renewals rates and the customer retention
- Increase profit margins by 20%
#2 Customer Goals
Are you launching a new product to your existing customer base or in a new market? If yes, then you need to first learn about your customers. It will help you understand their chances to purchase your products.
And when you have this information, you can move forward to create your customer goals accordingly. Here’s how customer goals look like:
- Make sales of a premium product to 2000 highly-engaged or new customers
- Sell 200 units of these new products in a new country
#3 Brand Awareness Goals
Do you want to create hype for your new product launch? Then start with creating an effective branding strategy. But before you move forward to create it, make sure you have a clear understanding of all the stages of your product’s positioning.
It will help you make product launch marketing objectives in your strategy. Moreover, it is also important to optimize the strategy on a regular basis. And for that – make sure to measure and track your brand awareness frequently.
You cannot set a brand awareness goal without having the knowledge of its current situation in the market.
Examples of brand awareness goals are:
- Increase website’s organic traffic by 15%
- Achieve 2000 followers on social media platforms through online communities and relevant influencers
- Increase the impressions on the Instagram posts by 20%
These tips will increase your product launch’s chances to become successful. But sometimes, you need extra help to rock proof your success. And that’s when a product marketing company comes to work. Don’t you think handling all the tasks of your new product launch is so overwhelming? You can hire them to handle all such tasks.