If you’re a business looking to draw in new customers by launching new products, then this guide is for you, containing plenty of information designed to make your product launch plan as successful as possible.
A successful launch isn’t something that you can just stumble into – you need to create a good product launch strategy to succeed. An estimated 30,000 new products are launched yearly, so it takes a good strategy to stand out from the crowd!
This is where we come in – we understand that starting a product launch from scratch can be difficult to master at first, but at Tactical Solutions, we’re passionate about technology, and it really shows! Read on to find out more about product launching and how we can help you!
What Is a Product Launch?
A product launch is the term used when a company decides to bring a new product to the market – it’s also sometimes used when a product that is already in use is relaunched, often with a new strategy. Product launching refers to the entire marketing and strategy process from start to finish, ending with the product itself being successfully introduced onto the market, ready to buy. There are 3 main types of product launching:
- Soft product launches – Soft product launches have become increasingly popular over the years. Instead of doing a full-scale launch to the public, you invite a selection of people from your target audience to try your product first – you can ask them questions and conduct market research which can then be used to make your product better in the long run, before launching it on a larger scale. It might take longer to launch a product this way, but the added element of market research means you can tailor your later full-scale product launch better and hit the ground running when you launch the product properly. You could also do a trial run of your product in a shop to see how it fairs first, before opening it up to a larger market.
- Full-scale product launches – Full-scale launches are probably the most common type of product launch, promoting the new product to as wide an audience as possible by using an expansive marketing campaign with lots of different angles. You’ll typically use a range of traditional and digital marketing strategies with a full-scale launch, to attract as many people as possible. However, this can be quite expensive and time-consuming so it might not be right for you, depending on your budget and the timeframe you have. You don’t specifically target customers with this option, opening your product up to everyone at your launch event.
- Minimal product launches – These are quite similar to soft launches in some ways, but typically involve advertising your product to a select group of consumers who you think might already be interested in the product – for example, if you have a newsletter or a list of customers who buy your products already, you could send them free samples or discounted offers for the new product using email marketing to see whether they like it and how they receive it. You can launch your product to your target audience first to see how it’s received, which is also a good way to retain loyal customers.
It’s important to know what these terms mean so you can create the best product launch strategy for your new product. If you want to find out which launch process will be best for your prospective customers, why not have launch on us and see what we can recommend for your business?
What Are the Key Stages To a Product Launch?
Before embarking on a future launch, it’s important to get all the nitty gritty done and plan out the process, so you can budget effectively and know what to expect. Of course, every successful launch will be different and you may want to incorporate different stages depending on the type of product and your brand, but the steps listed here should be of some help!
Planning a Successful Product Launch
The first step to take when creating a new product is the planning stage – you’ll want to set out your launch goals first and make a product launch checklist. Creating a roadmap as part of the early planning stages is a fantastic idea, allowing you to brainstorm ideas before getting started. You’ll need to set out clear goals of what you want to achieve and how you want to get results, as well as working out the most important things for your launch, so you can prioritise effectively.
Researching your audience is a major part of the planning stage, meaning your marketing team can tailor your plans towards your target market, to make the launch as successful as possible. One of the issues that can occur is overreaching – sometimes companies try to market their launch to a wider audience instead of their target market – whilst this might seem like a good idea to get as many people on board as possible, it can push away the people that are most likely to purchase your product.
Product testing is an aspect of the pre-launch process that can be overlooked, but it’s something you need to be doing throughout if you want to stay ahead of the game and make sure the day itself goes off without any issues! If you’ve launched other products in the past, then feedback from previous launches can be used to work out how to work your marketing strategy around your target market, to make your launch as spectacular as possible!
Launch Day: Executing a Major Launch
Executing a successful launch day is a major part of the product launch process, and should be the culmination of all your planning – so long as you have planned everything effectively and the product has been tested regularly, it should be successful. Depending on whether you’re hiring staff for the occasion or if you’re using the employees of the shop you’re launching in, you’ll need to make sure they’re fully trained for the launch and can help your potential customers to make for an ideal customer experience.
Some companies decide to throw a bit of a party on their launch days, giving out free food and drink to entice potential customers and make them feel rewarded – this might cost more money, but remember, there’s no such thing as a free launch! So long as the planning process has been executed correctly, you shouldn’t have any issues on the day itself.
Analysis & the End Result
You might think that once the launch day has been completed that that’s the end of the product launch process, but there’s one more step. Getting customer feedback and conducting market research after the launch is an important last step – this feedback can then be analysed to make the product better if your potential customers report any issues. Feedback from customers can also be used for future launches to improve them during the planning process.
Tips For a Successful Product Launch
Of course, you’ll want to make your launch as successful as possible, so it’s important to gain as much information as you can about how to make sure it goes off without a hitch!
- Make it as Covid 19 friendly as possible – The world has changed greatly since the recent pandemic appeared with a bang, with different areas of the world having different legislation based around the virus. If you’re launching your product in different markets, you’ll want to keep as up to date as possible on the rules surrounding Covid 19. Whilst the UK banished all its Covid rules last year, China is currently trying to eradicate the disease completely, with quarantines and lockdowns still happening in many of its provinces.
- Your pricing model – This is another thing that might change depending on where your product is launched. You’ll need to work out a recommended retail price for your product, as well as factoring in any taxes that might have to be paid on the item, creating a price that will lead to profit that also isn’t too expensive for customers to pay. Different countries have differing currencies and price points, so this is also something you’ll need to consider.
- Marketing – A good marketing campaign will be required to make future customers aware of your launch. As well as traditional advertising, digital marketing efforts such as social media marketing, content marketing and email marketing should be considered, as this tends to be the most popular form of marketing at the moment.
If you need any more tips about launching your product effectively, Tactical Solutions are on hand to help!
Tactical Solutions’ Knowledgeable Team Can Guide You Through Your Product Launch
The process of launching a product can seem daunting at first, as it involves a great deal of planning and knowledge, especially if you’re new to the industry. There are a lot of things to keep track of and it can be easy to miss a step.
This is where Tactical Solutions come in. Our expert team has a great deal of knowledge and experience in the field, all ready to help with your upcoming launch to make it as successful as possible.
Why risk a failure to launch when our team of experts are waiting on hand to help you through every step of the journey, from the planning stages right through to the end result?
We have a comprehensive process ready for any market, designed to help businesses launch their products in the best way possible. We also provide a range of other services that might be suitable for your product once it’s been successfully launched, from retail audits right through to promotion compliance.
If you’re ready to start the process of launching a product and want to make the process as streamlined as possible, get in touch with our team today!