5 Tips for a Successful Product Launch

A successful product launch is what every business wishes for, but which a few achieve in real life. Having a revolutionary new product or service is no guarantee of success. After spending millions in product development, you can watch your brainchild fail to gain traction from day one. While it may look easy when Apple sells over a million new iPhones in the first few days, successful launches require strategy.

Product launch

Here are six strategies they use to ensure a successful product launch.

1. Focus on the Needs of Your Target Market

A good product solves a real and acute problem that buyers are facing and are frustrated about. If your product solves the problem for them, they will gladly pay up and buy it. So, during product development, match the features and capabilities of your product to the needs of your target audience.

And during the launch, focus your sales pitch on the solutions your product provides, not its specifications. People only care about how a product changes their lives for the better.

2. Create a Buzz

Never wait until just before the release date to let the world know about your product. The launch will fail. You must get the press and potential buyers talking about what the product might do. Drop hints on its capabilities and be clear on their benefits. Remember, a confused buyer never buys. That said, leave room for people to wonder what’s in store.

VIDGO, a live streaming service that intends to take on industry giants Netflix and Hulu, is a good example on creating such a buzz. Although the VIDGO launch date is set for the first quarter of 2017, everyone has been talking about it for months now. People want to know how different the service is from Netflix and Hulu. What does it offer? Is it cheaper? And so on.

3. Take Pre-Orders

People love being the first to have something new. So, once they realize that your product actually solves their problems, and the buzz you have created has them interested, they start lining up before the release date. You are now ready to take pre-orders. Just make sure you have a final price.

And if you don’t have one, keep prospective buyers updated and interested. Pre-orders are the key to Apple’s success. It is how the company ships hundreds of thousands of units a day upon launching a new product.

4. Plan for the Launch

You have your product, an interested press and buyers, and you have started taking orders already. Now, set goals for your launch. Get your customer support team ready. Brief your sales team and keep industry analysts updated on what is going on. Also keep your company executives and channel partners in the loop.

Time the launch to maximize your sales. In all of this, maintain an element of secrecy to create a media and buyer frenzy. At last, you are ready for the big day.

5. Turn the Launch into a Memorable Event

Create an entire event around the release date. Apple even closes its online store on launch date to inform their fans that something big is happening. With that in mind, don’t have some junior staff read a press release, have your chief executive take center stage.

Launching is about showmanship. And as mentioned earlier, the pitch must revolve around how the product transforms lives. If you lack the budget for a big press event, have an online event that is just as effective.

Conclusion

A successful product launch is a combination of a quality product, good marketing and precision timing. Your product must solve your client’s problems. The clients must know about this and be interested, so, create a buzz before launch. Once you do, take pre-orders as you plan for the release date. Finally, transform the launch into a big event.

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