Executing a new product launch plan
Here are a few key points to incorporate into your new product launch plan:
1. Have a detailed plan and strategy. Think about which channels you will use to market and sell your new product. Carefully outline all of the different avenues and opportunities that exist and structure your marketing tactics around important factors such as customer preferences, product competition, and overall characteristics of the market. Having this plan will also enable you to make important short-term and long-term decisions regarding your current and future product marketing strategy.
Tip: There is a great article by Bill Thomson up on the Pragmatic Marketing website that highlights the importance of creating a strategic plan. It’s definitely worth a read.
2. Know your customer and the competition. It’s easy to think that your product will attract the attention of many different individuals. However, successfully launching a new product or service means you’ll have to zone-in on those key prospects that you believe are most likely to love your new product. Once you have gotten a little more feedback from the marketplace you can then broaden your customer target to include new prospects and sales opportunities. Until then, focus on, and target the ideal customer.
3. Understand your product’s lifecycle. Knowing your product’s lifecycle, will enable you to make decisions based on interaction and behaviors within the marketplace. Which stage of the product lifecycle is your product currently in? Is it still in the initial phases of growth or is it approaching maturity?
4. Exude passion. This last one, isn’t something you can map out on paper, it has to come from within. If you don’t love what you’re selling then why should the buyer? Getting other individuals (and potential customers) excited about your product is the first step towards product adoption. Show them how this product is going to change their lives.
Got any other tips? Share them with us!