For any business, updating your product line is vital to remaining relevant in the market. With so many new technologies and innovations being created all the time, audiences are always excited about something new; as a business, you must deliver to keep them interested. But with so much competition, new content and the time it takes to develop and market a new product, it is not guaranteed to be successful.
In fact, according to The Business Journals, a study found that over 30,000 new products are created each year and roughly 80 percent of them fail. So what can you do to help have a successful product launch? Let's take a look at a few tips.
1. Know Your Audience
For any new business development, the first place you should look is your audience. These are the people who will buy your product at the end of the day as well as review and promote it — without their interest, you will not see any conversions or profit. So before
- What does my audience want?
- What do they like about my current product line?
- What do they dislike?
- What other brands they are engaging in?
- What new technologies and trends they are using?
- What they are talking about?
Finding this in-depth information about your audience may seem daunting, but there are a number of avenues you can follow. Look at your own company analytics to see what products have been the most popular, and notice any trends with profitable items. You can also take to social media: search hashtags that your audience are using to figure out what they’re interested, look at what they’re re-posting and notice things that are trending on your page as well as your competitors’ pages.
Before brainstorming product ideas, creating strategies or doing any additional research, make sure you know your audience in thorough detail. Once you gather all this information, you’ll find it will guide the next steps in the process and assist with major product decisions down the line.
2. Do Your Research
While research into your audience is vital, there is also a ton of other research that needs to be completed before any launch. This research should start before the actual development of your new product, so that you know your product is effective and relevant, and that it will ultimately be successful.
In-depth research should be conducted when brainstorming ideas, including anything to do with materials, manufacturing processes, market intel, competitors and functionalities. Every aspect of the product should be looked into from the development phase all the way to the release and purchase point.
We’re lucky enough these days to have so many resources available to conduct this research so make sure to utilize the internet and readily available platforms. For example, websites like Apple Rubber allow people to search different o-ring sizes so that brands can find the best match for their products, and so Apple Rubber knows what materials they need to complete their customers' orders.
No matter what your product is or what industry you’re working in, follow through on detailed research to ensure you cover your bases and come out with the best product.
3. Promote It Effectively
Even if you’ve done all the research and come out with a product that your audience will love, how will it be successful if no one knows about it? Promotion of your new product should start months in advance, remain consistent all the way to the release and keep going until you’ve gained momentum in the market.
This is where your knowledge of your audience and research will come in handy, as it will determine what platforms and methods of marketing you use to reach your audience.
Depending on your industry and audience demographics, it is vital to pick strategies that suit your goals; otherwise, your marketing efforts will reach people that are not your target market, and your marketing dollars will wind up being wasted.
Fortunately, you have a choice of so many channels, including social media, native content, SEO, events and various online websites for advertising. Pick and choose according to the research you’ve conducted. Also, don’t be afraid to get creative as well. You can partner with other companies to access their audience, host competitions that you promote on your social media pages or plan a launch that connects you with appropriate audiences and partners.
With any product launch, work will get busy, but your marketing needs to remain consistent and effective. In order to stay organized, be sure to have a targeted approach, plan a promotion calendar and follow through on all steps efficiently. This will assist in ensuring your promotion strategy is the best possible.
New product launches can be a nerve-wracking time that can involve a lot of risks. To give your company the best chance of being successful, follow through on these key steps and don’t take any shortcuts.
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