Launching a new product can be an exciting time for any small business. The launch is your chance to grab your customers’ attention and to help your product make a great first impression. As with all first impressions, it’s hard to correct a product launch.
Pinpoint Goals
Motivational speaker Tony Robbins once said, “Setting goals is the first step in turning the invisible into the visible.” When launching a new product it is very important to set realistic goals. Goals should be clear, measurable and defined by a timeframe. An example is creating a sales goal. You can state that your company will sell 150 widgets within two months of a launch. Other examples of goal setting can be prospect goals, customer goals or even product awareness goals. It is impossible to define success without defining what you want to achieve.
Target Audience
The purpose for establishing a target audience is to set a goal that you can reasonably achieve. Knowing who your customer is enables you to choose the right marketing mix. Finding the specific demographics of your target market will help you tailor the launch strategy to the people most likely to purchase your product. By personalizing the target market, you can gear your marketing materials to your customer. Thus, greater success is on the horizon because you are making sure that your intended customers are getting the message.
Develop a Model
When a new product is talked about, the audience always wants to see it. Even if the product is not yet available, creating a concept could make potential customers eager to purchase the product once it’s released. When developing your concept, think of ways to bring your product’s core values to life.
Leverage Your Social Power and Content
Social media and the Internet have forever changed how customers can relate with one another. By leveraging the power of social media into your favor, you can begin generating conversations about your product launch. Creating online content is an essential first step. If interested, buyers will want to know everything possible about your product. Most importantly, customers want to know the features of your product and how they can benefit from it. As you begin to build your social circle, more and more people will begin to talk about your product.
Know Your Product’s Life Cycle
Just as people go through infancy, childhood, adulthood and old age, so too do products and brands. There are four different stages in a product’s life cycle. The four different stages in carefully guiding your product to the market are introduction, growth, maturity and decline. If you’re monitoring your marketing results carefully, you’ll begin to see diminishing returns over a period of time. When you see this it usually means to revise your product, modify your media message, or even phase out a particular offering and lay the groundwork for the launch of your next great idea.
Your Product’s Debut
Do you have a great idea in mind for a product? We recommend that if it’s a dream of yours to develop your envisioned product then you should do it! It’s commonly known that any goal worth achieving involves an element of risk. But don’t worry; we can provide you with the capital you need to start building your product today. Take a chance and follow the necessary steps presented. Hey, who knows, maybe you’ll turn out to be the next Steve Jobs.
