15 Things To Consider Before Launching A Product




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Although launching a new product is an incredibly exciting thing to do, it takes a lot of time and dedication to get it right. Whilst you plan absolutely everything down to the last detail, it’s easy to get caught up in all the excitement and forget an incredibly important detail.

You may even find that your product launch goes without a hitch, but further down the line, one of the small mistakes you made can cause a detrimental domino effect. To help you avoid any complications, we’ve put together a guide on everything you need to consider in order to have a successful product launch:

What Is Your Launch Budget?

The first thing you need to decide before you do ANYTHING else is what your launch budget it going to be. This doesn’t necessarily mean setting an overall budget, but instead, one that is going to cover every single aspect of your launch in detail. Whilst it may seem tedious, it’s a great way to ensure you’re not going to overspend on a particular area of your launch. Consider your marketing budget, the cost of arranging product samples and any additional costs incurred when running events and promotions.

For tips on tricks on how to budget as a business, you can visit this handy guide here.

Who Is Your Target Audience?

When creating a new product you need to think about who your target audience is. This means going into detail about their habits, their hobbies and their likes and dislikes. Once you have a clear idea of who your audience is in your head, you will be able to create a solid marketing strategy and product launch to reflect this. The idea is to get inside the head of your target audience so that you can market your new products to them in the best possible way.

How Much Will You be Selling Your Product For?

Now that you’ve got a good idea about your target audience, you need to think about how much you’re going to be selling your product for. Obviously, you need to ensure you’re still making a profit, which can be difficult if you haven’t done enough research into your audiences spending habits. Consider whether or not they like to make impulsive decisions, or whether they prefer to take time over their purchases – that way, you’ll be able to work out which ‘area’ your product should sit in and choose a price to reflect that. As long as they’re getting good value for their money, they’re likely to be happy with the price.

Will You Be Offering An Early Bird Discount?

During the first few days or weeks or you launch, you need to consider whether or not you’re going to set a discount. Having an early bird discount or offer on your new product is a great way to encourage purchases, hopefully increasing the number of people that can spread the word about your product to their friends. Whilst your success in the first few weeks doesn’t determine your future, it’s a great way for you to work out the supply and demand for your launch.

When Will You Be Officially Launching?

Having an official launch date is incredibly important, especially if you want to build up a buzz around your new product on your social media channels.

Whether you’re a first-time company launching their first product, or you’re an established company adding to your repertoire – setting a date should be one of the first things you do.

Where Will You Be Launching?

This may be a silly question, but what countries or cities will you officially be launching your products in? Whilst it may seem like you know the answer to this, it’s worth investigating whether or not there are any other markets you can launch into.

It may not be something you do during the original launch, but further down the line, there may be many other places you can start to operate. For tips and tricks on launching a product in a new country, you can visit this handy blog post here.

Will You Be Doing Any Press Coverage Beforehand?

Before you launch a new product you need to decide whether or not you’re going to be spending some of your budgets on press coverage beforehand. Although it may be expensive, press coverage is a great way to get your name out there and reach an audience you may not have had a chance to reach before. Whether you work with industry publications or go live on TV, the more you publicly speak about your product the better. For the best results, you may need a PR who has experience in gaining coverage for small brands.

How Will You Use Social Media During Your Launch?

Social media a great tool for those that want to create a buzz around their product before, during and after your launch. Whether you’re on Twitter, Instagram or Facebook – you’re audience will love getting excited as you reveal sneak peeks of your product. Sharing live videos, behind the scenes photos and exclusive updates are all great ways to start building hype.

Once you have launched your product, you can use social media to build your profile and start building a following surrounding your launch. Whether it’s through competitions, paid advertisements or collaborations, your followers should grow as your product does.

Will You Be Working With Any Bloggers And Influencers?

Bloggers and influencers are a great way to help reach an audience that you know will like your product. Using the ideal audience you created when you first started creating your product, you can find bloggers and influencers that have the same target audience as you. From there, you can then start to build a relationship with them and develop a collaboration that is mutually beneficial to you both. Whether that means sending them free products to try out or paying them to advertise your brand, the value in which bloggers provides is invaluable. For a guide on how to work with bloggers and influencers, you can visit this site here.

Will You Be Holding A Launch Event?

If you have a large budget when set aside for your launch, you may want to consider holding a launch event. You can hold a small gathering or a large formal event, either way, your guests will leave feeling as though they’ve had an incredible time. When planning your event you need to consider your venue, who you’re inviting and how your theme will complement your product launch and brand values.

In terms of who to invite, it may be worth inviting journalists and bloggers who can give your new product coverage, especially if you provide them with samples to try out for themselves.

Will You Be Attending Any Other Events?

Although you can host your own event, there’s also the opportunity to attend industry events on a stall. This is an incredibly pricey option to choose when it comes to marketing, but it could also be one of the best. Having a stand at an event where your target audience are attending is a great way to put your product in front of people you know will be interested. Whilst they may not purchase there and then, they will remember you for future purchases.

If you want to go above and beyond, you can even launch your product at the event. Whether this means hiring stage time or running a huge promotional offer, it could really help increase the footfall to your stand.

Do You Need To Create Any Promotional Products?

If you’re attending an event to launch your new product, you may find it useful to purchase promotional products and merchandise. You can purchase branded stationary, branded food and stand up pouches or branded clothing or tech – as long as it’s something you know you’re audience will love or keep for a long time to come. Ideally, you’ll need something that they’ll keep for a long time or something they’ll post on their social media channels. To ensure coverage, you could even offer a prize to those that post a photo of their merchandise online.

What Traditional Marketing Strategies Will You Be Using?

Although digital marketing is an incredible tool, there are lots of traditional marketing strategies you can use to help raise the profile of your brand and your product launch. Consider using magazine spreads, editorials and good old newspaper advertisements. This is a great strategy for those that may have an older audience, but also for those that know their target market are easily influenced by the products they see featured in magazines.

How Will You Measure Return On Investment?

Although in some cases return on investment is hard to measure, it’s important you get a feel of how well your marketing has gone during your product launch. Not only will it give you a good idea of what went well and want didn’t, but it will also allow you to create a solid plan for your next launch.

Do You Have A Contingency Plan In Place?

Finally, you need to ensure you have a really good contingency plan in place. You never know what could go wrong and so being prepared for every single eventuality will mean you know exactly what you need to do to fix any complications that may arise. Although some things cannot be planned in advance, most things can be fixed with a little bit of determination and effort.

Are you launching a product soon? What have you had to prepare or consider in advance? Let us know in the comment section below.

 

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