Creating and launching a new product is an exciting time for entrepreneurs.
However, while your idea might be fantastic and innovative, sales can fall flat without a proper launch plan and execution strategy.
If you’ve been struggling to launch your products in a way that brings customers running to your store or want to do things right the first time, here are some strategies to help you nail your next product launch.
1. Create a Product Roadmap
Creating a product roadmap will help you take a high-level view of all the things that need to be done in order to have a successful product launch.
Roadmaps are often used in large corporations to track product development from conception to launch, as well as tech companies working to launch new apps on a regular basis.
By using a roadmap tool, you can create powerful timelines to assist with the development of the product, a marketing strategy to build hype, and a launch strategy.
By using these tools and having everything outlined in a clear, concise manner, you keep your team on track to launch day and beyond.
2. Remember the Marketing Mix
If you have a marketing background, you’ve likely had the 4 Ps (or Marketing Mix) drilled into your brain.
For those who aren’t familiar with this term, the 4 Ps include price, product, place, and promotion.
The theory is that these are the four components you need to address for the successful sale of a product. If something goes wrong with your launch or if things aren’t selling as expected, it’s because of one of these components.
For example, if you have a great product targeted toward the right demographic, it could be that your promotion strategy is weak and your pricing is off for that demographic.
If you’ve done the research and offer great pricing to the right demographic with a strong promotional strategy yet see sales taper off, your product might be the problem.
Always go into a launch with the Marketing Mix in mind.
3. Use Psychological Selling Tactics
Creating a buzz about your product isn’t just a business strategy; it’s a psychological marketing tactic. There are other psychological selling tactics that you can use to have an epic product launch, including:
An enrollment period – make your product available for a limited time only.
This creates a sense of scarcity that will have customers buying your goods right away rather than waiting. It also creates an opportunity for a series of email marketing hits to remind them of the ticking clock.
Add value – people want value with their purchase. Consider adding something onto the product for free as a value-added option.
Use a trial – people like to try before they buy.
Give people a free trial or money back guarantee within a certain time period to build trust and show that you believe in your product.
Remember, people purchase things on emotion more so than logic. Find a strong balance between both when selling your wares.
Read also: How to Reduce Shopping Cart Abandonment and Skyrocket Your Sales
4. Create a Beta Team
Do a pre-launch with a beta team, using valued members of your audience to spread the word about your product.
This also creates a last minute test audience that can inform you of any potential pitfalls that you’ll want to sort out before your official launch.
By providing your product for free to influencers or key players within your demographic, you add to the hype and show your potential customers that real people are using this product.
Remember to outline your expectations with your beta team and focus on your integrity rather than promotional opportunities.
Accept both positive and negative reviews and learn from the latter. You don’t want people who feel as though they’re being bribed to say positive things that they disagree with. Doing so will only come back to bite you later.
By creating well-thought-out plans and knowing your audience, you will be able to have a successful product launch. Be sure to reflect after the fact and tweak your approach for next time.