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How to Launch a New Product

In the older days, launching a product or a service includes hiring a PR agency that would craft a press release and set up a press tour. Before the actual date of the launch, you would be required to hit the road so you can meet with reporters from different important press outlets. On the day of the launch you just have to sit back and watch the articles roll in. However, that process is gone. Today, news can reach a large audience in seconds. Getting ‘prints’ might be easier but then again, getting attention has become quite difficult nowadays. Here are some things to put to mind when launching a new product:

Know your goals

For something as simple as a product launch, goals must be equally simple, too. Some common product launch goals include creating awareness of your company, product or service, as well as growing your customer base. Before getting worked up by the product launch, make sure that you have a sales and growth plan ready.

Start early

It is important to get a head start by preparing ahead of time. Launching a new product or service requires detailed planning to avoid unfortunate circumstances during the launch itself. There should be contingency plans in case the first one does not work. Sufficient preparation reduces the risk of launch failure.

Ensure the product or service works

Before you start introducing it to the public, or worse – selling it, you should make sure that your product or service is working well, tested and proven. There are some failed product launches because the companies did not test their products or services thoroughly. This definitely loses potential customers, so this should be avoided completely.

Determine your market

In planning, make sure that you consider your market as well as your customer audience. You can have a great product but if it doesn’t fit your target market, then you might have a bigger problem ahead of you. At the same time, you also have to scope out any competitors around before you have the launch. You have to keep an open mind when it comes to competition as a lot of companies can be potential partners in the long run.

Create a marketing plan

Even before your product or service is ready to be launched, you have to think about marketing strategies. Since we live in a technological world, you have to choose specific social media platforms based on your target consumers’ habits, plan a launch event, or develop pre-launch press releases for blogs and media sites that your audience reads.