6 Tips for Launching a New Product

Once you get an idea for a new product, it’s easy to get ahead of yourself and start imagining your success right away. However, the reality is that, in some fields, the failure rate can be as high as 90%. So, it’s safe to say that’s succeeding is easier to imagine than to actually do. It takes a lot of planning, and entering the market without taking care of all the details can put you out of the game really fast. With that in mind, here are six tips that should help you launch your new product successfully.

Don't wait until the last minute

You should have a plan about your product at least two or three months before you launch it. After all, nobody is going to wait for your story. So, in order to target the right audience in time and start building the relationship you need, you need to get to the media early and start marketing your idea. Speaking of media, you can – and you should – use social media to advertise your product even before its launch. For example, you can create videos and information sheets, so people can easily learn about your offer. After all, sometimes, it can be difficult to get the word out. However, if you make it easy for your audience to learn about your product, they are more likely to share what they learn.

Define your target audience

Defining and understanding your target audience is essential. The thing is, the marketing techniques that appeal to one generation might not work on another. Therefore, knowing your target audience helps you choose the right marketing tools, pick the right way of reaching them, and connect with them more authentically. That being said, it often happens that the people you targeted don’t end up being your core customers. Sometimes, your product just happens to be more useful to some other group. Fortunately, this doesn’t have to be a problem at all. All you need to do is take one step back and adjust your marketing direction.

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Know which problem you're solving

Entrepreneurs neglect this part too often, but it’s extremely important that you know the purpose of your product. Besides the target audience, you need to know which problem your product can solve, so when somebody asks you why they should buy your product, you actually can give them a clear answer.

Offer free trials

Since you probably won’t have many customers in the beginning, you need to do something to attract them. Of course, marketing is important here, but what you say about yourself doesn’t have as much impact on the audience as what others say about you does. So, in order to get others talking, give them something to talk about – offer free trials of your product. Get as many people as you can during the early stages of the launch, and ask them for feedback. Adjust your product according to the feedback, and you can rest assured that some of those volunteers will become paying customers when the trial period ends.

Know your story

Launching a new product comes with a lot of pressure. However, if you start planning on time, choose your audience wisely, and make full use of media, you will be much more likely to succeed.