So you have a unique idea for a new product that will magically resolve all the challenges that customers in a particular segment are facing. You create a killer product that may bring a revolution to the world. Now you want the entire world to go crazy to purchase it (think about people standing in queue to buy an iPhone).
But none of that happens and you get up with sweat beads all over your forehead. All the hard work and efforts that you have put in to create a product now appear pointless. Scary, isn`t it?
It is extremely easy to get ahead of yourself when trying to create a new product. Envisioning all the sales and profits, recognition, and success that will emerge after your product launch can often take us away from reality. But just like any other business initiative, a product launch also requires time and careful planning.
And, launching your product in the market without having your ducks in a row is a recipe for disaster. Thus, if you have created a brilliant product after investing your hard-earned money and efforts, here are 5 steps every entrepreneur should take before releasing a new product:
1. Be Strategic in Defining your Target Audience
Whether you are creating the new iPhone or a food joint, it is important to find and learn from your core audience. Establish your base and build their confidence in you.
Learn from your competitors as there are no original ideas, only repurposed ones. As you prepare for your product launch, research your competitors. Take from their good, learn from their mistakes and enhance where you think is a scope for improvement.
2. Go All out When It comes to Publicity
Obscurity kills businesses. If you do not shine like a sun when it comes to publicity, you won`t get the attention that is needed to be successful. Before launching your new product, ask yourself two things-
a). How far will I go to get attention?
b). How frequent will I be in my attempts?
If you will not go overboard when it comes to marketing your product launch, you will not get your customer`s attention. Also, having a thorough understanding of the challenge that your product or service is solving is imperative to business growth. It is very surprising to see how it is not thoroughly thought through.
3. Be Clear & Concise about your Target Audience
If someone asks you, “Who is your target audience?” you should have a concise answer. Otherwise, it’s a red signal! Being an entrepreneur is not an easy deal and thus, it is suggested that you should research well about your target audience.
Apart from knowing your audience, you must be well aware of your product`s value. Take testimonials from your client who found success using your product, which can be beneficial for making improvements.
4. Trace & Understand the Buyer`s Journey
What is the foundation of all the marketing and sales activities? The Buyer`s Journey! The process that revolves around the buying process makes the basis of all the activities related to marketing. Thus, it is essential to understand the customer`s pain points, from where do they get their information to, and who influences the purchase. Generally, there are specific events that may trigger a purchase.
5. Focus on Major Media Outlets
Attention is the currency of the internet. An average person consumes an enormous amount of information daily. To hold someone`s attention, cut through the noise. Develop the right media strategy that is suitable for your product launch. Pitch yourself as an expert and focus on high-profile media outlets. However, your pitch must have a sensational hook with actionable advice.
Also, do not just use the traditional medium of advertisements. Use the power of social media and create hype to engage customers. Create strong brand guidelines and ensure that you got the powerful one. Use social media platforms to create a buzz amongst the target consumers.
Another brilliant way to create a buzz around your product before its launch is to reward your customers. Offer discounts for preorders, first-time users, and or something else that can entice users to buy upon launch.
Launching a new product or service is not easy! There are lots of steps involved that can leave a great impact on a product launch. These steps can make or mar your product in the niche market. Know what is best for your product or service with our Problem Solving Courses. To know more about it, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads