What are the most effective techniques for launching new products or services?

Is there a NEED? Does this SOLVE a problem? Does this ENHANCE a service or feature that already exists? These are the initial 3 questions I ask when launching anything... and I've launched 100+ products into the market with the bulk being successful and meeting our corporate objectives for ROI. I have found the greater the problem I was solving, the greater the $ opportunity. A great lesson when launching is to have a risk management plan in place because majority of the time, things don't go as planned - schedule, costs, quality, etc. Always have PLAN B ready to deploy! Nothing will kill your launch faster than bad quality. Ensure you have a quality management + control + assurance plan in place. Have empathy and respond quickly!

I've been involved in launching a product within a much wider programme with multiple senior stakeholders & scrutiny. And the number 1 lesson? Set clear objectives & KPIs (that stakeholders agree on!). This paves the way to engage target audiences effectively. There should also be emphasis on a multi-channel launch strategy (get your Comms lead on board from the start), continuous testing/optimisation, & make sure you evaluate the results afterwards. Without knowing if your product did what it was supposed to, how do you know how/what to improve?

Start with understanding 'WHY' then 'HOW'. Objectives and end target will decide the best techniques. if it is just another launch, go back to basics like market research, competition, entry barriers, small trials and move to pre-launce buzz followed with big bang launch, feedback and continuous improvement etc. However, if stakeholder has specific goals (e.g. earning X millions users OR proving a mass problem solution to attract seed capital), launch strategy may be totally different and skewed to a particular methodology. There cannot be one fit all approach though to some extent basic techniques remains the same.

Get as many different perspectives before launching. It can be very easy to go with the grain during planning meetings. Especially when there are high-level decision makers leading the meetings all the time. Allowing room for creativity. Often creative ideas get cut short before they have time for growth as they are harder to quantify.

It may be better to have an iterative launch process like a whirlpool, launch in your closest trusted circle and learn from the insights and keep increasing the launch circle as you fine tune the launch metrics and plans from the insights, though some product launches may also need a big bang approach but those are relatively very few.

User/customer research is like a passive preparation that's of utmost importance for any product launch. Engaging with the user before & after product launch creates empathy that eventually leads to audience engagement & participation that is more 'pull based' rather than 'push based'.

First, make absolutely sure the product or service really, truly does (or could!) provide a tangible benefit to the customer at a price they are willing to pay. Do that through trials, field testing, focus groups etc. Be objective and prepared to kill it or modify if results are not good. If results are positive then consider all the other expert advice provided in this topic!

tell a story that comes with value, anything that comes with value would follow by a good catch, the attention gain is being created...

Identifying and engaging the target audience is indeed a pivotal step. Thorough market research and customer segmentation not only help in fine-tuning the product to meet customer needs but also tailor the communication strategies effectively. What resonates with me is the emphasis on creating anticipation and building relationships. By involving them through feedback loops and engaging narratives, companies can foster a sense of ownership and loyalty among customers. I've found that leveraging storytelling in marketing campaigns can significantly amplify this effect. Narratives that align with the audience's aspirations and challenges create a strong emotional connection, making the product launch memorable and more likely to succeed.

The story telling is imperative, it should be balanced and creative so your audience appreciate the nuance of the suggestion. If you lay it on too strong they push back because the customer is fickle as they are suspicious. You need to generate content that catches their attention and messaging remains true to product while props are comedic, exhilarating, sad or even offensive, it has to invoke an emotion. I’ve found catchy phrases or quips that stick becoming local slang in your target audience and it is tagged eternally to your product/brand.

Spend time on messaging. So often overlooked, but so powerful when done right. Integrate your brand values into the messaging. Think about your WHY, and make that tangible in the messaging. Maybe most importantly in my opinion - use empathy when crafting your proposition. Think about how this will make your target audience FEEL.

People are often divided on whether you need to invest in your brand from the outset of a new business, but even if you don't start with a full brand strategy, working out your brand proposition and direction is vital for understanding your place in the market versus your competitors and speaking to your potential customers in a way that makes them care about what you do and compels them to buy from you.

the value provided should be long-lasting, is everyone gains from the value of the product, if only a small portion, then narrow down the target audience...

The approach to a multi-channel launch strategy offers a comprehensive blueprint for ensuring a product's arrival makes the most significant possible splash. Utilizing a diverse mix of channels caters to varied preferences and ensures that the message is received where the potential customers are most attentive. A key takeaway for me is the integration of the sales and marketing funnel within the launch plan. It's crucial to mention the impact of timing in a multi-channel strategy. Ensuring that all channels deliver a synchronized message amplifies the launch's presence, creating a unified brand experience. Analytics should be utilized across these channels to optimize the launch strategy in real-time, ensuring maximum ROI.

The key to a successful product or service launch hinges on your ability to identify and engage your target audience effectively. Social Media Advertising: The demographic factors of an audience include age, gender, religion, ethnic background, class, sexual orientation, occupation, education, group membership, and countless other categories. Choose platforms and utilize your resources wisely for precise audience targeting based on demographics, interests, and behaviors. Influencer Marketing: Partner with influencers or thought leaders who have a following that aligns with your target audience. They can help promote your product or service to a more receptive audience.

Post launch performance is something that i personally didn't understood the importance off, earlier! Turns out product launch is half of the journey. Measuring the product launch performance is of paramount importance to gain insights of what worked & what didn't, at the same time creating a feedback loop for future product iterations.

1. Continuous Improvement: Launching a product is a dynamic process. It's essential to embrace a culture of continuous improvement post-launch. 2. Metrics and KPIs: Establishing clear KPIs upfront is crucial for measuring success & areas that need refinement. 3. Feedback is Gold: Actively seeking and promptly acting on feedback can turn a good launch into a great one. 4. Adjust and Adapt: Flexibility to adapt based on performance data is what differentiates a successful launch from a static one. 5. Celebrate and Learn: Every launch, regardless of outcome, is a repository of lessons. Celebrating wins and analyzing missteps fosters a learning environment. 6. Share Insights: Transparency in sharing insights to build trust with stakeholders.

In my experience, when launching a product, the most important thing to do is being able to articulate the unique value that the product is going to bring to potential users or customers. This helps to clearly communicate why your product should be favoured amongst other competing products. Once this is in place you can then define the KPIs that would be easy to track in relation to who needs the product, why they need it and what would maintain the interest in the product.

Your product or service must address a compelling business need or solve a unique business problem. You have to find that bug in the system that no one else is yet to find to have a truly novel idea or innovation.