3 Rules For Your Product Launch
Things to consider before launching a new product
It's exciting to launch a new product on the market. Finally, after months of paying close attention to the details, you got the logistics, the product itself at its best, and the price is accessible and profitable at the same time. You have everything in place to make sure the launch goes as smoothly as possible.
Nothing could go wrong, right?
In this newsletter, we are telling you all about determining if a product is ready for marketing, and some strategies you should implement if you are just starting out!
?? WHEN IS MY PRODUCT READY?
"I have been working on product development for some time. Is it ready for marketing?"
We understand that as a business owner you are excited to launch a new product. However, it's important to not take any shortcuts. Before going live with a product it's always good to have the 3 following areas figured out:
?? 1. Branding and positioning
What's the connection you want to have with your customers? What's the experience you are about to offer them for buying something? What makes you different from your competitors?
Since the world is packed with products and services that are almost identical, it is crucial to find your place. Product-based differentiation is not the only way to go. In fact, if you have a USP (unique selling proposition) that beats one of the competitors, you're already starting great.
?? 2. Target audience
Even if your business is selling a product suitable for many, not everyone is your ideal customer. Customers differ based on age, interests, jobs, regions, and beliefs. What one person likes is not universal, which means you should invest your efforts into talking to customers that are actually likely to buy something from your business.
That's why you need to get to know your target audience first. If you are still unsure about how to identify your ideal customer follow these simple 5 Steps to get to know your audience better.
?? 3. Landing page messaging
Consumers spend on average 1 minute on your landing page. That's 1 minute to decide whether your message was clear enough and if you are offering something interesting to them. A good rule of thumb is:
If a customer had to gather more information below the fold or on another page to know what your business is about, your landing page messaging wasn't as clear as it could have been.
By having these 3 areas well-defined you are making sure your product will be as successful as possible whenever you decide to launch (even if it's a soft launch). There's more to add, but this is a good start.
?? CONGRATULATIONS! YOU LAUNCHED YOUR PRODUCT. WHAT'S NEXT?
Here we have some tips to get you started with some marketing strategies meant to increase your revenue after you launched your product:
??1. Focus on nurturing your brand
As we mentioned above, we live in a time when most markets are saturated and most products are similar. This is why product differentiation is crucial, but also difficult. One way to differentiate your product from others is by focusing on branding.
Nurturing your brand can give your business a competitive advantage that's sustainable over time.
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A brand is able to speak directly to its customers in a personalized experience that leads to forming an emotional connection. Make your brand repeatedly chosen, preferred, and noticed.
This also has a direct correlation to the organization's ways to increase revenue since it can boost your sales. Branding can help you be on top of the minds of your customers, making you the ultimate go-to company whenever they want to buy something.
Lastly, a strong brand is able to increase customer loyalty, which drives revenue by increasing customers' lifetime value and the chances of repurchasing - or upselling.
?? 2. Keep your customers coming back for more with retention strategies
Customers that already bought from you are 60-70% more likely to buy again. Also, the cost of retaining an old customer is 5x less than the cost of acquiring a new one. Making it a steady stream of revenue worth trying.
In order to make your customer come back, it's crucial to know what makes them tick, and above all what's pulling them away.
Conduct customer interviews, surveys, or social questionnaires. This will help you identify pain points, What's causing them, and how to solve them.
Is it easy to do that? No. Is it time-consuming? Yes. But it definitely pays off in the long run.
Two important things to understand for your retention strategies to be successful are:
?? 3. Put some efforts into lead generation
Lead generation is a key component in a business model, after all every business needs its client base to grow. Don't assume it's enough to launch. It takes time, strategy, and good execution to get them to buy.
Now, when we get to the HOW to do this, that's a bit more complicated. For some businesses, it's all email marketing. For others, it's cold calling. For others again, it's advertising. Chances are you need a combination of the above, or other techniques to get to sell your product.
But if you need expert help,?here's where you can start!
?? Something related to listen to: a Cybersecurity product and its branding challenge.
When you think of cybersecurity, branding is probably not one of the things you would consider a challenge.
Ryan and Adam are the founders of Cypaw, a startup on a mission.
They are the people you want to go to when it comes to making privacy and security accessible to anyone.
Listen to this episode of real business stories on?Spotify.
?? Hey just before you leave!
??Hit?SUBSCRIBE?on top of this newsletter and follow the next Digital Marketing and Content tips here in our monthly roundup!