The 8 Stages of Launching a Product into the Market

Getting ready for a product launch for your business but don’t know where to start? Or are confused with all the different overwhelming stages of how to launch a product? You are at the right place! Creating a successful strategy for your product’s launch can be stressful, as it can make or break the product’s success in the market. Keep reading to discover the perfect strategy that includes everything from the developing to the post-launch promoting stages of the process.?

Know Your Target Audience?

The first step is to thoroughly understand the users and their needs. This is the most important part and cannot be overlooked, as it is this maneuver that will not only define the direction of your marketing strategy but also let you authentically connect with the target audience, the ultimate deciding factor in the success of your product.

For example, the tone (or even language), the information shared, and the platforms used to communicate with potential customers may be effective in appealing to one demographic but not some other.

Also, thoroughly question the need for your product (and how customers might justify buying it) to estimate the probability of its success:?

• Why would a person buy your product?
• How can your product improve your users’ quality of life or how much value would it add to their current way of living??
• What problem could it solve and how?

Know Your Competition

Having understood the “for whom” and “why” aspects of your product, it is crucial that you stay aware of similar products in the market and avoid replicating any, as going through the long process of launching a product only to find out that it is redundant will not only cost you valuable time and money but also your brand’s reputation.?

However, in a free-market economy, selling is all about innovation. It is important to note what you can improve upon the existing commodities, and what sets your company apart from the rest. Developing a USP that you know for a fact would have your consumers choosing you over the competition is important, whether it be by price, quality, or any other relevant parameter.?

Pitch Positioning to Stakeholders

After working on your positioning statement, the next step is to brief the concerned associates and stakeholders. In all aspects, be it the marketing process, customer support or launch messaging, it is crucial that everyone involved with the product’s launch be unified across all channels.?

To ensure the long-term success of your product (and also an easy, positive launch process) it is critical to provide the customers the best possible experience with your company.

Developing a Marketing Strategy

Before launching any product or service, any good brand will undergo a process of thorough and deliberate planning of its ultimate marketing strategy. It typically includes:?

• Establishing a solid, manageable and reliable supply chain.?
• Conducting a SWOT analysis. It implies identifying the company’s Strengths, Weaknesses, Opportunities and Threats.?
• ?Defining and ascertaining ROI (Return on Investment)
• Planning communication channels with both customers and employees?
• Research the best platform to know where to launch the product

Prepare a Launching Aim

Do not hurry into the process of implementing the aforementioned marketing strategy. First, make a physical note (in either hard-copy or soft-copy form) of the goal you need to achieve with a successful product launch. Creating and being mindful of the specific goals you’ve created will help develop productive launch tactics.?

Tip - Follow a SMART policy of setting goals: Specific, Measurable, Attainable, Relevant, Time-Bound.?

Pre-Marketing to Build Awareness

The importance of a good and effective marketing department cannot be overstated enough. Building anticipation for the product before launch by promoting it in efficient ways will help you in achieving the goals you set in the previous step, as there will be greater product/brand awareness and consequently, greater sales.?

Here are some ideas for promoting your new product:?

• Create a CTA inclusive and informative email campaign?
• Announce enticing deals like pre-order discounts, beta-participation rewards, free first-time uses, etc.?
• Utilize social media?
• Reach out to influencers and bloggers within the industry to help create promotional content?
• Make budget-appropriate advertisements on as many platforms as possible (for example, sponsored posts on Instagram)
• Create aesthetic and eye-catching visuals with brief, teasing information about the product

Network and Share Your Product

By this point, you should have decided when to launch the product and which platform you want to use for the same. Make sure to share as much information about it as possible using press releases, websites, blogs, etc.

Review Post-Launch Success

Your launching journey does not end there. Make sure to track the performance of the go-to-market strategy that was decided earlier.?

Collect feedback and insights from the user, and make necessary changes to the product for greater-scale distribution.?

Once you follow all these steps, you can be confident about having a successful product launch. Hopefully, this article helped you in formulating a definitive plan for your brand’s new product launch. If so, please share it and spread the word.?

If you have been wanting to launch a product in the market, reach out to me at www.iamsaranshgupta.com?