6 marketing tips for launching a new product
Launching a brand new product in today’s economy is nothing like a decade ago. Even if it’s easier to get media coverage, capturing consumer attention has become extremely difficult. Many products never make it to market because businesses have no idea how to reach out to their customer base and media. Here are 6 practical marketing tips for successfully launching a new product.
1. Come up with a concept
In order for your launch to be most effective for marketing, you’ll need to come up with a concept that links together every aspect of the event. It’s best to go with storytelling – construct a narrative about the brand and the new product to make it compelling to your audience.
Consider how the unique values of your product correspond to the expectations and requirements of the market. Ask yourself whether your product’s features will attract your target market and help consumers differentiate between your offer and that of your competition.
2. Check your competition
In order to perform a valuable SWOT analysis – strengths, weaknesses, opportunities and threats – you should have a close look at your competitors. Research businesses that offer a similar product to yours. Assess your own product from the perspective of customers – would they be interested in an alternative take on something they already know?
Check the marketing materials used by your competition – look at their ads, websites, social media channels and brochures. This is going to act as a backdrop to your marketing efforts, so make sure your brand and product are easily differentiated from the competition.
3. Establish your target market
For a successful product launch, you’ll need to understand basic facts about your target audience – the demographic information, geographic locations, major influencers in the field and the types of media this group consumes.
Once you’re fully aware of all this, you can ensure that your communications match the style and tone preferred by this audience – and deliver the core values of your product through channels they use regularly.
4. Develop a marketing plan
In order to make the most from the launch of your product, you’ll need to have a firm media outreach strategy in place. Use tactics for media relations to get press and blogger coverage by allowing key figures to review your product. It’s a good idea to hold a launch event too!
Before you reach out, make sure your product is complete and ready to be sold – you’ll immediately capitalize on the coverage you receive. Your other marketing efforts need to follow your press campaign – most importantly social media.
5. Social media channels
You’ll need to promote and market your launch in specific places – even if you had resources to cover all channels, it’s simply throwing your money away on nothing. Use only these channels where you know your target audience hangs out. Develop press releases for blogs your audience reads and then share this content on your media channels.
Use tools like Buffer or Hootsuite to schedule your posts and create a timeline of things to be promoted in the period leading to the launch.
6. Always measure your activities
Never forget to measure the outcomes of your actions against the goals you set for yourself at the beginning of the process. Go for weekly or monthly measurements periods – count the number of mentions, coverage reports and press releases published in each period.
Split them by channels to learn which ones bring you most benefits – it can be likes, retweets or actual leads. Use analytics data to learn about your visitors, relevant metrics, social shares and page views.
Marketing a new product is a real challenge – but it can get really exciting and incredibly rewarding too!
Tess Pajaron is a Community Manager at Open Colleges, an online learning provider based in Sydney, Australia. She has a background in Business Administration and Management.