Launching a product in 2023 is a leap into the void.
With so much noise in the world and on the internet vying for consumers’ limited attention, the release of a new product or service often goes unremarked or is soon forgotten.
Getting seen requires standing out in front of your target audience.
This is where digital marketing comes in. A strategic campaign can capture consumer interest, drive awareness, and build buzz that puts you in a position to succeed and find potential customers.
What is Digital Marketing?
- Digital marketing is the promotion of products and services through digital marketing channels.
- Search engine optimization (SEO) is a digital marketing strategy that focuses on increasing visibility on search engines for potential customers.
- Social media marketing involves utilizing social platforms to promote content, engage users and build relationships with customers, and allows for customer feedback.
- Pay-per-click (PPC) advertising is another form of digital marketing which involves paying for clicks to certain types of online ads, such as banner ads or text ads.
What are the benefits of using a digital ad campaign?
Drive leads to conversion Master audience segmentation Get the most out of your ad spend Optimize your website for success
- A Google ads campaigns can be monitored in real-time and adapted quickly.
- Digital ad campaigns can be targeted to specific audiences based on age, demographic, location, and interests.
- By utilizing digital ads you have the ability to measure a user’s actions and optimize your strategies as needed.
- You can use predictive analytics tools to better target potential customers and maximize your ROI, conversion rate, and click-through rate.
In this guide, we’ll explore key elements to consider as you plan your new product launch and your business goals.
What are marketing strategies for new product launches?
So, what can you do to properly prepare and strategize for a successful launch? Steps you can take include:
- Define your launch goals– What are your desired outcomes for the launch? What are the goalposts and what metrics will you use to measure success? If you don’t have clear objectives in mind, it’ll be difficult to determine whether the launch performed well. For instance, common goals may include: Driving awarenessIncreasing the total number of downloads or users finding a product-market fitCapturing new customersIncreasing revenue
- Use a multi-prong marketing approach– To maximize visibility to your target audience and ensure that you’re reaching as many target consumers as possible, you should use a combination of digital marketing strategies, including pay-per-click campaigns, influencer marketing, content marketing, and SEO. What track you take will necessarily depend on the specifics of your product or service and its customer base.
- Gain consumer insights– Customer feedback is important. Creating and releasing a successful product or service requires an iterative design process. There must be significant trial and error and back and forth with actual users. That feedback helps you better determine a product’s target market fit, consumer demand, and final form. Rob Holland, CEO of Feedback Loop, says there are four critical particular areas of the product development process where customer response is indispensable: Early-stage discovery concept testingComparing options message testing
- Create sharable content– Content remains one of the most cost-effective ways to educate consumers and prepare them for a product launch. Your goal should be to create high-quality content that discusses your business or related topics in social media posts that readers want to share that information on your behalf. For that, it must be relevant, accurate, easy to read, and of tangible value.
- Leverage referrals and pre-launch giveaways– There are several ways a business can fuel excitement and anticipation surrounding a product launch. Both giveaways and referral programs drive word-of-mouth advertising and entice eager consumers to act as brand ambassadors.
What to Know: The Majority of Product Launches Flop
Did you know that 75% to 90% of product launches fail?
A successful product launch is a rarity. That’s because, as Harvard Business Review notes, companies often stumble into the following pitfalls:
- If the company doesn’t have a plan to ramp up production if the product initially succeeds
- The product underwhelms, falling short of its claims
- The new item exists in a product limbo
- Consumers don’t understand the product and the company failed to educate them
- There’s no market for the product
- The consumers could be priced out
What Are the Most Common Product Launch Mistakes?
That’s because, as Harvard Business Review notes, companies often stumble into the following pitfalls: The company doesn’t have the plan to ramp up production if the product initially succeeds The product underwhelms, falling short of its claims The new item exists in a product limbo Consumers don’t understand the product and the company failed to educate them There’s no market for the product The consumers could be priced out Many of these flaws point to a dearth of market research and preparation.
What are the key areas of product development?
That feedback helps you better determine a product’s market fit, consumer demand, and final form. Rob Holland, CEO of Feedback Loop, says there are four critical particular areas of the product development process where customer response is indispensable: Early-stage discovery concept testingComparing options Message testing Create sharable content– Content remains one of the most cost-effective ways to educate consumers and prepare them for a product launch.
Creating a Successful Product Launch Marketing Strategy
Creating a successful launch strategy is the key to making sure that your product or service is well-received by your target audience. Don’t let your marketing efforts go to waste take the time to plan out all of the steps you need to take, such as researching your market and creating sharable content, you’ll be able to improve your chances of success.
When it comes to launching a product or service, it’s important to have an effective marketing plan in place. To do this, consider who your ideal customers are and how you can reach them. Once you’ve identified these groups, create targeted campaigns via email, social media, and other channels that will help get the word out about your product or service. Additionally, consider leveraging influencers
Content Marketing Strategies
Content marketing is a great way to build up hype and excitement for a new product launch. Content can be used to provide helpful information about the product, create more visibility for your brand, and help customers make an informed decision about whether it’s the right fit for them.
When creating content for a product launch, think about what questions potential customers might have and create content that answers those questions in an engaging and informative way. Content can take many forms including blog content, social media posts, videos, podcasts, or even e-books.
You should also consider leveraging influencers who are knowledgeable in your industry and knowledgeable about the benefits of your product or service. Influencer marketing can be a powerful tool to spread
Social Media Marketing Strategy
When it comes to launching a new product, social media posts and campaigns can be an effective way to reach your target audience. With platforms like Facebook, Instagram, Twitter, and LinkedIn, you can create custom content that resonates with your customers and drives them to take action.
Social media posts should be engaging, informative, and concise. Use visuals such as images or videos to draw attention to your post, and include calls-to-action that direct users to learn more about the product or take advantage of any special offers. You can also use targeted ads on social media to reach specific audiences based on their interests and demographics.
If you’re launching a new product or service over a period of time, consider creating an
Email Marketing Strategy
Email marketing services are an essential tool for any successful product launch. By building an email list, you can start to engage with potential customers prior to the launch and develop relationships with them. When it comes time to launch your product or service, you can use email campaigns to inform people of what’s happening and encourage them to take action.
When creating emails, make sure that they are personalized and relevant to the recipient. Incorporate visuals such as videos or images into your emails, and be sure to include a call-to-action that encourages readers to learn more about the product or sign up for updates. Additionally, consider setting up automated emails so that customers receive important information at key points throughout the launch process.
Launch Your Product with a Digital Marketing Agency
Ultimately, the success of a launch will be largely determined by the quality of the product and its fit in the marketplace. However, even the best products will flop if consumers are unaware of the unveiling or fail to perceive the product’s value.
What are the stages of a product launch marketing Plan?
Our team of experts can work with you to build a digital marketing roadmap that will guide you throughout the pre-launch, launch, and post-launch phases. The most common phases are:
- Market Research: Research and analyze potential markets, target customers, and competitors
- Product Development: Design, test, tweak and manufacture the product
- Marketing Campaign: Develop a strategy to promote the product prior to launch day.
- Distribution/Launch: Ensure there are adequate distribution and supply channels in place for selling the product.
For that, a digital marketing strategy can enhance your launch and put it in the best position to succeed. And by working with digital marketing strategists such as Semgeeks, this massive undertaking becomes much more feasible.
Our Marketing team of experts can work with you to build a digital marketing roadmap that will guide you throughout the pre-launch, launch, and post-launch phases and help your online presence.
Ready to launch your product the right way? Semgeeks can help with your product launch plan.
Sources:
Harvard Business Review. Why Most Product Launches Fail. https://hbr.org/2011/04/why-most-product-launches-fail
Forbes. 85% Of Products Fail When Companies Don’t Talk To Consumers—This Company Is Changing That. https://www.forbes.com/sites/garydrenik/2021/09/21/85-of-products-fail-when-companies-dont-talk-to-consumers–this-company-is-changing-that/?sh=284ba37b2aa2
