Launching a product 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 soon forgotten. 

Getting seen requires standing out. 

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.

In this guide, we’ll explore key elements to consider as you plan your new product launch. 

Strategies for Bringing a Product to Market

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 awareness
    • Increasing the total number of downloads or users 
    • Finding a product-market fit
    • Capturing new customers
    • Increasing revenue 
  • Use a multi-prong marketing approach – To maximize visibility 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 – 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 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 testing
    • Comparing 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 such a manner 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: 

  • 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 

Many of these flaws point to a dearth of market research and preparation. There’s no clear strategy, especially when it comes to educating consumers about what the product does, what purpose it serves, the value it adds, and the niche it fits into. 

As such, before launching a product, conduct adequate market research and implement effective strategies to customize and incentivize your launch. 

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. 

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 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.  

Ready to launch your product the right way? Semgeeks can help. 

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