Launching a new product is an exciting time for your business.
As such, every launch is a strategic exercise. You can probably name a handful of products that have made their way to the market successfully. Stranger Things, Season 2, for instance, was launched through cheeky billboard campaigns in LA and New York which had fans begging for more. The billboards, advertising ‘Hawkins Power & Light’ immediately attracted the interest of the fans, who called the phone number in the campaign to hear a recording of what season 2 was going to reveal.
But, in reality, many more products fail shortly after launch. Approximately 95% don’t make it past their launch campaign. Why so? Business strategies argue that product development and market research as detrimental to a good launch. But that isn’t the whole story. A good launch is like Stranger Things 2: it excites in expectation of the product; it ensures people know what to expect from your product; it reaches out to a knowledgeable audience.
You didn’t pre-launch it
You can’t launch a product out of the blue. Even if you’ve been doing your research accordingly to ensure your product is suited to the market needs, it doesn’t mean your audience will notice it. The first step about launching is to let everybody know that a new product is coming soon. The pre-launch is designed to attract people’s attention and give your audience time to prepare. Think of it as a teaser that will make them want to learn more. There is no ideal timeline for a pre-launch. But as a rule of thumb, you should start at least 4 weeks before you’re ready for the release.
Nobody knows what it does
What is it for? Launching a new software solution or a new tech device can be tricky. It’s often easier to showcase your product in real-life situations so that your audience knows what to expect. Complex processes can also be illustrated via explainer videos, for instance, or detailed case studies. A lot of innovative solutions can meet a brick wall shortly after launch when you fail to explain the impacts functions for your audience.
Nobody knows you
A product launch is exciting. However, a product launch from a brand new business can be challenging to pull off successfully. When you approach the market as a new player, you need to earn your audience’s trust first. Building a robust brand reputation can take time. While there is no miracle strategy, you can make your launch easier by focusing on brand awareness.
Ideally, you should establish an online presence that can tackle questions and comments that people might have about the new product and the new company. An informative about us section and a helpful FAQ page can go a long way in creating a trustworthy profile. Additionally, finding known influencers and sponsors who believe in your brand and your product can support your brand reputation. Social media influencers, even local ones, are often detrimental to building brands.
You may not have the budget to build a Netflix-worthy product launch in the same way Stranger Things 2 happened in the US. But, you can make sure your product launch ticks the same boxes: Building up awareness ahead of the actual launch, sharing information about the product, and engaging with an audience that trusts you.