Do you want to know the secrets to launching a new product? Some sellers are scared to share their new creation to the world. They’re worried that people may not like it and not get any sales.
It’s true! Product launches can be scary. There is, however, simple tricks to make sure none of those fears come true.
If you’ve ever started a business or created a product, you know that it is blood, sweat, and tears. And coffee. And then more tears.
So, what is the best way to launch your new product?
Whatever you’ve worked hard to create – a product, a business, a service – you cannot launch it with just hope. You need a plan.
As an online business owner of Craft Maker Pro and have done successful product launches, I’ve identified five major keys to launching your product or business.
Knowing Your Competition
It is important to know your competition’s marketing strategies, followers, prices, and range of products. You don’t want to launch only to find out that your competitor is bringing out a newer, cheaper (or more prestigious/expensive) product the next day.
Timing is everything for a product launch. There are certain times and days to avoid such as Christmas or New Year’s Eve for example, but perhaps more relevant is to look at both the macro and micro economic factors around your industry and the broader market before launching.
As what I’ve mentioned above, it is also important to be aware of your competitor’s prices but never sell your business short. Always know why your products cost more. Whether you want to be a luxury product or you are launching a product priced slightly below your competitor’s, make sure you undertake thorough research to ensure consumers will be willing to pay the price you are asking.
Build Your Following
You need followers to have first-hand audience who will share your products to others. If you think it’s hard to build your followers, it’s not! You can build your following from social media sites like Facebook, Twitter, Instagram, LinkedIn, and even from online marketplaces lime Etsy and Amazon.
Personally, I recommend that you build your followers in a traditional way through an email list.
Email is direct, personal, relatively inexpensive, and everybody uses it. If you’re growing a distribution list of people who know, trust, and like you, you’re going to have a mind-blowingly good launch when you hit “send” on your sales emails.
In today’s consumer-led world, it is important to get reviews – positive ones will always work in your favour – but equally important is to find out what can be improved. It may be something you need to slightly tweak that will make all the difference to it being successful or not.
Check this video from Renae Christine to learn more about product launch success:
I hope you find this post informative. Did we miss an important step in successful product launches? Please share it with us in the comments.