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Determining the right strategy is the primary step for the launch of any product. The successful product launch results from planning conducted by a team of experienced and reliable marketers. No product launch will begin without a proper plan in place.
Here are the tips for a successful product launch:
1. Develop a product that connects with enough people:
Develop an in-depth knowledge of the product and what it offers. Enlist the definite ways to know your product. How does it fill in the demand of the audience? How it benefits potential customers? Develop the connection with many people and make it financially viable.
For example: Skype achieves to make instant improvements in the quality of voice and video calling. As of January 2016, the services are used by 300 million people worldwide. This proved to satisfy the needs of a huge customer base on a regular basis.
2. Understand the strength of your competition:
Know the strength and weaknesses of the product. Look for the ways that you can improve the product to make it successful. Understand the competition to deal with it. The numerous products in the market offer a lot. Be on the constant lookout for possible new competition. Monitor the competitors in definite ways to do the business.
For example: The Apple iPhone revolutionized the entire Smartphone market. Apple developed an intuitive design on quality. iPhone sales grew from 1.39 million to 11.63 million in 2008. Apple sold more than 231 million iPhone by 2015.
3. Understand the challenges faced by target audience:
Define the audience targeted for your products. Focus on your consumers who are likely to buy your product. Get to know the target audience finding out their needs about the current product. Get a clear understanding of the problems that you solve. List all the different types of the customers that suffer from the problems you solve. Segment your market on the basis of the particular types of people, certain geographical locations around tight market sectors.
4. Build a unique selling proposition and unique value proposition:
Once you are aware of the audience and what they need, establish the reason why they’ll want to buy from you. Establish a unique selling proposition and unique value proposition to make your audience feel the product better and what value they’ll get in return. Consider it a “must have“ product and get satisfied after using it.
5. Promote your launch and your product
Before the launch identify the channels where you want to share your products. Be sure to avoid the channels where the audience may not be a right fit. Choose the channel including event, blogs, and email, social, paid and other channels. Be prepared for anything that can go wrong and make sure you are communicating with your team.
Also, utilize crowdfunding platforms or create a teaser campaign on Facebook. Create inexpensive ads, visually appealing and which attracts attention. Create ad creation, info graphic design, video animation and much more. They are the gateway for your efforts to make great relationships with other influencers.
There is never a guarantee that a new product will be successful in the marketplace. Properly preparing and timing your launch can make a debut and make your products more memorable. A successful launch begins with great timing.
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Also read: Top 7 best practices of Product Launch
About the Author
Veronika Tondon is business enthusiast. She writes about emerging technologies and opportunities for business. She is working as a Marketing Manager with Invoicera, a leading cloud invoicing solution