Whenever a product is launched in a market, it means that there is a fresh introduction of a new product into the market. The introduction shall be made so that it gains the attention of its potential customers from the beginning itself. Therefore, it is essential to do proper market research, careful planning, and strategy formulation before launching any product. A new product launch can also be termed product development. Let us follow a step-by-step guide to launching a new product in 2021.
- Common pitfalls to avoid on new product launch
- How to craft a pre-launch marketing strategy
- Preparation of customer profile
- Creation of buyer persona
- Identifying trigger points
1. Common pitfalls to avoid on new product launch
There can be some common pitfalls that must be avoided for a successful new product launch in the market. They are as follows:
- Not doing proper market research: A company may fail to do proper research before the launch of a product, due to which it is unable to analyse the position of competition in the market. This may hamper the smooth process of launching the product.
- Setting the wrong price: An improper market research may further result in setting up an incorrect price that is not in proper alignment with the current price level of the same type of products in the market.
- Not defining a target audience: A certain product may not be suitable for all kinds of customers. For example – Apple products are not ideal for customers of all income-group. They are suitable for a particular customer base. Therefore, the business must identify its target audience first and then plan the process of launch accordingly.
- No proper marketing: Due to improper or fewer funds used in the advertisement for the new product launch, the marketing campaign may not result in the benefit for the company.
- Improper planning and scheduling of the launch: The company must launch a product when the demand for such a product is high, and the competitors are also not performing very well.
- Ignoring pre-launch testing: Any business must not be so self-assured about their product launch to be successful so that they do not even consider conducting pre-launch testing for the new product.
- Ignoring customer feedback: Every customer feedback is important for the improvement of the product. The feedback received during the marketing and pre-launch testing must be looked into and to be looked upon it.
2. How to craft a pre-launch marketing strategy
- Identify the market and its details where the product will be launched.
- Identification of target audience shall be made through market segmentation, preparing a customer profile, creating a buyer’s persona.
- Consider the proper channels for your product.
- External marketing is very important before a new product launch; therefore, a proper marketing plan for a new product shall be made. Great product marketing examples include many companies like Apple, Facebook, and more.
- Take the help of experts in case of any confusion.
3. Preparation of customer profile
A customer profile is a type of list that describes the buying pattern, consumption preferences of customers. While preparing for a customer profile, we must keep these points in mind –
- Income level of customers: After deciding about the price of the product, the business must identify their target audiences as not everyone can afford a certain product.
- Age: The business must identify which age group its customer belongs to as the preference for consumption for a specific product varies with age.
- Location: The location of your customers always influences their consumption preference. The buying habit of people living in cities may differ from those living in rural areas.
4. Creation of buyer persona
Buyer personas are created after proper researches, surveys, etc., and are made after taking into account the description of potential customers. A buyer persona must include:
- Goal: The goals of the target audience must be identified that what are they looking for in the product and what are they aiming to achieve after the consumption of the product.
- Challenges faced by the customer: The biggest challenges or struggles faced by the target customer must be determined so that the businesses can serve them in a better way.
- Preferred modes of communication: Whether the customers (the target audience of the business) prefer an online or offline mode of communication, the business must research it.
- Motivation: The business must analyse what encourages or motivates a customer to buy their product.
5. Identifying trigger points
These are the points that help a business to acquire more customers, and hence it increases the business revenue. Therefore, there are some trigger points that a company must include while launching their product:
- Free samples can be distributed to gain popularity in the initial stages of the product.
- Online advertising is a good source nowadays to reach out to more audiences.
- A mock PR can be conducted so that the product can also gain the attention of various stakeholders, thus boosting the future sale value.
The quote ” Failing to plan is planning to fail” is appropriate during a new product launch as it is not an easy task. It should be done carefully and with proper planning and only after taking note of the above product launch steps.
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