How to Launch a New Product

A product launch refers to a marketer's formal introduction of a newly created product to the market for the first time. 

This post provides useful tips that ensure success before and after the official launch date.

Product Launch Tips: Before the Official Launch Date

• Establish a product name, unique value proposition, brand story and logo. As you will see in subsequent points, this is ideal and can be very useful*. If concerned that your brand name can be stolen or otherwise secured, trademark it.
• 'Coming Soon' (and development diary' landing page with the objective of lead generation, specifically; getting as many pre-launch signups as possible. See how you can prompt these signups using Instagram stories. *Do this as soon as you have a product name or other means that the product can be recognized, even before the product has been completely created and is ready. This may require .you to already know the product's name even before it is ready for market. Create a product development diary that includes images of the product and other noteworthy developments. See how to create a winning landing page. Here are some considerations specific to new products / product lines.
• A product (line) summary. Stress how the product offers a solution to the real problem of your target market. In other words, do NOT make the common mistake of focusing on features. Example: A new line of cosmetics formulated to unclog pores, fight bacteria, reduce excess oil and leave the skin smooth and soft. This line will become available nationwide in only health-conscious boutique stores.
• Logo. * 
• State the launch date or a countdown timer
• Email list signup.
• Product beta testing & reviews with open-ended, exploratory questions and dialog to improve the product, understand consumer perceptions and formulate the best possible messaging for product labels and advertisements. Many marketers speak of having at least 10 people who fit your target market profile. Perfect your 'coming soon' message as and when needed. Here are some key discussion points.
• Problem description: Ex acne whose 4 key components are excess oil, bacteria buildup, plug and inflammation
• Current means of managing the problem
• Reason for selecting that current method (ie competition)
• How your new product compares with the current method (ie competition), especially regarding key purchase motivators.
• How well your new product meets established expectations, ie the measure of satisfaction
• (If the testimonials are being recorded, it would be ideal to ask persons to say the product's name whenever possible). 
• Advance Testimonials from a beta testing group that do product testing in exchange for the testimonial to accompany the launch. Include social media influencers also.
• Identify, reach out to and foster relationships with influencers, especially those that have a highly engaged niche audience. Level of influence or engagement is more important than size. Build a relationship with them, especially if you are concerned about them being too big to respond. For instance, learn as much as you can about them and their content and engage with them on their content pages. A successful official outreach may contain the following components. After this stage, be sure to do a followup that includes details of how their input has helped you. Whenever possible, develop the relationship for future ventures.
• Use email if possible because it has the best conversion rate.
• personalize
• complement something specific. Example, I particularly liked how you did 'xyz' in your article 'abc'. 
• Explain why you chose to reach out. Example, 'We have the same target market, except that we are in different countries ...'
• Explain how your product will benefit them in a way that your research shows will be meaningful to them. Example, 'I could share your videos on my social media platforms.'
• Specify your request. Example, 'Can you please review my product?'
• Share your social media links and hashtags
• Request their questions and or requests.
• Set a deadline (to motive their action)
• Thank them for their time.
• Opt-in form for collecting email addresses or Whatsapp telephone numbers. 
• Publish teaser videos or other content.
• Have press releases, ie a statement of the new product given to a publishing entity. Examples include the following: 
• Interviews giving product information, the official release date and so on. 
• Release the information to press release directories with the help of freelancers on Fiverr and UpWork to create the press releases. Higher level but more costly press release sites include PRweb.com which has the added benefit of generating traffic to your product.
• Leaking rumors to get people talking about a 'possible product release'.

• Consider complementary bonus products that will be available only within a limited period, usually the first week of the product launch.
• Plan promotional media like videos and advertisements that will accompany the product's launch for different social media (like Facebook and so on).
• Create a platform or means for receiving pre-orders. Treat the pre-order process like a limited edition, ensuring to include all the key characteristics of limited editions (ie lead generation). 

Product Launch Tips: After the Official Launch Date

• Seek reviews from new customers within roughly 1 month after launch.
• Based on reviews, improve the product if you can. 

CONTENT RELATED TO HOW TO LAUNCH A NEW PRODUCT

• Articles related to  New Product Development (NDP)
• New Product development 101 (the conventional way without an MVP)
• Minimum viable product, a quicker way to market in the new product development process
• Boston Matrix
• Read the step-by-step guide to the new product development (NDP) process, including beta testing.
• Social media
• Instagram
• Breakeven analysis for new products
• Brand awareness & brand awareness srategy
• Promotional strategies for brand awareness
• Ensure that your labeling and other communication passes the grunt test
• Brand story
• See how to treat your pre-order process like a limited edition for additional success.
• Learn how to create a winning landing page to maximize lead generation.
• Although launching your product may have a specific date, consider asking your new customers to provide feedback that is compliant with your desired brand story, especially on Facebook or other social media that generates further new brand awareness. For instance, insert requests with contact details inside of the product packaging. If you are using platforms like Etsy, send a direct message request.
• Product liability insurance is a must, even for small manufacturers. Understand how insurance works and ways of mitigating risks, even outside of your policy.
• Product launch should occur only after you have conducted research and development (R&D) project, which, among other things should have involved risk management.
• Registering a trademark
• Lead generation