When you think about launching a new product, service, or businessventure, you must have an effective launch strategy. A launch plan is a comprehensive plan that outlines how you will roll out your product or service to the market and ensure its success – but more importantly, it is the step by step process necessary for you to achieve success.
Today, we’ll guide you through the elements of a successful launch strategy and explain why it is important to create one.
What is Launch Strategy
Launch strategy is a plan of action designed to maximize the success of launching a new business, product, or service. It includes creating an effective marketing and communications plan, setting a timeline for launch activities, determining key milestones for success, and outlining specific resources needed to achieve them.
Benefits of Launch Strategy
#1 Better Planning from Day One
A product launch process is the foundation for a successful product. It outlines how you plan to introduce a new product or service in the market and ensures that all aspects involved are taken into consideration from day one, including pricing, marketing messaging, target audience, distribution channels and more.
This helps a customer support team, sales team, product development team, or marketing team better prepare for potential issues that may arise and develop an action plan to address them.
#2 Improved Brand Awareness
A product launch strategy also helps companies build brand awareness and credibility. Through effective marketing messages and campaigns, potential customers are exposed to the product or service and become more familiar with it. This helps create a positive image of the company, which in turn encourages people to purchase the product or service.
#3 Ability to Enter Different Markets
When you launch a new product, you allow your team to determine which markets they should enter and how best to target their specific audience.
Companies can leverage data from market research, customer feedback and competitor analysis to develop a strategy that takes into account the different needs of customers in each segment and create a tailored approach for each. Then, it can be applied to your positioning statement, next launch date, and any other product launch plan you might have.
Product Launch Checklist
a. Make sure your product is ready for launch – have all the necessary components, packaging, etc.
Launching a new product is a momentous occasion and, as such, should not be taken lightly. It’s essential to have all the necessary components of your product ready before launch — packaging, user guide, support documentation, customer support release notes and templates, key stakeholders approvals, support team training, tutorials for new features, engineering teams stand ups, any technical requirements — to ensure everything runs smoothly once you get the green light and that everyone is on the same page.
All your key stakeholders, product managers (or a product manager lead/team), and any other team in the company should understand the important of product launch checklist and work on a launch plan within the company.
Doing this research can take some effort upfront but will be worth the reward when you don’t encounter any unexpected surprises post-launch. It’s crucial for your go to market tactics too.
b. Create a landing page or website to promote your product and drive traffic
Creating a website or landing pages is one of the most important steps for any company or team, and can be the difference between success and failure in their launch plan.
With a user-friendly design and marketing strategy that grabs the customer’s attention, your product will stand out from the crowd. If you want to increase your traffic and generate more leads, it’s important to make sure your landing page or website has simple navigation, engaging content, social proof, an effective call-to-action button that drives conversions.
In addition, leveraging social platforms like Twitter, Facebook and Instagram is also essential in order to build brand awareness and drive more early adopters to your website. Last but not least, always measure results so you can get feedback on how successful your landing page was at driving sales! Include key details from your product team and update it during the last weeks leading to your product launch date.
If you’re going to offer a freemium option in your product launch checklist, here’s where you can reconsider it and dive deeper into all your options.
c. Develop a social media plan to market your product on various platforms
Crafting the perfect social media plan to market your product starts with understanding which platforms you should use, and why. As you look through Facebook, Twitter, Instagram, YouTube and more, consider what makes each social network unique — audience demographics, content preference, posting guidelines and more — so you know where to focus your energy.
Analyze user behavior on each platform and create a comprehensive plan that will maximize engagement with your target customers and improve customer experience. As you keep an eye on the outcome of each post or campaign so you can adjust what’s working and what isn’t to ensure success!
d. Draft press releases and pitch journalists to get coverage leading up to the launch
Writing quality press releases can take your launch to success! A well-crafted press release is the perfect way to engage with quality journalists who can help spread the word about your product or service leading up to the launch. And you need to get that media attention for your company in order to build awareness, strengthen your positioning statement, improve product marketing, and continue boosting customer experience.
It’s important to remember that a good press release should tell a story – be it humorous, witty, or informational – and that you should use an approachable writing style when crafting it that captures the reader’s interest. What’s more, an eye-catching profile for the lead journalist you are pitching can amplify your message in ways that help you reach potential customers or partners effectively and with flair.
Get ready to share your story and make a big impression with your funnel strategy at the time of your launch!
e. Plan a launch event (if applicable)
When it comes to planning a launch event, the key is to increase the anticipation among your key invited guests. This means creating an atmosphere that sets the tone for what’s to come. Aim to be professional in your presentation while engaging participants with witty anecdotes and funny stories related to the product or service being launched.
Make sure to keep things brief and to the point – nobody likes long-winded speeches – but still drive home how special and important the occasion is. And lastly, don’t forget about catering! Letting your guests taste some of their delicious cuisine will ensure you have maximum attendance so everyone gets the chance to experience this amazing opportunity up close.
Every launch should be unique; so make sure yours is something your invitees won’t soon forget!
2. Launch phase
a. Send out review copies to key bloggers and reviewers
You simply need to create promotional content to successfully launch your product release. Such marketing materials can also help with future launches, getting prospective customers, or improving product positioning.
Sending out review copies of your new product or book is a great way to get your work noticed. By reaching out to key bloggers, reviewers, and influencers in your industry, you can generate a real buzz around your product and create content that will reach the right people.
Be specific when selecting who to send review copies to – keep your audience in mind and look for reviewers and bloggers who can provide thoughtful insight into what you have created – and into audience pain points.
When done correctly, this type of outreach can be hugely beneficial for a business or author looking to get their new product out there.
b. Monitor online activity and respond to any feedback/questions promptly
As a business, maintaining active online engagement is key to developing with our customers. That’s why we make sure to monitor our online presence regularly and take any feedback or questions customers may have seriously.
We recognize that no message should go unnoticed and strive for timely responses. Besides feeling appreciated by new users, this also allows us to stay on top of what the people want so that we can always stay ahead of their needs, in the right time bound period. In this way, we make sure that every customer feels heard and taken care of!
c. Run ads targeting relevant audiences
Running ads targeting relevant audiences is a smart way to maximize your marketing budget and resources in your launch plan, for a few reasons.
By focusing your efforts on the people who are most likely to be interested in what you are offering, you can lower your cost per acquision and reach the right kind of customer more quickly.
When creating targeted ads, it’s important to consider for your product marketing – demographic markers such as age, gender, location, and interests. Doing so will ensure that you are spending money wisely on an audience that resonates with your brand messaging and objectives.
With focused advertisements and a great new product or service story to tell, you’ll be able to connect with your desired customer and continue building relationships in the long term.
d. Host webinars or other events related to your product
Hosting webinars or other events related to your product can be an excellent way of promoting it. Not only do you get the chance to entertain, inform and educate people about your product and its capabilities, but you also get the opportunity for direct interaction with potential customers. Furthermore, hosting a webinar or event allows you to have a powerful platform for creative expression and build stronger relationships with your existing and future customers. Utilize this space to showcase why people should invest in your product – be it in terms of quality, user experience or any other benefit.
a. Analyze data from pre-launch and launch phases in order to improve future campaigns
For businesses, understanding data from both pre-launch and launch phases (as well as post launch strategy) can be essential for gathering key insights and improving future campaigns.
Not only does it help inform which messaging resonates best with an audience, but it also allows marketers to understand how to optimize budget to get the most bang for their buck. Afterall, the goal is to ensure marketing dollars go towards launching a successful campaign that will actually drive results! Luckily, diving into data from pre-launch and launch phases in your launch strategy can provide valuable information on budget optimization,
A/B testing of different messages for potential audiences, as well as uncovering any other areas where improvements could be made. Don’t wait until after a campaign has launched to begin analyzing the data – get ahead of the curve by strategically reviewing information before launch day.
b. Keep promoting your product on social media and through other channels
When it comes to promoting your product, make sure you get the word out across all available channels. Social media is an invaluable tool for marketing and advertising, with millions of users of different platforms that can potentially be exposed to your product.
Take advantage of Twitter, Instagram, LinkedIn and Facebook – these platforms will help you reach your target audience, drive more engagement and boost visibility for your brand.
At the same time, don’t forget about other promotion methods such as email newsletters and other innovative strategies like influencer marketing or special offers on discount websites.
Keep track of the type of content that works best for your product and use it wisely in order to effectively promote it and stand out from the crowd with your go to market strategy.
c. Continue sending review copies to influential bloggers and reviewers
Nowadays, there is no better way to get your product whether it be digital or physical) out there than by working with top influencers, bloggers, and reviewers. By sending review copies of your products to those individuals, you can get word-of-mouth marketing and create a bigger presence for your brand awareness.
Plus, reputable industry pioneers have the power to give you honest feedback that you can use to improve upon your current offering. So don’t skimp on sending review copies— invest in influencers who can get your product noticed in the right circles and establish a positive reputation for you as well.
Get ready for a Successful Product Launch
Launching a new product into the market is an exciting task, but it can be daunting. The key to success starts with thorough preparation – and our product launch checklist.
It’s important to have a strong understanding of the market and customer needs in order to identify the unique selling points and strengths of your product.
Developing an effective launch strategy and incorporating effective tactics tailored to reaching your target demographic (and their pain points) are also essential.
By creating awareness through creative marketing techniques, you can ensure that large enough numbers will be reached that will give your product launch a better chance of success. With effective planning, a delightful product launch is within reach.
Get that product launch checklist up and running!
Product Launch Checklist FAQ
#1 Should you create a product launch checklist at all?
Yes, creating a product launch checklist is important in order to ensure that all necessary steps and tasks are completed before a successful product launch. A product launch checklist should include all the essential items needed for a successful product launch such as researching the target market, pricing of the product, setting up sales channels and conducting product marketing campaigns across social channels.
It is also important to create timelines for each step so that your team can better track their progress, create buzz in team, and stay on schedule. Finally, regular review of the checklist is key to help make sure that all tasks are being completed and nothing has been forgotten.
#2 Are product launch checklists viable for a physical product?
Absolutely! Product launch checklists are an invaluable tool for launching a physical product as they help ensure that all necessary steps and tasks are completed within your team.
Additionally, creating timelines for each step helps your team stay on schedule. Regular reviews of the checklist can help make sure that all tasks are being completed and nothing has been forgotten before the product is launched.
#3 Which marketing channel is the best for product launch?
The best marketing channels for a product launch will depend on the target audience and the type of product being launched. Some popular marketing channels include paid advertising, content marketing, influencer marketing, social channels, email campaigns and search engine optimization.
Each channel may have different benefits depending on the smart goal of the launch so it is important to research which channel would provide the most reach for the product in question.
Additionally, the entire process of tracking and analyzing results from each channel can help determine which channels are driving traffic and leads that can be used in subsequent launches.
#4 What are main benefits of product launch?
Product launches can have numerous benefits that can help drive sales and awareness for your product and team. Some of the main benefits include increased visibility and credibility, greater audience engagement, improved customer relationships, increased sales opportunities, and the ability to measure success from marketing campaigns.
A successful product launch can also provide invaluable feedback from customers which can help inform future decisions about product marketing and more product launches. Furthermore, a well-executed launch will build anticipation for the product which can help create more excitement and demand.