Launching new product or service into the market is not an easy task. Not only it requires an excessive amount of market research, but also experience when it comes to testing what works and what doesn’t. Needless to say that each mistake may cost you lots of money, hence you need to a few ways how to test the waters. Below are my 10 tips and tricks how to effectively create product launch strategy.
#1 Do Not Target One Geographical Area
Many marketers will advise you to identify your target market and choose the best location, where such target market makes up the greatest amount of population. However, when launching a new service you’ll need to think not only about the size of your target market, but also about the marketing budget. My advice is to take a few geographical areas and compare the cost of customer acquisition and retention. Analyze different pricing of Google Adwords, paid posts from influencers and plan your marketing campaign accordingly. What is more, you can split your marketing campaign budget into few equal parts and choose more than one location to test your service or product. That way, you’ll see results of how different markets react to what you have to offer.
#2 Test Different Versions Of Your Landing Page
You may think that you know your target market, but the truth is that the market is very unpredictable. Market research can prepare you for many things, but only the launch will give you a full view of how your service is perceived. Therefore, try to understand that your marketing messages can differ and that you can present a few slightly altered value propositions for your service, product or brand. Perhaps fraction of people would value the timesaving aspect whilst unique story telling, brand values or associations would fascinate others. In order to be more confident with your marketing message, try launching different versions of your landing page. Don’t make the mistake of assumingwhat your target market appreciates without actually testing the waters.
#3 Choose one platform for your marketing campaign
There are tons of social media platforms, which marketers can effectively use for the product launch: Facebook, Instagram, Twitter, LinkedIn or Quora. The problem is that the more platforms you are using, the more noise you are getting. My experience now tells that the most effective way is to use one platform (e.g. Facebook only) as it will be easier to track the engagement you get. When your launch campaign relies on many sources, such as influencers, different social media platforms and even traditional media, it may get very complicated to find out where the buzz is coming from. Hence, try testing conversion rates and different types of content on one specific platform to identify what works and what doesn’t.
#4 Try Targeting A Few Different Target Audiences
The mistake most startups or new companies do is that they get very specific about whom they are targeting. It works well when you are designing a product as it helps to be very specific about the design or certain service features or attributes. However, when you have your product launched, why not presenting it to a few segments of the market? When launching new services, understand that there may be some people willing to use your product – it’s just that you haven’t thought of them! Therefore, identify a few possible target groups and find out whether your predictions were correct. Even if your first guess about the target market was right, you will have presented your product to a wider audience and increased your product visibility among a larger group of people.
#5 Try Making Viral Content
Yes, it’s easier said than done and I do admit that. Nevertheless, viral content can make things truly magical. If you happen to produce great viral content that people will be sharing regardless they are your target consumers or not, your marketing budget expenditure will decrease almost to zero. Why? Simply because you will no longer need to buy engagement – it will come naturally. Secondly, viral content strengthens your brand: engaging and ‘catchy’ content will make your brand more relatable, understandable and recognizable. Hence, don’t waste your time planning keywords and budgets only – think of ways how to present your product in an authentic and engaging way.