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In your quest to launch a successful product in the marketplace, you need a new product launch strategy that will guide you to success. Launching a product requires meticulous planning, coordination, and a start-to-finish strategy that will act as your guide as to what to do next. Sure, Murphy’s Law will come into play and things will go wrong, and that’s why having a strategy to keep you on track and focused is even more important.
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New Product Launch Strategy
Here’s how you can develop your new product launch strategy to rake in paydays that you never thought possible:
Step 1 – Understand Your Market
Before even creating your product, you need to understand your market’s wants and needs. If you just create a product that you ‘feel’ is going to be a hit, chances are it won’t. You need to study what the market’s problems are, what solutions they are crying out for. You need to understand their habits, their income range, their personalities, and so on. Find out which market you are targeting and study that market so you can come up with a solution to their problems.
Step 2 – Create Your Product
There are three options when it comes to having a product you can launch – you can create it yourself, you can outsource it or you can source it. Another consideration is the type of product you are creating. Is it an ebook, video course, software, or a physical tool? You are more likely to create and outsource an information product and source out a physical product from a supplier. Of course, you can also create your own brand new physical product that is sold under your brand. This requires more resources such as money, contacts and expertise.
Step 3 – Do A Test Launch
Before you launch your product to the general public, it is a good idea to do a small test launch first to see if your product idea is viable. In the online space, this can mean doing a launch to only your e-list of subscribers and customers, or even just a sub-list (a section of your list). In the offline world, this often entails launching your product to only a certain geographical area before you launch it statewide, countrywide or even worldwide.
Step 4 – Test, Track, and Tweak
Test and track the results of your promotion in your test launch. Things to test include elements of your sales copy such as your headline, call-to-action, colors, etc. You can also gather feedback from beta testers or customers from the test launch to improve your product further. Keep tweaking your product offer to improve it before you roll it to the general public.
Step 5 – Build Relationships
Relationships are almost everything in business. If you have relationships with the right people and companies, your company and brand can grow very fast. Before you can roll out your product, you will want to build relationships with potential joint venture partners through contact points like email, Facebook, Skype, and even direct mail so they will be more receptive to promoting your product.
Step 6 – Roll Out Your Product
Once all the talking and planning is done, it is finally time to roll out your product. This can involve starting your large-scale advertising campaign and/or having your joint venture partners promote your product to their mailing lists, either online or offline or even both. A rollout involves using a lot of leverage, either through media channels or through other marketers’ lists. You roll out your product by leveraging on the built-in readers through these channels.
Developing your new product launch strategy is not something that you can afford to do in a hurry. Take your time, consider every angle, and your product launch can be a rip-roaring success.