Launching a new Product

Preparation, planning and effective execution are important components when a business is launching a new product. It can be one of the most exciting and stressful times as a company ventures into the unknown and eagerly anticipates positive results.

If your business is working on a new product, it is important to keep in mind that this should be accompanied with a properly designed marketing campaign with set objectives that are measureable. In a number of cases, businesses would invest time and money in their product, with few efforts aimed at promotion. Such an example would be a business launching a product, with the only promotion effort being a press release. The role of marketing should be much greater and needs to cater for the end goal, that of increased customer adoption and awareness.

When launching a new product, there are several considerations including the proper messaging and ensuring that your sales team maintains the right momentum.

Before launch

Before launch

During the period prior launch, it is important to familiarise yourself well with the specifications and technicalities of the product. In this regard, it is essential to spend time with the product team and invest hours in user testing. 

During this period prior launch, you must also determine a number of marketing activities set to take place. These include where you will be advertising, for example through search engines, social media and/or traditional channels. Marketing would also need to establish where the product will be promoted organically, examples include blogs, website homepage, landing page and/or events. Part of the strategy should also revolve around how to get picked up by the media. This could be through worthiness of news value and sponsored content on these very same media portals. The strategy should also extend to those who would assist in spreading the word. Such may include affiliates, partners, communities, forums and other third parties as may be deemed relevant or beneficial.

Actual launch

Actual launch

In simple terms, the launch would need to be the execution of your plan. When considering timeframes, the launch of a product would typically be shorter than the pre-launch phase. As you are heading for launch, focus is of utmost importance so that any problems which crop up are identified and tackled immediately. Such issues can never be underestimated as they may impact the first impression and reputation of your product.

After launch

After launch

After the product is launched, you will have the opportunity to gather invaluable data. This will help you understand what worked well and what could have been better. It is important to keep in mind that a product will need to be maintained and improved after launch, following customer feedback.Want to learn more about product launching? Speak to MYC by sending an email on info@myc.com.mt

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