So, you’re about to unleash your brilliant product into the world. Congrats, champ! But hold your horses before you dive headfirst into the startup mosh pit.
Why? Because launching a product is like juggling chainsaws while riding a unicycle on a tightrope.
A successful product launch is all about the biggest growth in the shortest possible time, so potential customers need to be attracted to the product.
How to do that?
Don’t dilute your efforts by trying to do everything. Focus on identifying and prioritizing the most impactful actions for your specific situation.
Get into your customers’ heads: analyze your ideal customer’s journey and pinpoint the areas where your product offers the most significant value or solves a critical pain point. By concentrating your resources and messaging on these key areas, you create a more focused and effective product launch strategy.
This guide is packed with no-nonsense advice to help you navigate the product launch maze, avoid epic fails, and keep your sanity intact (mostly).
Elements of a Successful Strategy
To make sure your product launch goes off like Mentos in Cola, and not a lead balloon, we have a complete guide below of what to include in your strategy. But at the end of the day just three things are going to do a lot of the heavy lifting: building anticipation, targeting the right audience and choosing the optimal pricing approach.
Rookie mistake #1 is thinking that the launch is just about that one glorious day when you hit “publish” and celebrate. Wrong!
The real magic happens way before you even think about unleashing your masterpiece on the unsuspecting masses. But if you need to cut corners, run through the following activities quickly and draw up a brief plan.
Customer research and buyer personas
First things first, who the heck are you trying to reach? And no, “everyone” is not an acceptable answer (unless you’re selling oxygen… maybe).
Get crystal clear on your ideal customer. What are their pain points? What keeps them up at night? What are their wildest dreams (related to your product, of course)?
Once you know who you’re targeting, you can tailor your messaging, marketing channels, and even your product features to hit them right where it hurts… in a good way, of course.
This should really be done before developing your product, which you can read about in our fantastic article on creating products that customers will love, but at the launch stage, it’s important to do it again and refresh your plans.
Unique selling propositions (USPs)
What makes your product the Beyoncé of its industry? Why should customers choose you over the sea of other wannabe superstars?
This is where your Unique Selling Proposition (USP) struts its stuff. It’s that irresistible je ne sais quoi that sets you apart from the competition and makes customers drool with desire.
Think: what problem do you solve better, faster, or sexier than anyone else? That’s your USP, baby! Now shout it from the rooftops (or at least plaster it all over your website and marketing materials).
Customer buying journey
Map out the customer’s complete journey for each stage of the buying cycle and address their needs accordingly.
Market research
Analyze your competitors, target audience, and relevant keywords to understand the market landscape.
Market position
Determine your brand’s position in the market and how it compares to competitors.
Ways to access your ideal target audience
Identify platforms and channels where your target audience is active and engage with them.
Media list
Compile a list of publications, influencers, and thought leaders relevant to your industry for potential collaboration.
Develop a brand message and story
Craft a compelling brand message that resonates with your audience and highlights the value proposition of your product. Ask yourself: Why are we doing this? Align the product launch with the overall business goals to ensure it’s not just a vanity project.
Again, this should have been done before product development, so it’s time to do a quick refresh.
Pre-launch promotional content and awareness strategies
Create content and press releases to raise awareness and generate interest in your product before launch. This and the following activities definitely come after product development and are the backbone of your pre-launch preparations.
Content strategy
Develop a comprehensive content strategy that addresses customer questions, provides valuable information, and promotes your product to the max.
Infographics
Use visually appealing infographics to explain your product, its benefits, and use cases.
Editorial calendar
Plan your content strategy and ensure consistent publication of valuable content.
Go the Extra Mile With Your Strategy
A truly great strategy covers every single base. Though you don’t have to do all of them and some might not be relevant to your business, consider these pro tips:
- Use upcoming holidays and events to promote your product.
- Utilize crowdfunding platforms to gain pre-orders and build hype.
- Build a community around your product to foster engagement and provide value.
- Prepare for potential challenges and have backup plans in place.
- Anticipate negative publicity and be ready to address it with factual evidence.
- Ensure you can fulfill orders and meet customer expectations.
- Develop multiple awareness campaigns to reach your target audience effectively.
And get the 8D Framework eBook where I’ve summarized the whole process of launching a new business, with detailed steps and a nice diagram.
2 Pricing Strategies for Your Startup
If you want your launch to fail miserably, get your pricing strategy all wrong. Yes, price is pretty important. It needs to be based on something, like what your competitors are charging or the perception of value customers have of the product. But there are a couple of strategies that are useful to go with so you can optimize profits from day 1:
1. Price skimming
Price skimming involves setting a high initial price for a new product to maximize revenue from early adopters willing to pay a premium. The price is then gradually lowered to capture additional market segments.
This strategy is most effective when:
- The product’s quality and image justify a high price.
- Enough buyers are willing to pay the premium price.
- Production costs are not prohibitively high.
- Competitors are not likely to enter the market quickly.
A great example is Apple’s initial high price for the first iPhone, followed by price reductions to attract new buyers.
2. Market penetration pricing
Market penetration pricing involves setting a low initial price for a new product to quickly gain market share. This strategy sacrifices short-term profitability for long-term growth.
It is most effective when:
- The market is highly price-sensitive.
- Production and distribution costs decrease with higher sales volume.
- Low prices discourage competition.
A great example of a real company using this is Ikea’s low prices for furniture, attracting a large customer base and achieving economies of scale.
Differences between the 2 strategies
- Price: Skimming starts high and gradually decreases, while penetration starts low and may remain low.
- Profitability: Skimming prioritizes early profits, while penetration prioritizes market share.
- Market Share: Skimming targets early adopters, while penetration targets a broader audience.
- Competition: Skimming is more effective when competition is limited, while penetration aims to deter competition.
Which strategy to go with?
The best strategy depends on various factors, including the characteristics of your product, market conditions, and company goals. You’ll need to weigh up the advantages and limitations of each strategy before making a decision.
Product Marketing
How you communicate to your target audience is all about marketing. Get product marketing right, and you’re halfway there to making the launch a success.
Product marketing involves bringing a product to market and keeping customers informed about it. It encompasses everything from product messaging and branding to launch strategies and post-launch support.
Yes, you want your launch to go perfectly, but you want to keep that momentum going post-launch too.
These are some of the goals of product marketing:
- Creating a compelling brand story – The product’s features and benefits are translated into a compelling narrative that resonates with the target audience.
- Driving successful product launches – The launch is well-timed, targeted, and creates excitement for the new product.
- Maintaining product momentum – The product stays relevant after its launch through ongoing campaigns and engagement.
- Providing clarity and understanding – It clarifies the product’s purpose, value proposition, and differentiation within the company and to the public.
Examples of unbeatable product marketing
Spanx
Sara Blakely’s brand messaging transformed the company’s shapewear from a mundane product to a source of confidence and empowerment. Blakeley’s product marketing strategy was to be offensive and loud, to make women feel excited about their bodies.
Blakeley could never have made billions selling shapewear; she made money by selling a vision that the audience and customer base believed in. Blakeley changed the way women thought about underwear and revolutionized an industry just with her messaging and branding.
Do you have the communication skills to effectively get your message out and ensure that others understand your product and its benefits?
Disney
Bob Iger’s focus on brand integrity and strategic acquisitions revitalized Disney’s image and market value.
Disney had lost its shine and may have gone bankrupt after a legacy that spanned decades. However, Bob Iger immediately set to work on preserving Disney’s brand identity. He cut all marketing that cheapened the Disney brand and stopped allowing the company to make cheap or demeaning movies. He purchased other companies that would improve the image of the brand, including Star Wars, Pixar, and Marvel.
Marketing mistakes to avoid
Don’t you want to be a bit like Blakely and Iger? Well, make sure you don’t fall into the traps thousands of entrepreneurs find themselves in time and time again:
- Relying on a single marketing channel – Google or Meta Ads can disable an account just like that. Don’t just rely on it!
- Spreading your efforts too thin across multiple channels – It’s gonna be super hard to keep your messaging consistent across multiple channels. Also, do you have the resources to make everyone engaging and personalized?
- Neglecting to reach out to potential media outlets and influencers – In today’s world, this is the best way to generate visibility and exposure, so why aren’t you doing it?
- Skipping product/market research and making too many assumptions – You might have an idea about your ideal customers that’s just plain wrong. Get outside your head and listen to what real people have to say.
- Failing to create buyer personas and target the right customers – Either you’re not using the data correctly or trying to attract too big a group and thereby aren’t relevant to anyone.
- Ignoring the customer journey and missing opportunities to engage with them – Forgotten about customers after they make a purchase? Offer rewards, build communication channels, and encourage feedback. You want them on your side forever, not just today.
How to Know if the Launch Went Well and What to Do Next
Launch day is all about turning up the volume of your marketing efforts. We’re talking social media blitzkrieg, email blasts, influencer shoutouts — the whole shebang.
Remember all that pre-launch buzz you built? Now’s the time to convert those curious onlookers into paying customers. Hit them with irresistible offers, early bird discounts, or exclusive content that they won’t find anywhere else.
There are some KPIs you should really focus on to know if you really hit the jackpot:
- Launch campaign metrics – This includes the number of leads generated, metrics of promotional channels, website traffic, and news coverage.
- Product adoption metrics – Product trials, customer usage, and user retention.
- Market impact metrics – Revenue, market share, and competitive win rate.
- Qualitative feedback – Internal and external feedback.
5 post-launch strategy ideas
The launch might be over, but your marketing efforts shouldn’t be. Keep the momentum going with regular content, promotions, and engagement.
Remember, acquiring new customers is awesome, but keeping those existing ones happy is where the real magic happens. Build relationships, nurture your community, and turn those one-time buyers into loyal fans who rave about you to everyone they meet (and their dog).
To keep the momentum going after the launch, think about doing some of these:
- Social media campaign – This is a great way to build a community of devoted followers. Think about how brands leverage Instagram.
- Referral marketing – You’re using your existing customer base to attract more customers. It’s a win-win. You encourage them to leave positive reviews, and they get rewarded in return. Dropbox used a referral program to offer extra storage to a new customer and to the friend who referred them.
- Email marketing campaigns – It’s a direct line of communication to customers. A great way to keep them in the loop. Think about opticians who send you a friendly email every so often reminding you that it’s time for a new checkup.
- Content marketing campaigns – It’s like being someone’s best friend. Things like blogs on topics that customers actually care about make them feel appreciated. GoPro encourages their customers to make videos using their products, turning user-generated material into promotional gold.
- Remarketing campaigns – By targeting a specific audience that already knows your brand, it’s the most effective use of your marketing budget. Yes, they might not have bought your product, but they are a warm lead ready to be snapped up at the right time.
Takeaways
A successful launch strategy is made up of a number of elements. By focusing on those, you’re learning who your target audience is and what will attract them to your product, you’re creating marketing that creates a buzz, and you’re working out the optimum price to generate high demand while keeping a healthy profit margin.
Your customers are a goldmine of valuable insights. Pay attention to their feedback, both good and bad (especially the bad). What do they love about your product? What makes them want to tear their hair out? Use their feedback to improve your product, refine your messaging, and give your customers exactly what they want (even if they don’t know they want it yet).
Having the right pricing strategy for the product launch will do wonders for your bank account, but make sure your decision on which one to use is based on real customer needs, the specifics of your company, and the overall market environment.
Product marketing. Yes, it’s a thing. Take it seriously. From brand awareness to post-launch marketing campaigns, you want to cover the whole journey from product development in the pre-launch stage, all the way through to generating repeat customers who advocate for your company.
Business begins where slogans end and numbers appear. While slogans and marketing messages are crucial for creating initial buzz, sustainable success relies heavily on analyzing metrics, such as customer acquisition cost, lifetime value, and conversion rates. I’ve summarized these steps too in the 8D Framework eBook.
DON’T BE A MARKETING MORON. Avoid the pitfalls that make companies throw money down the drain, sound boring, or turn people off completely. The startup world is constantly changing, so DON’T be afraid to PIVOT your strategy, your product, or even your entire business model if you need to. Being agile and adaptable is key to staying ahead of the curve and achieving long-term success.
