How To Launch A New Product Or Service?

The launch of a new product or service is an overwhelming task that involves blowing one’s own trumpet to engage the target audience. The ove...

  • How To Launch A New Product Or Service?
    Gemma Davis Image Gemma Davis

    How To Launch A New Product Or Service?

    • Wednesday 27th of November 2019
    • Strategy

    The launch of a new product or service is an overwhelming task that involves blowing one’s own trumpet to engage the target audience. The overcrowded marketplace is a merciless territory which can reject your offering without warning. Thus you need to ensure that you make enough noise while unveiling your new product line so that it is accepted with both hands.

    Brands like Apple have succeeded in creating a massive buzz ahead of the launch of their products and the mass hysteria associated with new iPhones has been witnessed by one and all. The much-loved global icon McDonald’s also pulled up a risky deal with the launch of Salad Plus to attract health-conscious people, and it paid off.

    If a fast-food giant could attract fitness fanatics in huge numbers, then it all boils down to the art of launching the product in the right way. So if you are an entrepreneur or are planning to purchase a business for sale in Brisbane or any other primary location of Australia, then you need to master this skill. Take a look at the steps mentioned below to promote a new product or service effectively.

    Research Your Target Market

    When you have developed a product, you need to identify the target segment that will find it most useful. Once you have defined the demographics of your customers, you need to conduct thorough market research in Brisbane, or the respective city, to understand their behaviour, preferences, needs, traditional media consumption habits, use of digital media, etc. It will help in creating a focussed marketing strategy that will be directed at the audience and will follow a systematic pattern through all the channels.

    It is usually utilised by marketers to create the buyer’s persona and then build the promotional work accordingly. You can even get the product samples tested by a group through free trials and demos to evaluate their response and make changes as suggested in their feedback.

    Define Your Competitive Edge

    To enter the cluttered marketplace with a big bang, you need to create a unique value proposition that will make you stand out in the crowd. Write down the positioning statement, which must clearly detail the advantages of the product over the competitors and how it can benefit the customers. This unique selling point must be included in all the marketing material and communicated clearly to the target audience to capture their attention.

    For this, you will have to examine the competitors in Brisbane very carefully and create a product or service, which is a few notches higher. Thus conduct a SWOT analysis of the competition and create differentiation in your offering that will be appreciated by the end consumer.

    Create Your Marketing Plan

    Your marketing strategy will be dependent on the target audience. If they are not consuming traditional media channels, then there is no point in wasting the marketing budget on them. Start with pre-announcements on social media channels and the company website. Keep your online assets safe during this period as most Australian businesses are unprepared for cyber-attacks and data breaches.

    Get influencers, thought leaders and bloggers onboard and ask them to promote the product online so that people start talking about it before the launch. It can create sufficient excitement about the product or service. Organise an event on the day of the launch to make the rollout grand.

    If you don’t have the budget, you can offer a big deal online for the launch. You can even initiate pre-orders as Amazon does for its products, including Echo Show and Echo Dot. It piques the interest of the consumers and increases initial sales.

    Post Launch Strategy

    Make the social media influencers review the product and fill up the social space with an onslaught of promotional messages. Create YouTube videos, upload photos on Instagram, write Facebook posts, send out tweets, design infographics, etc., to build a fan following and brand awareness.

    Upload testimonials on your website and get Google ratings and reviews to develop a positive aura around the new thing on the market. Hire customer care executives and start a hotline number to answer customer queries and resolve confusions. You can also have the live chat feature installed on your website.

    Entrepreneurs in Brisbane must also devise branding guidelines which will make sure that the promotional material is consistent in tone, designing, language and concept. Ambiguous and alternating messages can confuse the audience.

    Use The Hype Smartly

    All the attention that you generate from the steps mentioned above will be useful only if you exploit it to the maximum. For this, you need to go a step beyond the campaigns and social media propaganda. Your website and all other communications must be on the same page and offer information about the new product and how it can be used, its features, its price, discount offers, and how it can be bought.

    The emphasis should be on informing and educating people about the product during the launch period. If all this additional information is not available, then the publicity of the launch is of no use.

    Make Arrangements For Sales

    Before the queries start pouring in, you need to be ready with your sales process. It will change as the product lifecycle progresses, but you need to prepare for the introduction phase first. The price of the product must be decided according to the competition, and a launch offer can be included to find more buyers. Start with the lead generation process and follow up with the clients.

    Email marketing should also be utilised by the business, and you must have the content ready for all these communications so that branding doesn’t get distorted. Plan your customer relationship strategy in advance as it will help in boosting sales when you come in contact with the consumers.

    Find Partners For The Launch

    If you are able to find other business entities which can associate with your brand for the launch with the promise of sharing each other’s customer base. For instance, a book store business in Brisbane can partner with a local coffee shop as people like to read while having coffee and vice-versa.

    They can help in marketing the launch of your product in their cafe and increase the reach of your promotional campaigns. With more people talking about the launch, you can enjoy a strong pick-up sale. First-use incentives can also lure buyers to the shop in the initial stages.

    Keep Improving

    You should not keep holding on to an idea for too long, thinking that it will be an advanced product for the current generation. If you do not do it, someone else will. So launch when you are ready to test the market and then keep a close watch on the customer feedback.

    Understand the limitations of the product and work on making improvements through research and analysis. You can always come up with a new version or an advanced product a few months later. Most technology-driven companies follow this path to stay ahead of the competition.

    Conclusion

    A small business doesn’t have the budget to do a massive product launch, but early planning goes a long way in securing the much-needed excitement around the product. So entrepreneurs and people looking for business opportunities in Australia can make use of the steps mentioned above to enjoy a successful product launch.

  • Author Info Gemma Davis

    Gemma Davis is a Business Strategist with over 20 years’ experience and a CPA qualification in finance, accounting and business. She has been a source of inspiration to budding entrepreneurs and has guided them to reach the next level in their business growth plans. With her experience and expertise, she can help you to choose the right path and overcome all the hurdles in your journey as an entrepreneur. Her affiliation with Business2sell is a matter of pride for us.