7 Things To Do When Launching a New Product
If you want to create enough buzz around your product and ensure that it takes off without a hitch, organizing a launch is a must-do. Interestingly enough, nearly 66% of newly launched products fail within the first 24 months, while 94% of new product innovations often fail to recoup their cost of capital. With that said, you need to do a bang-up job on your product launch because the odds are already stacked against you.
Here are 7 things your business ought to do to increase its odds of success when launching a new product.
1. Delegate, Delegate, Delegate
The period prior and during the product launch is often quite tiresome, if not daunting for most entrepreneurs. That’s why it is crucial to delegate some of the busywork so you can take some pressure off of you. This way, you can pay more attention to much more exciting and important product launch tasks. Instead of focusing your energy and time on dreary and dull tasks, free up some time and resources by letting other team members take care of some tasks for you.
If your business is a startup, for instance, it might be best to delegate some tasks to freelancers, including IT, customer service, administrative freelancers. By assigning projects/tasks on an as-needed basis, you will reduce the financial and responsibility stress that comes with finding new hires.
2. Customer Acquisition is Key
Even during a product launch, you want to stay on top of customer acquisition. That’s right; acquire as many quality customers as quickly as possible. It is a no-brainer that the more the customers, the more the share and sales. Besides, focusing on customer acquisition can help you build customer loyalty as well as spruce up your word-of-mouth marketing because new customers are more likely to talk about your brand or product.
3. Go Social: Take Your Product Launch to Social Media
Before, during, and after launching your product, you need to engage with your target audience. Oftentimes that means going above and beyond giving out freebies and discounts; you need to offer much more value so that your customers can return to your social media page. Ask yourself the tough question: what will incentivize new customers to “like” your product social media page and habituate their interaction with it?
4. Build Excitement around Your New Product
Social media marketing is an amazing way to help your new product launch, but it is not the only way. Create more pizzazz around your product through captivating competitions, giveaways, coupons, steal-deals, and other campaigns that resonate well with your typical buyer.
5. Build Up Credibility for your Product
Who is talking about your new product? Guest-write for niche magazines, newspapers, blogs, and other publications to ramp up credibility for your product. More than that, you need to get industry thought leaders, micro-influencers, and who-is-who of the niche talking about your new product.
6. Invite Industry Analysts
Before the launch, make sure to write compelling briefing requests so that as many industry analysts as possible with grace your new product launch.
7. Get Partners Involved
Whether retailers, distributors or wholesalers, all marketing and channel partners should be involved in the product launch. After all, the more people are talking about the launch, the better the chances your product will sell faster.
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