It’s thrilling, it’s nerve-wracking, and it’s a lot of work–we’re talking, of course, about a product launch. From the newest companies and startups in the world to the most established brands, every business experiences the same excitement, nervousness, and stress when it comes to bringing something new to the market and executing a successful product launch that engages their target customers and brings in new business.
And since so many companies have been in the same spot, we were able to tap into the expertise of our product development, marketing, and business partners at UpCity to give their advice on the most important product launch practices they recommend. From pricing to marketing strategy, pre-launch practices to go-to-market strategies, and more, find out what they had to say about executing a successful product launch that reaches potential customers and makes the kind of splash you are hoping for.
Successful Product Launch Tips for Small Businesses
Before your product hits the shelves (whether in real life or online), our experts offered some advice about an area that sometimes gets overlooked–finding out if the product is something people want.
“Before you launch a product or service, make sure it is something your current customers have been asking for and can benefit from. It’s likely this new product/service will bring in new customers, but the goal is to keep the loyal customers you have while growing your base. Then make sure your product/service is ready to buy on launch day. Preorders work for some, but small business owners will do better to have their product/service available as soon as it’s launched to prevent waning interest.” –Asad Kausar, CEO of Dabaran Inc.
This typically is considered a big step involved in your market research, but too often startups and small businesses run before they walk. And before you even get to other stages like in-person demos, functionality testing, landing page development, and the many facets of your comprehensive marketing plan, stepping into the customers’ shoes is the best first step.
“An idea for new products or services comes through identifying the gaps or understanding the problems that businesses in a particular niche go through. Exploration and observation is the most crucial part when it comes to bringing something new to the table. Keep your eyes open for all the hurdles that you are going through; if it takes 30 days for you to achieve something, see how you can help others to do that in less time. That’s where the base of your idea starts.” –Hamza Younus, Founder of WP Pals
On the other end of the spectrum are businesses that have found great success with their current product and service offerings, and tend to forget about looking ahead. But planning for those new opportunities is a key business process that can expand your brand awareness and bring in those new customers and demographics that contribute to sustained growth.
“Creating new products and services is a vital aspect of a business’s longevity. Many businesses have one product/service that generates more than 70% of their revenue. When this happens and your client satisfaction is high, it’s important to create a higher-priced product/service. Think about offering an elite product/service that only about 3% of your audience would be willing to buy. Even though only 3% of your audience is capable of purchasing it, it will generate over 30% of your revenue. This allows you to break through your ceiling and offer a higher ticket product/service.” –Amel Kilic, CEO of GenTech Marketing
Next, our panelists were all in agreement that allowing an appropriate amount of time for your product launch is one of the biggest aspects of success. Allowing ample time in your product launch plan for the hype to build, for customers to find and attend webinars, or for the press to pick up on press releases and announcements is just as important as creating a great product that is ready right at your launch date.
“The secret to a successful launch is having enough ramp-up time to gain momentum. Leverage your existing database of customers and email them in advance to build up excitement. Start trickling content on your social media channels and make sure that the launch has enough interest before its debut. Then you can use that data from your email campaigns and social campaigns to create targeted look-alike audiences and remarketing groups for your paid advertising.” –Gia Ching, Managing Director at GCC Consulting
And although all of us want to feel that our product or idea is unique, there are always competitors already in the marketplace. And having competing companies or products is invaluable in helping you gain insight into what works, what doesn’t, and what makes for a successful launch plan.
“Take a look at what your direct competitors are offering. Could your audience benefit from something similar? Also, do some keyword research using a tool like SEMRush or Spyfu. Find out what your audience’s pain points are, and what products/services they’re currently searching for, then identify any gaps in your existing products or services. Launching a new product or service can be challenging, so remember to use your full team. You never know what innovative ideas they can come up with.” –Lauren Devens, Digital Marketing & Social Media Coordinator at Creative MMS
Getting everyone involved is terrific advice not only for the initial ideation of new products and services but at every stage of the product launch plan – including the research phase. And everyone includes not only business leaders but your marketing team, customer support, executive stakeholders, product managers, and anyone else who contributes to your business each day.
“Research. Research. Research! From the headlines (A, B, C, D testing) to the description copy to the calls to action, it is best to test the market to see which of your ads pulls the best, then focus specifically on that messaging when launching the full campaign to organic or paid advertising. If you think a product is great and you have not tested the market, you are setting yourself up to fail.” –James Byrne, Information Architect and Owner at After Dark Grafx
“When it comes to software, it’s vital to know your user base and what they are expecting. Researching your target consumer upfront will pay major dividends in both the long and short term. Take the time to understand what they want and deliver it through the core functionality of your product. As entrepreneurs, it’s easy to become precious about great ideas, but what matters is that you deliver flawless core functionality. There’s always time to beef up your products/services in phase two.” –Michael Bernieri, Application Manager at Mystic Media
Speaking of research, does your new product or service fall firmly in your existing categories, or are you entering a new market? If so, what is the value proposition of the new offering, and will that impact your company’s overall value prop? Learn as much as you can about how the market may react.
“Consider both the market you are in now and the one you want to enter. Think about how consumers will react to your product. The goal at this step is straightforward: get rid of suggestions that are manifestly not fulfilling demands or are impractical. Knowing which products your audience would respond to the best is essential. You also need to research your competitors. Similar audiences may be shared by you and your immediate rivals. Examine what appears to be working effectively for them in terms of reaching buyer personas like yours. Knowing what they are doing can frequently point out to you what you should do.” –Joshua Allen, Founder of Smartlinks SEO Company
Once you have the information you need, the planning stage begins and doesn’t stop. But this is where all of your teams and personnel can be helpful too, in terms of identifying all the areas where it makes the most sense to reach your existing and new customers with the message of your brand-new product.
“Launching a new product or service requires a multi-level approach. Write an outline of ways to reach out to your customers, including follow-up tools that support questions from potential customers. Additionally, a soft launch to your best customers or early adopters first helps you work through issues and problems. Once the new product or service is working well, then you can launch to the whole customer base.” –Ken Bryan, Project Manager at General Marketing Service
Stepping Up with CRM, Social Media, and More
Next, our panelists started getting more specific tips and advice for your product launch checklist. And many of them were focused on advice for your product launch marketing plan.
“Don’t allow customers to fall through the cracks. When a small business gets started it can handle its customer relationships by memory or through a quick spreadsheet. But there will be a point where you need to organize this data practically so no one falls through the cracks. Utilizing a CRM tool can help your team communicate better internally and reach every customer effectively, and it will help standardize your sales process so you can handle more volume and upsell more easily.”–Curtis Bickler, Director at Expert Media Design
Next, social media was a frequent mention in our team’s advice. While it sounds obvious, many small businesses are still not active on social media and are missing out on the incredible outreach and impact that platforms like Facebook, Twitter, and LinkedIn can have.
“Being aware of market trends and having a social media presence before your product launches is more important than most people consider. If you’re at the stage of developing a product, take your potential users on that journey with you. Build awareness pre-launch to get people excited and spread the word! This is also a great way to get beta testers for your product, as well as an audience that’s rooting for you along the way.” –Mila Georgieva, Marketing Manager at Zudu
Not every new product is going to blow up like a brand-new iPhone launch, but that doesn’t mean that social media, video content, and monitoring trends shouldn’t be part of your launch strategy.
“Google Alert will keep you updated about market trends, and it will allow you to learn about customer pain points, new opportunities, and unmet needs. Teaser videos are a great way to create excitement for your new product launch. By releasing a short, engaging video in the days leading up to the launch, you can generate buzz and get customers interested in what you have to offer. In addition to teaser videos and free samples, having a data-collecting funnel in place before your launch will help you keep customers informed and engaged throughout the entire process.” –Kimmisha Michels, CEO of En’liven Creative Agency
And to ensure that you have the things you need for your social media marketing campaigns, one thing is true above all else–you can’t have too many assets. From photography, videos, podcasts, interviews, articles, and email templates, there is simply no way for you to have too much material. Ensuring a robust library allows you to engage your audiences with new material while also making sure you have what you need for the entire long haul of the product launch process.
“One of the most important tools you can have for this situation is to build a library of assets curated specifically for this launch. In this video content-heavy world, you will want an array of video assets from short clips to longer-form videos, testimonial videos, and more that can be deployed on many platforms in as many ways as possible.” –Kevin Ford, VP of Sales at The DVI Group
Hear From Industry Experts
Read the latest tips, research, best practices, and insights from our community of expert B2B service providers.
Setting Yourself Up for Product Launch Success
While there is much more to cover in terms of building a robust and impressive product launch plan, our panel of experts offered several tips that should set you up to begin building a remarkable plan. No matter what kind of metrics you are aiming for, each of the pieces of advice here is offered to help you reach your target audience and drive the sales you are hoping to achieve.
For much more advice, from product development to post-launch efforts and more, be sure to reach out to one or more of the product design and marketing providers who partner with us at UpCity. There is a wealth of experience for you to draw on to get a head start on your development, planning, and product launch.