You have a unique idea for a new product that will magically resolve all the challenges that customers in a particular segment are facing. You create a killer product that may bring a revolution to the world. Now you want the entire world to go crazy to purchase it (think about people standing in a queue to buy an iPhone).
But none of that happens, and you get up with sweat beads all over your forehead. All of your hard work and efforts that you have put in to create a product now appear futile. Isn`t it terrifying?
It is extremely easy to get ahead of yourself when you are trying to create a new product. Envisioning all the sales, profits, recognition, and success that will emerge after your product launch can often take us away from reality. But just like any other business initiative, a product launch also requires time and careful planning says the Best Business coach in India --Dr. Vivek Bindra.
And, launching your product in the market without having your ducks in a row is a recipe for disaster. Thus, if you have created a brilliant product after investing your hard-earned money and efforts, here are five steps every entrepreneur should take before releasing a new product:
1. Be Strategic in Defining your Target Audience
Whether you are creating the new iPhone or a food joint, it is important to find and learn from your core audience. Establish your base and build their confidence in you.
As you prepare for your product launch, research your competitors. Learn from your competitors as there are no original ideas, only repurposed ones. Take what is good, learn from their mistakes and make improvements where you believe there is room for improvement.
2. Go All Out When It Comes to Publicity
Obscurity kills businesses. If you do not shine like the sun when it comes to publicity, you won`t get the attention that is needed to be successful. Before launching your new product, ask yourself two things-
a). How far will I go to get attention?
b). How consistent will be my attempts?
If you will not go overboard when it comes to marketing your product launch, you will not get your customer`s attention. Also, having a thorough understanding of the challenges that your product or service is solving is imperative to your business growth. Make them your Unique Selling Points while advertising your products. You can also take online business courses for entrepreneurs to learn more about advertising and marketing.
3. Be Clear & Concise About Your Target Audience
If someone asks you, “Who is your target audience?” you should have a concise answer. Otherwise, it’s a red signal! Being an entrepreneur is not an easy deal and thus, it is suggested that you should research well about your target audience.
Apart from knowing your audience, you must be well aware of your product`s value. Take testimonials from your customers who have had success with your products as it can help you for make improvements.
4. Trace & Understand the Buyer`s Journey
What is the foundation of all the marketing and sales activities? The Buyer`s Journey! The process that revolves around the buying process forms the basis of all the activities related to marketing. Thus, it is essential to understand the customer`s pain points, from where do they get their information, and what influences their decisions while making a purchase.
5. Focus on Major Media Outlets
Attention is the currency of the internet. The average person consumes an enormous amount of information daily. To hold someone`s attention, cut through the noise. Develop the right media strategy that is suitable for your product launch. Pitch yourself as an expert and focus on high-profile media outlets. However, your pitch must have a sensational hook with actionable advice.
Also, do not just use the traditional medium of advertising. Use the power of social media and create hype to engage customers. Make strong brand guidelines to ensure you got the powerful one. Make use of social media platforms to generate interest among your target audience.
Another brilliant way to create a buzz around your product before its launch is to reward your customers. Offer discounts for preorders, first-time users, or anything else that can entice users to buy your products when they are launched.
Launching a new product or service is not easy! There are lots of steps involved that can have a great impact on a product launch. These steps can make or mar your product in the niche market. Know what is best for your product or service with our Problem Solving Courses. To know more about it, click here: https://www.badabusiness.com/psc