A successful product launch requires thoughtful preparation and expert execution. Whether you’re launching a small innovation, introducing a huge new product line, or updating an existing offering, there are a few fundamental tasks that will increase your chances of success.
Believing in your product is one thing. Proving its viability is another. One of the easiest and most effective ways to learn if your product is viable is to start marketing it in a limited capacity. Identify the people that fit your target market and see how they respond to your product. Then, adjust appropriately based on their reaction and feedback.
These efforts should allow you to survey the market to see if there is a demand for your product. You need to figure out whether your product really does satisfy a desire, solve a problem, or improve someone’s quality of life before you invest in marketing it.
Run the Numbers
How much will it cost to sell your product for a profit? If you don’t know the answer to this question, you’re going to have difficulty launching a successful campaign.
It’s best to establish profit margins as one of your product launch phases. You need to determine a reasonable website conversion rate and then figure out how much traffic you’d need to achieve that goal. Run the numbers over and over to determine break-even sales volume and use this as a starting point to figure out what numerical goals make the most sense.
Invest in an Expert
Digital marketing is a complex world requiring extensive expertise and diverse talents. If you want to successfully launch your new product, you’d be well-advised to work with a marketing agency that’s good with numbers and great at communicating them in meaningful ways.
When hiring a marketing company, seek out experts in web design and storytelling. Take the time to research the company’s experience and expertise. When shopping for an expert in the marketing space, it’s important to analyze their online reviews, read blog posts and case studies, search for national press releases, listen to podcasts, and explore other qualifiers such as INC 5000 ratings. You should also ask others about their experience working with a specific agency.
Before agreeing to work with a particular marketing agency, make sure they are willing to run all ad copy by you before publishing. This will ensure that every ad properly represents you and your product to ensure the best possible chance of success. You should also demand that they provide deep insight into their digital marketing activities, which should result in targeted campaigns that attract motivated buyers to your website. Ensure that the company can communicate all relevant data through clear, comprehensive reporting and pair that data with quality customer service.
Once you agree to let an agency start marketing your product or brand, you need to monitor their progress. Ideally, they should be willing to go above and beyond to help you learn from data to solve brand, positioning, and product issues. They should also have the ability to bring in several sets of eyes from within the agency to see if someone can see something others cannot. This can be especially helpful when a product or service is experiencing stagnant sales.
Don’t Be Afraid to Make a Change
Digital marketing isn’t a one-size-fits-all operation. Even a company with an impressive success rate may not be able to generate breakthroughs for some products. If you aren’t satisfied with the way things are going, don’t be afraid to make a change. Ask the company if you can get out of your contract; you’d be surprised how many are willing to oblige such a request.
If you haven’t seen the sales you expected but still feel confident in your product or service, rethink strategy and try again. Seek feedback from mentors and other experts in your space. Leverage test markets when possible and get feedback from customers to improve viability for your next go-round.
Increasing Your Odds of Success
A new product launch can be a complex process with a lot of moving parts. In addition to nailing down your messaging and general strategies, you have to collaborate with key stakeholders, create content and assets, and prep every person so they’re on the same page.
Any knowledgeable businessperson knows that bringing a product to market can be tricky and intimidating. This is why it’s so important to work with an experienced marketing agency. Whether you’re looking to launch a new product or re-launch your product after a disappointing result, Nuclear is ideally positioned to help you achieve your highest goals.
At Nuclear Networking, we create and harness dynamic marketing technology to provide tailored solutions based on your unique challenges and goals as a business. Our proprietary, AI-driven software streamlines campaign data to provide efficient and superior insights that outmatch our fiercest competitors in the digital marketing space.
Go Nuclear with your digital marketing campaigns and watch your results explode. Contact us today to get started.