Did you know that only 25% of product launches are successful ?
In this post you will learn why so many product launches fail and how you can beat the odds. ?
Generating brand awareness, coming up with the budget, and establishing credibility are only a fraction of the challenges you will face before even launching the product.
Let SpotlightHub offers you the insider tips to launch a product successfully in your target market.
Before entering a new market, it’s essential to have Market Intelligence Data Report ready. The analysis uses multiple sources of information to create a broad picture of the company's existing market, customers, problems, competition, and growth potential for new products and services.
Keeping track of your competition and the state of your industry is an integral part of operating any business. A comprehensive local market data analysis can help you understand who you should be selling to and better position your product to be a market leader.
Who will be your biggest competitors in the market? How aggressive are they in the advertising front? How do their strategies affect your business? These are all the questions you have to prepare yourself to know before launching new product.
Have a Clear Marketing Timeline
Product Launch Plan development can be hard. You have to multitask a lot of action items before entering the market. We suggest you to start drafting the plan as soon as possible. If you are redesigning the website for a new market, think about running the media outreach research at the same time. If you are building the website content, you should also be setting up the whole SEO strategy
For all the marketing efforts before product launch, you will need this very clear marketing timeline to coordinate all the action items. When should you start preparing the launch event? When should you start using corporate social media channels to engage potential buyers? Timing a launch around a trade show or other events can help to generate buzz and can serve as a terrific jump-start for the marketing campaign.
Establish Brand Awareness
It’s hard to sell to a crowd that has never heard of your brand. SpotlightHub is going to show you how to achieve high profile brand awareness in a short time.
We will use a case study to explain how. Buffer is a social media management platform. When they were entering the market, they were just a small site. But they grew from zero to 100,000 users in 9 months. How did they do it? Simply by writing 150 guest posts. Buffer got its name everywhere by creating really valuable content, even though it wasn’t on its own site. In the end, content marketing accounted for over 70% of its daily signups.
Also, it’s essential to create campaigns that make consumers feel that as a brand, you have a real purpose to help users solve their problems. Develop a heart-felt story that speaks to why you are in the business. Start accumulating buy-ins from your potential users as early as possible.
Prepare Your Staffs
Properly preparing the entire staff is an important part before the product launch.
It means a lot more than sending out an email the day before the release. Your sales staffs need to know the product inside and out, and all customer-facing staffs need training and should be able to answer basic user questions.
Taking these steps will give your staff confidence and empower them to help new clients and communicate efficiently with prospect leads.
SpotlightHub can be your most trustworthy partner for a successful product launch in the U.S! Let's talk today! Success@spotlighthub.co
