As a startup, your product is your baby and you want to nurture it and watch it grow. But how do you “launch your product” from the safe confines of the lab to the massively unpredictable marketplace? Well-executed product launches are crucial to a new product’s success. A successful launch can cut through the noise and get your audience to pay attention. It can generate excitement and word of mouth which almost always impacts sales in a positive way.
Product Launch Tips
Before a Product Launch
The purpose of a product launch is to build sales momentum. Before the launch your goal should be to build up anticipation and excitement before you give prospects an opportunity to buy. Before the launch you should:
- Offer a pre-order. If you can’t get people to buy your product before it exists, consider working on a different product
- Make the service or product available to important influencers. Influencers can include customers, prospects, or bloggers with a solid online presence. Once you have their attention, give them the opportunity to blog or write reviews about your product
- Generate “leaks” in the social space. Target people that you know will be interested in your product. Tease them with leaked photos or coming soon tweets about what you are offering to pique curiosity
During a Product Launch
Before and during your product launch is when you possess the most leverage to impact your revenue. During a product launch you should:
- Keep the release rolling. So the official product launch has passed – this does not mean you take a break – it means step it up. Keep on producing fresh news like announcements concerning novel uses of the product, customer success stories, etc.
- Ensure your product has a sense of urgency. People enjoy procrastinating and probably won’t buy your product if they don’t have a good reason to do it now. Having your product readily available can save you a lot of money. Have an online product? Discount the price or add a bonus too add urgency
- Create unusual buzz around your product. Do something unusual that will get people wanting to check out who you are and what you’re selling. This can include creating a funny video on YouTube, an interesting infographic on Pinterest that people can tweet out or any other way you can engage users
After a Product Launch
If you’ve done your end of building up hype around the initial product launch, sales should be strong in the aftermath of the initial launch. Keep up the exposure up by doing the following after a product launch:
- Monitor your product launch via social channels. Your product is live and you want to know everything that people are saying about it. Google Alerts, which is free, can help you keep track of your product mentions to see what you need to address, fix or continue doing with your product.
- Continue to reach out for reviews. There’s nothing wrong with keeping the talk going, especially if you find someone who can yield a good amount of referral sales.
- Offer new discounts. Just because the initial buying period is over doesn’t mean your discounts should end. Offer potential buyers an incentive to buy or subscribe to your product.
Feature Photo Credit: NASA’s Marshall Space Flight Center via Flickr