How to launch your new product or service right first time.
Congratulations! You’ve spent months or maybe even years building your offering ready to take to the market and the time has finally arrived to let the world know you are here.
Whether you are an established business or new to the market, its important to ensure you have created a clear plan from the outset so your delivery is seamless and you are set up for success.
Here are 6 steps you can take to get this right from day 1.
Identify your target audience
Now this may be an easy answer if you are an established business creating products for your current clientele, but if you have created something new for the market you may be unsure exactly who your core buyers will be. A deep dive into establishing who this is and where you will find them is imperative. Taking some time to work on the language you will use to communicate and also the channels you will use to reach them will enable you to perfect your pitch and your marketing materials to connect exactly where and how you need to.
Validate and test the market
If there’s one thing I learn’t over the years, validating that there is a market for your product is something that should be on the top of your list at the beginning. Not doing this could see your business spend thousands of dollars wasting valuable time trying to convince a market to buy something that it simply doesn’t need or want.
Lead from the front and spend some time working hard to get a few clients on board first to give your team the confidence it needs to know that customers need the product.
Define the problem you are solving
If you can articulate this perfectly it will make it much easier to create a connection with your buyer. We are constantly being sold to in our everyday lives whether that be in person or through digital channels. Ask yourself why you say ‘Yes’ to some, but ‘no’ to others. There will be one clear reason why: the product or service speaks to your need and solves a problem you are experiencing.
Frame your pitching and conversations directly around how you can help your customer. Make life easier for them and they’ll be a returning customer for many years to come.
Know the competition
It seems like an obvious thing to say but just how well do you know what they are doing? How often are you spending time finding out who they are selling to and what pricing they have in market? Knowledge is power and ensuring you are competing on a level playing field is very important. This will also help you try and work out a point of difference to give you the unfair advantage you want over the competition to be the best in market.
Incentivise early buyers
When something is new to the market you often find that most people aren’t interested in buying until they’ve seen someone else use it. The early adopters are unfortunately a very small % of the population and it can be difficult to find enough of these to get up and running quickly.
Offering a great incentive to your client such as a discounted rate for the first x amount of months, for every x amount of products they buy they get 1 free etc. Everyone loves a deal and if you can make it attractive enough, it will see you get off the mark faster.
Ask for feedback
Your customers are your go to people for feedback. Never be afraid to ask them how your product is performing or what they like/dislike about it. Good reports can be used as testimonials and be fed back through to new prospects in the form of case studies. Negative feedback simply gives you an opportunity to refine your product and make it even better. Showing a client that you have taken their feedback on board and actioned it will make you a partner they can trust to work with for many years to come.