8 STEPS to Launching Your First Product - PART 2
“When determining the success or failure of your product launch it’s important to set realistic goals.”
Introduction
In part one of our series, we looked at some of the key considerations in launching a new product including market research, product and value propositions, and developing a go to market plan. In part two, we look at how you can set goals and measure success, build a buzz, and leverage social media.
4 - Setting realistic goals and measuring success
Launching a new product can be challenging at the best of times, but many businesses struggle to say whether or not their efforts have been worthwhile. According to HubSpot, 24% of marketers say their top challenge is creating content that generates leads. However, many struggle to understand why their marketing is not working. According to a report in Forbes, 44% of small businesses have no way of measuring social media performance. Without that, they have no way of knowing how much of their marketing investment was worth it.
To understand how successful you have been you need to set realistic and achievable goals and identify what key performance indicators can give a realistic picture. Marketers routinely look at all sorts of different key performance indicators (KPIs) to judge their campaigns. These could include revenue, traffic to your website, conversion rates, interactions on social media, web impressions, click-through rates, or email open rates. Different KPIs will be more relevant to some products than others. It’s all about establishing what you want to achieve and the best way to do it.
Measurement
Data has become critical in marketing. Throughout your launch, you should continually monitor your KPIs to see how you are doing. Real-time data tracking makes it possible to identify trends. If some metrics aren’t as good as you’d hoped, you can quickly make changes to put you back on the right track. Alternatively, if one channel is doing well, you can double down your resources and focus in that direction.
One area in which marketers fail is to focus on quantitative rather than qualitative KPIs. Quantitative data is solid numbers such as sales numbers, but qualitative data gives you a better view of how your product is perceived.
Try speaking to your customers and encourage them to offer feedback and tell you their opinion about your product. Listening to what they say can help you refine your approach and make changes.
Success should also be about more than just sales revenue or page views. According to one study, customers purchase more from brands that offer non-sales-orientated marketing. People are used to being sold to and they don’t like it. They prefer sales marketing that offers them information rather than just attempting to sell. It’s important to build awareness and reputation by giving customers content that is valuable to them. It’s always a good idea to incorporate this into your marketing and how you measure metrics.
5 - Building buzz and creating anticipation
From a marketer’s point of view, there is nothing like the buzz of anticipation that comes with a product launch. In an ideal world your customers will be champing at the bit to get their hands on your product before it even hits the shelves, so how do you build this?
A good starting point is a teaser campaign that gives your customers a sneak peek at what’s coming. Exclusive or behind-the-scenes content can give a richer experience and keep people engaged right the way through the launch process.
Social media has become a valuable new weapon in this. By sharing compelling content such as photos, videos, or customer testimonials, you can get your audience to share and comment. A proactive two-way conversation engages your customers in a deeper way than ever before.
If you really get this right, you may achieve the social media marketer’s dream of going viral – in that people start sharing your information. A great example of this is the ‘will it blend’ which showcases the powerful blending properties of a product with well-known brands such as iPads, iPhones, and much more.
Giving people early access is also useful. Customers love exclusive deals or early access offers for their loyal customers or subscribers. This helps people to feel special and gives them a sense of urgency that encourages them to make a purchase. You could also use a webinar or launch event to whip up interest further. These can be a great way to create an interactive and immersive experience for your customers.
The more imaginative and creative you can be the better.
6 - Leveraging social media and influencers
In the social media age, brands have a new avenue to reach their audience–influencers. According to Statista, the number of influencers has tripled since 2019. People are much more likely to buy products on the recommendations of people they know, trust, or admire making influencers a highly valuable outlet.
Social media is an exciting and valuable new frontier for marketers. However, the rules here are very different. Influencers are independent and take control of their content and how they present your brand. It’s all about choosing the right influencer and giving them the creative freedom to work with your brand in the best way possible.
A more traditional approach comes in paid advertising campaigns on social media. Understanding the best option for you can be difficult, so it’s worth experimenting with different options until you get something right. Different formats include banner ads, video ads, or carousel ads. There’s no hard and fast rule about which one will work best for you. Just try different options, assess results, and apportion your ad spend accordingly.
While advertising costs money, organic social media can be free and incredibly valuable. This is the digital equivalent of word-of-mouth advertising. If you can get people talking about your product launch and sharing information with their friends, you can quickly see your profile surge naturally.
Think about what people will want from your product and create engaging content to invite your audience into your brand experience.
To work with influencers, pick those that most align with your brand and your target audience. Reach out to them with a personalized pitch such as free samples or sponsorship to craft a mutually beneficial ongoing relationship that works for all parties.
Conclusion
Whether working through social media, with influencers, or any other channel, a successful campaign depends on a clear plan of action and concise implementation. If you have realistic goals and a good idea of where your audience can be found you’ll be perfectly placed to build positive brand awareness that takes your brand to the next level. In part 3, we will conclude this series discussing pricing strategy, handling feedback and making improvements.
About the Author
Jeff Jarchow i s a passionate marketing leader with expertise in guiding evolving, growing, or transitioning companies to strategically align their planning, people, and processes for optimal growth and opportunity capture. Jeff empowers collaboration to seize opportunities in dynamic marketplaces and maximize resource utilization. His leadership style fosters innovation, propelling brand and product portfolio growth through visionary strategies and effective utilization of creative resources. Jeff is based in Denver, CO.
About Brian Timothy and Associates LLC
Brian Timothy and Associates, provides medium sized businesses with fractional expertise to help them grow and improve. Using our expert consultancy, we’ll bring focus, experience and proven results to help take you onto the next better. Unlike other companies we are transparent and follow through on our promises. We don’t bill endlessly. We don’t pass the baton and we won’t be opaque in our pricing. You’ll see clearly what you get and what you pay for.
Brian Timothy offers a wide range of assessments to build and improve all core small to medium business functions. Give our team 25 minutes and we’ll ask thoughtful questions, understand your challenges, share our experience, and see if our expertise can be useful to you.
