{"id":8725,"date":"2020-10-27T15:02:55","date_gmt":"2020-10-27T15:02:55","guid":{"rendered":"https:\/\/www.revuze.it\/?p=8725"},"modified":"2022-11-16T08:52:34","modified_gmt":"2022-11-16T08:52:34","slug":"product-launch-marketing-plan","status":"publish","type":"post","link":"https:\/\/www.revuze.it\/blog\/product-launch-marketing-plan\/","title":{"rendered":"Product Launch Marketing Plan in 8 Key Steps"},"content":{"rendered":"
Each year, over 30,000 new products are introduced to the market, but <\/span>95% of them fail<\/span><\/a>.<\/span><\/p>\n Every business claims they have reinvented the wheel, but with so many innovative products in the market, it is challenging to persuade consumers to buy a new product. <\/span>In this fast-paced and ultra-competitive world, launching a new product takes significant planning. Without a proper product launch marketing plan<\/strong>, your product might fail to deliver on the expectations of your target buyers.<\/span><\/p>\n In this article, we will learn why it’s essential to create a product launch marketing plan, discuss the eight key steps to create a product launch plan, and see some examples of successful product launches that you can replicate.\u00a0<\/span><\/p>\n Here are some of the reasons, why a product launch marketing plan is necessary:<\/span><\/p>\n Now that you have understood the significance of a product launch marketing strategy let’s discuss how you can prepare a pre-launch strategy.<\/span><\/p>\n You have plenty of plans and significant goals to achieve, but without a pre-launch strategy in place, it would be harder for you to accomplish them.\u00a0<\/span><\/p>\n A pre-launch strategy is helpful to identify which channels are going to be useful and how you are going to capitalize on each one of them.<\/span><\/p>\n Here are some pre-launch strategies to try out:<\/span><\/p>\n <\/p>\n You can’t prepare a good marketing strategy if you are not aware of the pain points of your target customers. There are several ways to identify the needs of your target audience. Here are a couple of ways to do that:<\/span><\/p>\n You are going to compete with hundreds of products that are already existing in the market. Hence, it is always better to analyze the strengths and weaknesses of your closest competitors so that you can stay a step ahead of them.\u00a0<\/span><\/p>\n Here are some of the things to look for in your competitor’s marketing strategy:<\/span><\/p>\n USP stands for Unique Selling Proposition, and is one of the best things that enable your product to defeat your competitor’s product. USP helps your audience to understand why your product is superior to its competitors. Hence, creating the right USP for your business is of utmost importance.<\/span><\/p>\n Your USP should be based on four things:<\/span><\/p>\n Your business USP makes your brand value for your audience. Your marketing plan should highlight the USP everywhere. <\/span><\/p>\n Beta testing helps to get rid of bugs and other issues before the product is launched in the market. You should never miss this essential step in your product launch marketing plan.<\/span><\/p>\n The beta test can be of open and closed types. Open beta tests allow everyone to test your product while closed beta tests present this option to a limited group of users.\u00a0<\/span><\/p>\n Testing ensures that your product can work in extreme environments. This way you will be able to launch a powerful product in the market which would be loved by all.\u00a0<\/span><\/p>\n One of the best platforms to test your product is <\/span>ProductHunt<\/span><\/a>. You can quickly test the effectiveness of products because the products with the most votes in the niche categories reach the top of the list.<\/span><\/p>\n After you have received sufficient feedback from your future customers about the performance of your product, you are now prepared to launch it.\u00a0<\/span><\/p>\n Make your product launch successful by promoting it heavily on every channel where your target audiences are present.\u00a0<\/span><\/p>\n Considering the budget, you have for your marketing; you can leverage the power of influencers to make your product launch a grand success.<\/span><\/p>\n You should create a strategy to reach your ideal customers. The best way to approach today’s customers is to launch an omnichannel marketing strategy. You should provide a seamless buying experience at every customer touchpoint.\u00a0<\/span><\/p>\n Both offline and online marketing channels should be considered. Some of the channels that you can include in your brand promotion include:<\/span><\/p>\n <\/p>\n Successful businesses observe the present and predict the future.\u00a0<\/span><\/p>\n Nowadays, predictive analytics and artificial intelligence have made it easier to predict the success of your marketing campaigns. You can know even before investing whether your campaigns will return a positive ROI.\u00a0<\/span><\/p>\n In predictive analysis, you build a baseline model to compare different sets of data with other AI models such as Tobit Model, Artificial Neural Network, Support Vector Machine, Random Forest, and many others. Data is derived using the historical campaign data, and the results obtained can accurately predict the success of your next campaign.\u00a0<\/span><\/p>\n Feedback is a crucial step at every stage of the customer journey.\u00a0<\/span><\/p>\n Hence, you should collect proper feedback, both online and offline. Moreover, you should use the power of artificial intelligence and machine learning to collect, scan, and derive meaningful data from the acquired feedback.<\/span><\/p>\n [banner_text text=”Get granular insights for any industry” button_text=”Learn more”\u00a0 button_link=”https:\/\/www.revuze.it\/products\/revuze-explorer\/”]<\/p>\n AI-powered platforms such as <\/span>Revuze<\/span><\/a> are useful in supporting new product launches.<\/span><\/p>\n A leading US cosmetic brand was able to save $9M from a failed product launch. <\/span>The company was able to gain a quick turnaround from an unsuccessful product launch in weeks. Revuze helped the brand to increase product sales by around $600,000. <\/span>The main challenge was to increase the number of sales from the new product launch because the sales continued to decline. Hence, the company collected user feedback to measure the sentiments of the people and find the reasons that caused a decline in sales.<\/span><\/p>\n Revuze was able to know the reasons as to why the customers were unhappy with the launch of the new product. The platform collected data from several sources like eCommerce websites, review sites, and marketplaces. The results were compared with the insights collected after six months of analysis with the data collected by the Revuze platform in just a few weeks. Both the insights were identical.<\/span><\/p>\n Moreover, Revuze offered insights that helped to understand the ‘why’ behind the disconnect of the user base. It also allowed the business to reconnect with the audiences resulting in additional sales of $600000.<\/span><\/p>\n You can’t ignore the power of digital channels to spread awareness about your products. No matter whether you are selling B2B products or B2C, your audiences are found online.\u00a0<\/span><\/p>\n You just need to identify whether your target audiences are reading publications such as Forbes or using TikTok. A segmented digital strategy is needed to reach them.\u00a0<\/span><\/p>\n Clearly plan your product launch goals like reaching a group of people within a set period or increasing the buzz around your brand on target channels.<\/span><\/p>\n It is better if you target just a small number of prospects at a time and then expand your marketing aggressively over time.\u00a0<\/span><\/p>\n It’s all about offering the best digital experiences to your customers. Hence, all your digital assets such as the product landing pages, PPC landing pages, product usage guides, sales copies, demo videos, email copies, and blog posts should offer value to your audience.<\/span><\/p>\n You must target every digital marketing channel like SEO, PPC, email marketing, affiliate marketing, content marketing, social media marketing, and video marketing.\u00a0<\/span><\/p>\n Besides, you must have a digital PR plan ready before the launch date. You can try buying sponsored posts and promoted posts on platforms where your prospects are present. Every major digital channel like Forbes, Facebook, LinkedIn, Entrepreneur, YouTube, Buzzfeed, Twitter, and others offer lucrative advertising models and sponsored post options.\u00a0<\/span><\/p>\n You should also not forget the power of online influencers. Take your time to collaborate with niche influencers and ask them to promote your newly launched product. This will help prospects to establish trust in your brand.\u00a0<\/span><\/p>\n Lastly, try your hands on viral marketing because videos having excellent content have the highest chances of going viral. Don’t shy away from taking help from viral marketers and YouTube video creators to make your digital product launch a success.<\/span><\/p>\n Let’s brush up on the knowledge acquired so far. To make it easier for you to plan your product launch marketing strategy, here is a checklist to bookmark:<\/span><\/p>\n Now, let us discuss some of the best examples of successful product launches:<\/span><\/p>\n Luxury automobile company, Acura, used the power of influencer marketing to reach car lovers at the launch of their new luxury Sedan. The campaign was named as #TLXExperienCecampaign.<\/span><\/p>\nImportance of a Powerful Product Launch Marketing Plan<\/b><\/h2>\n
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Define Your Pre-Launch Strategy\u00a0<\/b><\/h2>\n
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8 Steps To Create A Product Launch Marketing Plan<\/b><\/h2>\n
Step 1: Identify User’s Needs<\/b><\/h3>\n
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Step 2: Study Your Competition<\/b><\/h3>\n
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Step 3: Create Your USP\u00a0<\/b><\/h3>\n
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Step 4: Beta Testing<\/b><\/h3>\n
Step 5: Launch Your Product<\/b><\/h3>\n
Step 6: Adopt An Omnichannel Marketing Strategy\u00a0\u00a0<\/b><\/h3>\n
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Step 7: Predict The Success\u00a0<\/b><\/h3>\n
Step 8: Collect Feedback And Take Steps To Keep Your Customers Happy<\/b><\/h3>\n
How Revuze Can Support Your New Product Launch<\/b><\/h2>\n
Digital Marketing Strategy For Product Launch<\/b><\/h2>\n
Product Launch Plan Checklist<\/b><\/h2>\n
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Product Launch Campaign Examples<\/b><\/h2>\n
1- Acura<\/b><\/h3>\n