Aug
02

How to Launch a New Product in the Market

PhotobucketReports and programs can be income generators for Internet companies. Fee-based digital products and programs enable established business owners to reach more of their target market. Supporting others to achieve their professional endeavors increases company recognition, strengthens thought leader position and increases income. Product launches have a definite course of action that is required to be successful.

Assessments and trials are vital for products and programs to prove their value. It’s easy to assume a report or webinar series will supply a demand but a test group can confirm the assumption. Additionally, knowing the audience the product intends to serve directs the marketing strategy. Examining similar products is also important since it shows the new product’s unique selling proposition. Omitting any of these procedures increases the risk of failure because an adequate return on the investment cannot be projected.

Creating a strategy and action plan is the following step. Mind mapping software, such as Mind Meister is used to outline a plan of action by sorting the detail tasks into groups. This chart lists all the responsibilities. It is common that product launches require a website, graphics, creating awareness on social media and a copywriter. Here are two examples of the mind map details for the website and the copywriter. First, the domain name needs careful consideration. Several items are to be reviewed to decide when it’s best to use keywords or the product’s name as the domain name. Another website task is designing the site. Secondly, the copywriter’s tasks are writing the squeeze page copy, articles and blog posts to build interest for the approaching product launch date.

Selecting professionals to work on the product launch is another part of the process. The mind map outlines the tasks and professional services required. For a professional launch and polished presentation it is better to contract specialists. A project management tool is also needed to supervise all tasks and completion dates.

Implementation begins after all the above is completed. All team members are to be informed through the project management tool for assignments and due dates. During the marketing phase testing each part of the sign up, purchase and customer service process is imperative for purchasers to have a good experience. Monitoring and tracking the actual launch is necessary for a post-launch evaluation. This data is used to determine if a re-launch can be profitable.

This provides a general overview of the product launch process. It is important to work with knowledgeable professionals to support a successful launch.

Leave a Reply

CommentLuv badge