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Launching a new product or service in the market is both exciting and a cautious effort on the part of the company. Before presenting the product to the masses, a few things are to be considered.
Steps in Product Launch
New strategies are required to get the attention one deserves. Following 10 steps are essential to be considered while launching a new product in the market −
Start early − Reporters will write when there is a news and not when you want. Get a head start and start preparing long before the release date. Initiate outreaching practices 6 to 8 weeks before the official release date and then keep the news and the level of practice going up and above the official release date.
Reach out to your influencers − It is considered as a sub-step for the first step. Influencers can be cordial customers, aspects, prospects, or even bloggers who have a noticeable online presence. Motivating people to use the products or services and then documenting it to review articles or posts. These people are excellent resources to interact with analysts offering an excellent pre-launch platform.
Brief the industry analysts − During the initial phase, it is very important to analyze the industry completely. Scheduling calls with industry analysts and investing time to document compelling briefing requests is very crucial.
Fill the social space with leaks − Focus on people who are naturally anxious to learn about the offerings. For example, ‘arriving shortly’ tweets and ‘leaked’ photos of a product creates intrigue and builds interest.
Don’t expect a "big bang" release − Until and unless the product or service to be launched is truly revolutionary, or unless you have a huge release event planned, the official launch date should only represent the day that the product will be actually available.
Keep the release rolling − Nobody knows when reporters will have time to write, so give them their own space and some chance to write about the offering after the official release date. Update the products with some fresh news like announcements concerning novel use of the product, discounts, customer stories, details about how the offering provides return on investment (ROI) to customers, etc. to stay in the news.
Do something unusual − Do something out of the box, to generate curiosity about the product or service and grab attention rather than following the usual product launch method used by zillions of companies.
Involve all the partners − Channel and marketing partners who have a financial stake in the successful launching of the product are natural allies. As the number of people that are talking about the launch increases, the better chances it will gain market share.
Make the product accessible − Free trials, downloads, product videos, and demos make it very easy for the customers as well as the sellers to learn and study about the product or service, so this should be taken care of.
Ignore the elements that do not drive the business − Unless the contribution appeals to the mass customers, don’t stress on likings on social site like the number of Facebook likes and Twitter followers you collect. Instead try using these social channels for more meaningful engagement.