10 advice to effectively launch a new product in the market
Updated: Jun 28, 2022
Author: Reda HADDOU
Date of Publication: 22/06/2022
Tip #1: Don't be fooled by high sales volume in the first year...
According to past experience, some items do not survive the conclusion of the marketing efforts that promote them. Therefore, it is important to create a marketing plan with long-term effects.
In particular, this means:
Creating a list of prospects
Visibility on social networks
Tip #2: Don't rely too much on the buying intentions of market research.
Sometimes you launch a survey with your customers, your prospect base... and you get a high number of people interested in your product. However, once the product is launched, sales can turn out to be disappointing.
In fact, there are many reasons for this:
Respondents may like a concept, but not buy it, the need not being urgent
The price may be too high
The way the product is presented is not sufficiently rewarding
The respondent says "yes", asking to see it or simply saying "why not", without any intention to buy
Ideally, you should also propose a pre-order system in order to have firm orders before starting. Otherwise you can use an advertising test via Facebook Ads, crowdfunding sites as explained in this article. Specifically, this advice applies both ways: you have to listen to market studies, and sometimes trust your instinct. For example, Sony with its Walkman got very bad marks in market studies.
Tip #3: Inappropriate advertising or communication can harm your product.
It is the first advertisement that will position your product in the eyes of your customers.Therefore, it is essential to take care of this first time (a good first impression is only made once).For example, Ipsos studies show that a bad advertising campaign can reduce sales volumes by up to 30%!
In addition it is necessary to do tests beforehand, on small volumes, by doing for example A/B testing via Facebook Ads, on a part of your customer base with different names / prices / slogans / videos / etc.
Tip #4: Take care of your packaging and visuals
The shelves are full of products, it's a daily struggle to stay present in supermarkets.
You have to differentiate yourself from your competitors and also from your own products (colour, shape, size, packaging...).Thus, make sure to design and create packages that at the same time provide a comfortable inboxing experience in the eyes of the customer but also a minimalistic visual representation. In this way it will portray your brand to both your client and the rest of the world.
Here's an example of attractive packaging:
On the web, the visual is even more important, because people can't touch the products. In particular, product sheets and pictures become even more important. So, remember that consumers can only buy what they can see!
Tip #5: Think carefully about your product name.
Too often product names are too long, too complicated or don't mean anything. If it's good, it will be remembered and recognized on the shelf. Otherwise it will be quickly forgotten. So, this is an article with the complete methodology to find a good brand, product or company name.
Tip #6: You have to differentiate yourself but intelligently!
The goal is not to be completely different from your competitors, but to differentiate yourself on a MAJOR benefit perceived by your customers.
This is what we do:
Free with an unbeatable price offer
Michel et Augustin with emotionally charged products
Uber by using mobility
These are the major differentiating benefits that will trigger the act of purchase and really differentiate you.
For this you can use several strategies:
The ocean Blue strategy: used to capture value and create new demand from high differentiation and low cost.
The Purple Cow: illustrating the fact that having a nice looking product is not enough. Instead, you should seek to provide qualitative products and great customer service to achieve desirable success.
The Judo Marketing: which the goal consists of competing against all existent products or services by proposing a different yet very efficient solution.
But above all, you must know what your customers expect, what their needs are via the persona method. Then, you will be set for greater success if you continuously tailor your product to your clients.
Tip #7: Give your product a long-term competitive advantage.
If you don't give your product a UNIQUE advantage, you will be helping to clear a new market and not setting your product as a reference. Otherwise, you will be at the mercy of a new entrant who will release a clone of your product with a much larger marketing budget (e.g. organic yoghurts). Moreover, if you create an additional product in your range, be extremely careful to position it with an ADDITIONAL benefit. Last, if you only reiterate an existing benefit in a different way, you risk making your sales collapse. Being "simpler" / "more convenient" / ... is not a new offer.
Tip #8: Set your price thoroughly
To define your price, take into account the value perceived by the customer, and not only the cost price or the competitors' price. Indeed, by enriching your product with complementary services that are not very expensive, you can "distort" your customer's price reference frame. For this you can take as an example our article "How to sell a more expensive product". Nevertheless, know that it is ALWAYS easier to lower prices than to raise them... So target high!
Tip #9: Target your customers and understand their motivations.
Rather than spending money on generic advertising, it is better to detect your customers' motivations. Also, you should know their buying process (prescriber, colours, price etc) and therefore target your marketing efforts. For example, you can create 10 different landing pages according to the needs and the targets. Then analyse the most attractive target for your offer (see this article on landing pages).
Tip #10: Anticipate the evolution of your product over the following years.
It is not necessary to make a business plan and a roadmap over 3 years. What is important is to think of "shield" scenarios and plan Bs in case your initial launch is a failure:
adding an innovation in case of a competitor's product release,
evolution of the product into a "light" version
In addition to your RoadMap, always plan time right after the launch to adapt your product to the first customer feedback. These small adjustments will allow you to have a more impactful and relevant product. Finally, don't forget to prepare a marketing plan, even if it's just an Excel file with actions to be planned over 3 months.