Checklist to launch your product successfully without knowledge
Launching a product into the market is one of the most nerve-wracking experiences for any entrepreneur. On one hand, you’re super-excited about your new product but tense and anxious as you’re unsure of success. This is where a checklist you can follow to launch your product comes in handy.
We want to take the guesswork out of the process and make it a delightful and a repeatable experience. Although a successful product launch differs from one product to another, some constants are fundamental to whatever product you decide to create and launch. Not to mention, you’ll need a budget for a successful product launch.
For funding support, a working capital loan from a willing financial partner would be your best bet. Alternatively, a merchant cash advance is a fitting funding option that allows you to access tomorrow’s earnings which you’ll repay with a portion of your daily sales as you roll out the product.
What you need to consider for a successful product launch:
1. Set clear product launch objectives
Be clear on whether you’re mainly looking at roping in new customers or increasing brand awareness. Have measurable outcomes that you’ll use to gauge the success of a launch.
2. Be clear on your target market
Conduct market research to determine your target market and channel your messaging to target that audience.
3. Timing
Timing can make or break a product launch. Timing your launch is not an exact science, but you’d want to launch your product when the market understands and wants the features of your product.
4. Marketing
Have a solid plan on how you intend to promote your product. Identify the promotional channels that work best for your product and target market, and drive a riveting message that effectively stirs interest in your product.
5. Pricing Strategy
Regardless of how you’ll price your product, it needs to be a dollar value your target market is willing to pay.
6. Test your product severally
Refine your product over and over again before the launch date. Ensure the product performs the function it’s designed for and delivers on your brand promise. Seek feedback on your product’s performance before launching to discover how to improve it.
7. Know your competitors
Know what they offer and how you can stand out. Scrutinize missing links in the market and strive to fill those gaps for a competitive advantage.
Advantages of using a strategy to launch product:
You shouldn’t be planning to launch your product without a strategy. Here’s why:
It creates a product launch action plan with a timeline for significant milestones. This produces a clear roadmap that ensures everyone is on the same page and track.
It helps you appreciate the budget requirements of the launch. Consider going for external funding, such as a working capital loan or a merchant cash advance, to fund the launch.
A strategy helps define the parameters you’ll use to measure and monitor the success of your product launch by pinpointing measurable outcomes of your campaign.
It helps you clearly define what market you’re targeting and the best way to reach that market. That makes it possible to craft a message that effortlessly connects with your target audience and the most effective communication platforms.
A strategy helps you clearly outline your marketing plan, including advertising, creating a buzz around the product, sales, media presence, exhibitions, packaging, and branding.
A strategy summarizes the skillsets you require for a successful launch. With that, you’ll know whether you’ll need to hire or outsource in areas where you have a skill shortfall.
Checklist to launch your product:
Specify your target market
Test your product and refine it
Define your launch objectives
Create your marketing content
Prepare your teams
Reach out to customers
Get ready to fulfill orders.
Launch your product
Assess the performance of your launch for future improvement
Ideas and strategies to launch a product
Design a captivating landing page that demonstrates how to use your product. Use graphics and short videos.
Offer free trials and incentives like discounts for early users of the product
Build anticipation for the product through social media, email marketing, influential bloggers and media personalities, guest-posting on relevant sites to hype the product.
Conclusion
A successful product launch is attainable with proper planning and funding. Get a working capital loan from available lenders as you prepare for your product launch.
