Business Benefits
Maximize the impact of your product launch.
Identify the target market for your product.
To identify your target market:
- List similar products on sale and who buys them.
- Position your product amongst comparable items.
- Devise typical customer profiles based on your findings. For example, what sorts of entertainment do they enjoy, what are their political beliefs, how much do they travel, where and how do they shop?
- Identify key demographics such as age, gender, socioeconomic group, and geography.
Construct a unique value proposition to explain the value your intended customers with derive from your product.
Make sure this is:
- Addressing a specific customer need or solving an identified problem.
- Positioning your product in beneficial contrast to your competitors.
- Easily explainable in your launch campaign.
Create sample marketing materials to test on a trial audience like ads, copy, and media.
Marketing materials can include:
- Social media ads like Facebook, Instagram, and Google Ads.
- Product copy for your sales portals.
- Pop-up and banner ads, if you plan to use them.
- Other media, including print, billboard, video content, you may wish to use.
Test both your UVP and your intended customer base using market research.
Market research methods include:
- Focus groups: Gather a selection of typical potential customers and let them talk honestly about the product.
- Beta testers: Provide the product or service to a sample of potential customers who are incentivized to give honest feedback.
- Questionnaires: Construct a market research survey about your product and campaign and collate the responses.
You may wish to use a specialist market research partner for these tasks.
Put feedback from your market research into action to refine your strategy.
Actions can include:
- Redefine your UVP to make it more attractive to your customers.
- Further focus your target audience and customer profiles.
- Refine your marketing materials to reach that audience more successfully.
- Construct A/B campaigns where possible to maximize effectiveness.
- Make any necessary modifications to your product.
Decide on where and when to launch, based on all the information you have collected.
Questions you’ll need to answer:
- How to allocate your marketing budget most effectively.
- How much lead time is required to finalize the campaign?
- Which advertising platforms to use.
- Which date to launch, for example, you might piggyback on a seasonal boost such as Black Friday or a holiday period.
Launch your product.
Remember to:
- Assess any A/B campaigns’ effectiveness and reallocate spending accordingly.
- Address any feedback you receive when you go to market.
- Be prepared to change direction if you reach customers you didn’t intend, or if something happens externally you didn’t plan for, like a pandemic.
Last edited by @hesh_fekry 2023-11-14T15:40:17Z