The launch of a product is its strategic introduction to the market.
The phase in which a product is launched should be placed at the beginning of the production cycle, specifically, in the development and introduction stage.
As mentioned in the specific post, this phase is very risky and failure is just around the corner.
The launch of a product should always be preceded by a clear marketing strategy, to lower the chances of subsequent failure as much as possible.
Strategic Phases of a Product Launch
There are three strategic phases for launching a product:
- Pre-launch.
- Actual launch.
- Monitoring the product on the market (post-launch).
Pre-launch: analysis and communication
In the pre-launch phase, all those activities that may seem obvious but are actually fundamental for the success of a product launch are developed.
The following evaluations are carried out during pre-launch:
- Product analysis: before launching a new product on the market, the company or professional wonders whether it meets real needs for potential customers and what are its unique features that distinguish it from the competition (searching for their own Unique selling proposition).
- Market and competition analysis: once the values and unique characteristics that the product can offer to customers have been found, an analysis of the competition and of the reference market where the product will be introduced is obviously necessary (with subsequent identification of the target audience).
- Communication and budget: once these analyses are done, the focus shifts to communication. The communication channels to be used are chosen, how to present the product in the market (packaging) and what budget will be invested for promotion.
- Identification of KPIs (the indicators that will allow us to understand whether the launch has been successful or not).
The actual product launch
Once the communication channels have been chosen, the moment of launch arrives. The promotion of a new product must be functional and emotional at the same time, it must convey value and meet a need, it should solve a problem that has remained unsolved until now.
During the launch period, be as interactive as possible: listen to your audience and capture all opinions, whether positive or negative.
Be prepared to make adjustments whenever the need arises.
There are many ways to launch a product, and often the decision is made to invest in more than one communication channel.
The most important initiatives for launching a product include:
- Starting ADS campaigns on social media.
- Organizing events where the product is presented and, in the case of physical products, giving away some samples. In the case of a digital product, a free trial can be offered on the website instead.
- Using an influencer or a testimonial to give visibility to the new product.
Post-launch: analysis of campaigns and the launch itself
Here, the results of the launch are analyzed through the KPIs chosen during the pre-launch phase.
At this stage, it becomes clear whether the launch has been a success or, unfortunately, the results achieved have fallen below expectations and, therefore, a failure.
Product Launch Examples: Epic Failures
If these rules are not followed, failure is almost guaranteed.
Here are some striking examples of how even big brands can make mistakes.
Ford Edsel: It's 1957 and the American car manufacturer Ford decides to introduce a new car model to the market: the Edsel. The epic failure of this model was in its timing. Released right after an economic recession, this model sold only 64,000 units.
Apple's Newton: In 1993 Apple also made a mistake. At that time $1000 for such a product (a kind of precursor to tablets) was madness and the failure was total.
Even great brands make mistakes. This shows how the launch of a new product is a very delicate phase that, if successful, will lay the foundation for creating a brand that will work and adapt over time.
You can do it too, you just need a lot of commitment and an excellent marketing and sales platform.
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