Conceiving, designing and creating a new product is one thing. Launching it into a fruitful sales trajectory is another. Every product is different, so their respective launches will differ as well. However, there are some factors that must always be considered leading up to a launch. You can use them to start understanding how to launch your new product.
How to market your new product launch:
Research your audience
Before getting too far ahead of yourself in bringing your new product to consumers, find out who will be purchasing your product and learn everything there is to know about them. What media do they like? What music do they prefer? Are they more into live events or social media? Do they even go online?
Identify the influencers in your industry and embark on establishing relationships with them. You can try seeding your product with influencers and receiving their feedback. Hopefully, your influencers want to share positive reviews about your product with their audience and your potential consumers.
Share only what is necessary
Don’t bore consumer or reveal too much that the enticement of a new product escapes before it launches. Share why it is needed, why it is the best in its niche and when consumers can expect to buy it.
It’s human nature to want to know more when you’re only exposed to a little. Tease consumers with commercials or social media snippets about your upcoming product to generate interest before bringing the product to market.
Incentives to care
Before the official launch, it might be a good idea to incentivize consumers to sign up for related emails by promising a select number of first registrants to receive a free product or other enticing offers.
Videos are the most commonly consumed media online, so any information you can put into video entertainment is worth your while. Think about how-to’s, educational documentaries or funny shorts.
Build a blog
Blogs are a great way to start generating consumer interest in a product. You can start with content that exposes a need for your new product or highlight information that educates consumers on your product’s market. Becoming an authoritative voice in your industry will go a long way with prospective buyers.
Hashtags bring it all together, binding social media content online and providing a sharing extension for attendees at live events. To review and understand a social media product launch example with hashtag use, reach out to our digital marketing experts at Rosy Strategies.
What about a marketing budget for a new product launch?
The budget for launching your new product has a big range because the needs for a product launch depend on a range of factors. That said, you can plan to spend between $100,000 and $1,500,000 on a new product launch over 1–5 years.
The marketing budget for a launch will cover the following costs:
- Market research ($5,000 to $50,000)
- Positioning and strategy ($1,000 to $20,000)
- Corporate branding ($2,000 to $10,000)
- Product branding ($1,000 to $5,000)
- Packaging design ($2,500 to $25,000)
- Online Marketing (website: $500 — $5,000) (monthly marketing: $1,000 to $25,000/month). Online marketing for a product launch include web design, social media, content marketing, email marketing, SEO and SEM.
- PR ($1000 to $10,000/month)
- Trade Shows ($1,000 to $10,000/booth; $10,000 to attend)
- Sales and Marketing ($1,000 to $15,000/month)