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How to Market Your New Product Launch?

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?

Influencers

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.

Share teasers

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.square grunge red coming soon stamp

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

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.

Branded hashtags

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)

To learn more about mar­ket­ing your new prod­uct launch or to see an exam­ple of a mar­ket­ing strat­e­gy for a prod­uct you want to launch, get in touch with our team at Rosy Strate­gies.

 

By | 2018-04-27T10:52:32+00:00 April 27th, 2018|Marketing Strategies|Comments Off on How to Market Your New Product Launch?