Business

6 Things to Know When Launching New Products for Your Startup

Even though you have a great business idea, launching your new product can seem like a difficult task. However, there are ways to make the process simple and seamless. While launches are different for every product, niche, and business, here are things to know when launching products.

Timing

When you go to launch, your timing is just as important as the product itself. There are certain times and days that you should avoid launching products, such as around the holidays. However, if you’re launching a new Christmas product, then the holidays are the perfect time for a launch.

While there is no right answer for when to launch your product, consider what the product is and who you’re targeting. For example, you generally shouldn’t launch a product after 9 PM that will be sold in the US.

Competitive Research

Unless you’ve invented a new product, you should know exactly what your competitors are up to at any given point. Research competitors that sell products similar to the one that you’re launching so that you can dig into their marketing efforts and find out what works best.

You can also base your pricing on your research. For example, if you visit your competitor’s website to find reviews that say the product is too expensive, then you know you might have to reduce your pricing.  If you sell your product on Amazon, you can use an Amazon ASIN lookup tool to research similar products and competitors so that you know what you need to do to make your newly launched product rank in the marketplace.

Price

Product launches fail when the pricing strategy is wrong. Whether you’re launching a luxury item or a product that’s affordable, you’ll need to do all of the proper research before you price your product and share that price with your customers. You should always know that customers will be willing and able to pay for the products that you sell.

Your pricing structure should also depend on the sales model that you’re using. For example, if you’re selling a subscription box, the longer the subscription someone signs up for, the lower their monthly cost should be.

Promotions

Your promotions should always be planned months in advance of the product launch, especially if you have a promotion that will help more people afford and want to purchase the product.

You should also make sure that you have brand awareness promotions planned before the product launches so that you can create buzz and begin getting people interested in it.

There are a number of ways to promote your product, from conversion-based SEO and Google ads to native ads and even traditional print advertising, so make sure that you have the proper budget and plan months in advance of the actual product launch.

Target Market

With the proper market research, you can get to know your target market so that you can determine when to launch the product, how much it should cost, and what types of promotions will be most effective. Make sure that you know everything you can about your market so that you can advertise to them in the ways that are most likely to promote sales.

Reviews

Aim to get reviews from your first buyers so that you can improve the product and your customer service as soon as possible. By getting initial reviews, you can see what customers feel about your product before you have too many unhappy customers.

Have an email marketing plan set up that emails your customers a week after they’ve received their order so that they feel more compelled to leave a product review and let you know if the product met their expectations.

Effectively launching new products can be a tricky task to navigate. With these tips, you can make sure your product is rolled out smoothly.

Just A Guy Thing is a men's lifestyle magazine focused primarily at guys wanting to better themselves.

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