When you create a new product, there are 2 crucial things you need to do as an entrepreneur: 1) Perfect your product. Here’s how you do it, and 2) Launch your product.
Having planned dozens of launches throughout my career, I know how anxiety-inducing they can be! You’ve created this baby, nurtured it, and now, you’re releasing it into the world. You love it, your team loves it, but how will your target audience react to it?
After two decades as an entrepreneur, I’ve finally cracked the code!
Here’s my 5-step plan for a successful product launch:
- Identify the best ways to reach your target audience. Do some research on what platforms they use, and when they’re most active online. This is where your ideal customer avatar comes in handy! Design your marketing strategies around these important details.
- Validate your product. It’s time to find out whether your customers are interested in your product. You can do this by announcing a presale, or by collecting email signups from people who want to be informed when your product is available. If customer interest is low, this could lead to poor sales post-launch. Take some time to promote your product, and create some buzz around it before launching.
- Create buzz around your product. You can do this by offering a discounted price for beta participation. Your beta testers will be excited to try a new product at a promotional price, and you can gather testimonials from them to include in your product messaging before the launch. This is a great way to get your audience excited about your product and what it has to offer.
- Know your strengths and weaknesses. It’s important to understand your limitations, and outsource work that you need help with. If web design isn’t your forte, hire a freelance web developer to create a kick-ass sales page for you.
- Offer early-bird incentives. This could be in the form of discounted presale prices, or early-bird discounts during launch week. Such incentives create a sense of urgency, encouraging customers to hit the ‘Buy Now’ button promptly.
Keep this 5-step plan in mind for your next product launch!