Top Tips for Launching a New Product or Service

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Top Tips for Launching a New Product or Service

If 2020 was a hard year for you and your business, as it was for so many entrepreneurs and their firms, you’re probably looking for ways to turn things around now. One way to rejuvenate your venture, generate extra sales, land new customers, and create more buzz is to launch a new product or service. You want to do this with a bang, not a fizzle, though, so follow some steps to maximize the impact your launch has.

Allow Plenty of Time for Planning

Give yourself and your team plenty of time to plan out the product or service launch. You should generally have a good idea well in advance that a new offering is coming, so take advantage of the months before the release date to get organized. You’ll need time to test the new wares, plan out your strategy for the launch campaigns, create content, and much more. 

Plus, you’ll want media to run stories about the fresh product or service, but most journalists work weeks or months in advance of their publication deadlines. Generally, you must pitch story ideas at least three months before publication dates. Gearing up early for a launch will ensure you don’t miss these critical dates. 

Focus on How Products or Services Help Users

As you plan packaging, product descriptions, press releases, and other details for your offering, think about ways to focus on how the new product or service helps users. Many business people make the mistake of talking about what it means to the company to release this new thing, its features, how it came to be, and the like. 

However, while journalists may want to know some of this information, most people, particularly customers, are more interested in how the product or service can help them. As such, be sure to effectively communicate how what you’re releasing solves problems for the target market or how it creates benefits for them. 

Offer Current Customers a Preview

A great way to start generating buzz and sales early on for your new product or service is to offer current customers a preview. This works in a couple of ways. Firstly, you get to test out the fresh offering and get feedback on it. Secondly, you can see people’s reactions to the marketing collateral that goes with it. Use the information you gather to tweak anything you need to before the big, open, public launch to many more people. 

Another reason to offer your clients a preview is that doing so helps make them feel special and valued. Everyone loves being the first to check something new out and telling their friends and family about the exclusive opportunities they received. Give your clientele this chance, and they’ll be more likely to become loyal to your brand and buy more from you. They can also help you spread the word about your new offerings, which is an affordable advertising medium.

Host an Event 

Any time you’re announcing something exciting and different, it’s a good idea to host a launch event if you have the available budget. Plan a fun party where you can bring together current customers, potential buyers, and the media, plus your investors if applicable. An event will help to create buzz for the product or service and give you a chance to explain and showcase it. Journalists are typically more inclined to write a story about a newly launched offering if they can talk about an occasion and the people there, too. 

An event will also provide you with an outlet to make sales ASAP, even if these need to be pre-orders. You might like to set up a special introductory offer for the event to reward those who took the time to be there. Furthermore, think about how you can cement the new offering in people’s minds at the party. For example, set a theme relating specifically to it and put the brand name wherever you can. Buy custom tumblers for drinks and specially-printed serviettes for tables, and wear shirts with the product or service name emblazoned on them. 

Display large signs or banners showcasing the new ware and provide people with brand-engraved pens to use when completing entries for a lucky door prize. You might also give attendees goody bags to take home with them that reiterate the brand name further. 

Some other tips for launching a new product or service include finding influencers to post about it and running a contest to get attention. Also, develop helpful content such as videos, demos, information sheets, etc., to enable people to learn about your product or service and how it works. Make the content as shareable as possible. All of these steps can add up to excellent traction for your launch and significant sales in turn.