Creating a new product can be exciting. It doesn’t matter if we are talking about a digital service, a SaaS tool, or a wholesaler product, the creative process is stimulating. However, to effectively launch a product to market can be overwhelming if you don’t have the right strategy in place.
There are many steps to successfully launching a product to market. The most important part is understanding your target audience and what they want. Once you know who you’re selling to, it’s significant to create a product that meets their needs. You’ll also need to create a marketing strategy that targets your audience and engages them with your product even before the product is ready. Finally, you’ll need to execute the plan and track the results. Launching a product to market can be a daunting task, but following these steps will help you be successful.
Today we will look at a product that you want to market that you got from a wholesaler or by similar means. Here is our guide on how to launch a product to market.
Step 1: Market Research
Before you even think about developing a product, you need to do your research and identify a need in the market. Once you’ve confirmed there is a need, determine what solution you can provide that meets that need. It’s also important to have a clear understanding of your target audience and what motivates them.
First and foremost, you should be performing product market research on anything you are selling. Look up products that are similar to the ones you will be selling. This will give you valuable information to launch a product to any market.
If you are selling a physical product, often, if you buy from a wholesaler, the same products can be found on Amazon or eBay for a very low mark-up. Experiment with these products, read the reviews and pay close attention to what people don’t like about the products.
This can make life difficult for small business owners as they are looking for a higher percentage for their goods. Try and get products for your business that are not on these e-commerce sites already. Similar products are fine, just not the exact same.
You should give customers a reason to buy from you. If they see a cheaper product elsewhere, then the majority of buyers will opt for that.
To understand the needs of your target audience, talk to them. Don’t skip this step. Without this understanding, your product is likely to fail in the market.
Step 2: Price
Make sure you set a realistic price for your product and make sure that you have the correct postage and packaging number.
Many websites have weights that you can go by to price the delivery options. Give yourself a little wiggle room if you like with the price, but remember the more accurate you are, the cheaper it is for your customers.
Make a note of the price and edit any changes on an Excel spreadsheet. When you advertise your product, be clear about the price.
Consider market research as well as what you think the value of the product is and the amount that potential customers would be willing to pay.
Step 3: Website
Ensure that your purchase process and UX are solid before launching any products. Check that your site loads quickly and that customers can find the buy button easily. People don’t buy without a strong call to action.
Reduce the number of clicks as much as possible. This will help potential buyers buy faster. At the same time, this gives them less chance to back out as many online purchases are sporadic.
Customer experience is everything when it comes to e-commerce. If you provide a great experience, your customers are more likely to come back. Great customer experience leads to higher customer engagement.
However, if the experience is bad, they’re likely to tell all of their friends, and you may lose them as a customer forever. That’s why it’s so important to focus on the customer experience when making your e-commerce store.
There are many things you can do to make the experience great for your customers. One of the most important is to make sure your website is easy to use. Your customers should be able to find what they’re looking for quickly and easily.
Step 4: Advertising
Advertise your new product in as many ways as you can. But remember we all have limited bandwidth. From video adverts to images and posters, collaborations, and sponsored ads. A key point is to create a marketing segmentation strategy. This will help you find the most successful promotional content and channel.
To learn more about marketing segmentation, watch the following video now:
There are many ways that you can get people to see your product. Remember that this is the main point of advertising, especially in small businesses. If people don’t see your adverts, they won’t know you have a new product, or even that your business exists.
You can add an image of your product to your business cards if you want to go one step further. This will mean that your customers are exposed to a picture of your product and are more likely to buy it.
Before you launch any advertising campaign, make sure your overall branding is on point though. Nowadays, there are many tools out there to help you create coherent brand assets. For example, if you are due for a rebranding, try a free logo application like GraphicSprings.
Use marketing automation software to engage with buyers at scale. The same principle applies to engaging with potential buyers that didn’t finish the process. Cart abandonment can really hurt your business.
An easy way to engage with buyers and leads is through highly relevant personalized videos. With video personalization software, marketers can help e-commerce buyers feel appreciated by the business. But at the same time, these unique videos help you explain complex information, like a refund policy.
If your budget is not there yet because you are just starting, use interactive videos with personalization. Through an interactive video player, you can add personalized calls to action to these interactive videos.
For example, use them to upsell new products through product videos, or to help online buyers see the delivery status in real-time. Product videos help online buyers in the decision-making process.
Step 5: Contact
Send out an email to your emailing list when you have new products to market. Let your followers know that you have a new product in stock. Interact on your social media channels with your target audience to try and build a momentum of interest in the product.
This will help you with your advertising too, as it will mean more people know about your product. If one person sees a friend buying something, chances are they will want it too.
People are more likely to buy a product from a business that is popular. This concept also applies to the same with products. The more popular a product, the more customers will flock to it.
Conclusion: Now An Engage Your Audience to Launch a Product to the Market
As you can see, there are some easy steps you can follow to bring a product to market. Following these will give you the best chance of success. It is a little more complicated if you are looking at manufacturing a product and designing it yourself. However, when you have a plan to follow, it is way easier.
Enjoy bringing products to market and get creative with the ways that you do it. Understand your target audience. The more popular your product is, the more easily it will sell itself, but it’s up to you to put it out there.
Customer engagement is critical to successfully launch a product to market. Personalize the buyers’ experience to deliver a great customer experience and build a loyal customer base. It is cheaper to retain a happy customer than to attract new ones. Curious about how? Start with this personalized video free trial today!