How to Create a Successful eCommerce Product Launch Strategy?
There are hundreds of questions about launching your own successful new product, but only some really focus on creating a marketing strategy for a new product launch. This makes sense because a good launch strategy will serve you well for many years to come.
Launching a product requires lots of preparation. One way to make sure you get off to a strong start is to plan ahead and create a solid launch strategy.
A successful launch strategy has a few main components: planning, research and development,marketing strategies,implementation, and pricing. You need to choose the right audience for your product, create hype, promote it properly, and price them correctly. Once you've got those things dialled in, you'll be ready to hit the ground running.
What Is A Product Launch Strategy?
The Product Launch Strategy (PLS) is a term used to represent the act of planning and executing a marketing campaign for a new product. A PLS is the first step toward launching a new product in any industry sector. When applying to a new product, the PLS should always consider the following questions:
- What's the target audience?
- How do they feel about the market/industry?
- What barriers does the marketplace put in front of our product?
- Who is our competition?
- Why did we create this product?
- What are the product features?
- Is there potential demand for this product?
As a general rule of thumb, the longer your product has been out, the higher the barrier becomes between your existing current customers and new prospective customers. To help you get started, here’s the eCommerce product launch plan along with some of the benefits of the product launch strategy.
Benefits Of A Strong Ecommerce Product Launch Strategy
Here are some advantages of a strong eCommerce product launch strategy.
- Increase Brand Awareness
- Target Customers
- Differentiate Yourself
- Build Loyalty
- Improve Conversion Rates
- Easy Track Of Goals And Objectives
You can easily set specific objectives and measure progress towards achieving them. You should define what success looks like to you before you start working on the project. A successful launch is achieved once you have reached your primary goal.
- Increased Sales Revenue
When you know what you want to achieve, you know how much money you need to make to get there. In addition, you have a clear picture of who is going to buy your product and when they might do so.
- Improved Customer Loyalty
Your customers will appreciate the fact that you put effort into making the launch great. It shows that you care about them and their experience. As a result, you are likely to retain your current customers while attracting new ones.
- Better Marketing Campaign
A properly planned launch will provide you with the opportunity to create marketing campaigns that are effective and cost-efficient. Before you embark on any campaign, you should think about who your target market is; where they are located, and what time of day they tend to access the internet.
- Increased Profits
The launch itself is a good time for you to collect feedback from your customers. This is helpful because you can analyze the situation and gain valuable insights that will improve your business.
- Easier Time Management
As you plan ahead, you will find that you are able to allocate enough time to handle the various tasks associated with launching a product. There will be fewer last-minute surprises and less room for error.
The benefits of a product launch strategy may be, depending on different factors, including the size of your business and its industry. There are many strategies that have been proven effective over time in industries around the world. However, some of them need to be adapted to suit our particular environment and culture, which makes the task even harder. Here’s how we would recommend approaching a powerful product launch strategy for an eCommerce business.
Product launch strategy helps spread the word about your company’s products online. It is the first step towards building a strong customer base. A successful product launch increases brand awareness and raises consumer interest in your business, thus increasing sales.
By launching a new product, you can reach out to potential customers who have not interacted with your company yet. You may even gain access to new markets for your products.
Once your product is introduced, you need to differentiate yourself from competitors. To do that, you need to create a unique identity for your business. Once you have done that, you can make sure that you keep your name top of mind among consumers.
In order to build a loyal customer base, you need to offer them value-added services and products. Make sure they feel valued and satisfied. Reward them for their loyalty.
Conversion rates refer to the number of people who buy after viewing a page. Getting higher conversions means having fewer abandoned carts.
The Step-by-Step Product Launch Strategy For eCommerce Site
So, you've got your product. But how do you get it in front of customers? The initial eCommerce product launch strategy is one of the most critical steps to take before launching any online store. There are many different aspects to consider when building out these strategies, but here are some major components we want to focus on to have a successful launch!
With the launch of so many amazing online businesses, it's important for your launch to make an impact. Let’s move to the step-by-step product launch strategy in eCommerce:
1. Research - Choose Your Target Market First
Is your product or service something the market actually wants, or is it only something YOU want?
Before launching any product, choose your target market first. Do some market research and identify who your ideal customer is. You should know their needs and what they are looking for before ever starting the design phase. If you don’t have a clear idea about your customers, you might end up designing products for everyone rather than just those who buy them.
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Be sure to narrow down your target audience based on demographic information. Think about where you want your potential customers to live, how much money they make, what age group they belong to, etc. Also, think about the type of products people purchase. Are they looking for something simple? Or, do they want something complicated that requires a lot of thought? Once you get started, keep these factors in mind as you create your online store.
2. Create Hype Before Launch
Worried about how to create hype about your next product launch? Use email, SMS, social media, and your website to communicate with your customers. Use subtle teasers like "coming soon" or "great news coming up!" to attract new customers or even catch the curiosity of your clients and existing audience.
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3. Build a community of the right people
Once you know your product or service is something people will love, start connecting with others using the right platform. You don't want to spend so much time and energy getting followers where your ideal client isn't.
4. Plan your launch
Once you've built trust within your community, you can start planning your launch and set a launch date. You want to tell your followers and friends about the date and what will be available. Create any discounts or perks for that date!
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5. Introductory Offer
Consider a limited-time introductory deal that will give your product a sense of exclusivity and encourage customers to buy it right away.
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6. Educate About USPs
What distinguishes the new service from your previous one? How is this new product better than your competitor's products?
7. Give away your product
Give away your product to leaders in the industry and get some reviews or feedback from them. You can then use these reviews to help market your product or service. This shows that your product or service is trusted.
8. Offer A Freebie
Giving away anything for free on the day of your product launch, whether it's a physical good or an e-book, can be an important addition to your launch strategy.
9. Collab with Influencers (Optional)
To generate interest & reach larger audiences, get in touch with influencers. Since influencer marketing has a high return on investment, this can be super powerful. Influencer marketing can be challenging to pull off, so you would want to get expert advice and support to manage such a campaign. Doing a giveaway with an influencer can help you reach people that you wouldn't be able to alone.
10. Don’t Give Up After The Launch
Launch day is only one component of the whole eCommerce product launch strategy; you must continue to provide excellent customer service so that favourable word-of-mouth and online reviews can contribute.
11. Get Feedback from Potential Customers
Do not skip this step. There are many ways out there that allow you to test your product and gain feedback directly from your potential customers. Ask them what they liked best about your product or service. What didn't they like? You can learn a lot by asking real-life questions about your product. Use these insights to improve your product and continue marketing it.
Product Launch Strategy Is A Lifeline To Your Business
So now we hope you got the answers to “How to create your new product launch strategy?” Due to a lack of proper planning and execution, many businesses fail in launching their products. Having a well-thought-out plan enables you to keep track of your business goals and implement them effectively. When done right, a product launch strategy will help you reach your business goals. We hope you find this checklist helpful. Do share your thoughts in the comments below.
Recommended read:-https://www.mageants.com/blog/important-key-factors-for-success-in-ecommerce-website
Recommended read:-https://www.mageants.com/blog/ecommerce-website-design-best-practices.html
