Many entrepreneurs are great at one thing, like generating ideas, but not so good at bringing them to life. So, they hire or, more commonly, outsource those skills.
Launching a new product is no small task; it requires meticulous planning and smart marketing strategies. This guide demystifies the process and offers step-by-step insights and strategy.
1. Research and Development
In its broadest sense, research and development (R&D) is the systematic activity companies undertake to innovate and introduce new products or services or improve their existing offerings. It’s an investment with the expectation of generating long-term profit and may yield intellectual property such as patents and copyrights.
The R&D process involves two key components: basic research and applied research. Basic research aims to obtain a fuller understanding of the fundamental aspects of a concept or phenomenon without direct application to products, policies, or operational processes.
Applied research, on the other hand, involves activities aimed at producing new materials, products, or devices or installing new processes, systems, or services that substantially improve those already produced or installed. Applied R&D can take place in all sectors and industries, but it’s particularly prevalent among pharmaceuticals, semiconductors, and software/technology companies. Companies rely on it to drive productivity and economic growth, while consumers benefit from improved, high-quality products.
2. Design
The product development phase is when a product’s design takes shape. This is where ideas are vetted and refined using objective consideration, early testing, and feedback from potential customers.
At this point, your product’s value proposition is established by clearly communicating how your new product solves a buyer’s pain points. This step helps make your product relatable to a customer on a human level, accelerating adoption and perceived value for the product.
Once the GM / BU leader, program management, and demand gen have approved the product messaging doc, hold a launch kickoff meeting to get everyone on board. This will enable teams to align around the product, build awareness, and prepare for a successful launch. Having all teams connected via a single platform like Confluence also makes it easier to work collaboratively across departments to streamline tasks, identify opportunities, and ensure everything is ready for a flawless launch.
3. Marketing
Once a minimum viable product is tested and ready for launch, the team must prepare to market it. They’ll need to decide on success metrics, such as acquiring new users or earning high CSAT ratings, and align them with long-term business goals.
This includes choosing the right advertising channels, such as social media or email marketing, and identifying when campaigns are most effective. For example, a business may offer discounts or exclusive benefits for early adopters to build excitement and generate hype.
To further increase visibility, teams can create a dedicated landing page or product microsite that details the new product’s features. This can be a great way to capture attention and drive interest, especially when combined with a video. It’s also important to provide robust technical documentation so customers can easily find answers to their questions. This will help mitigate support calls and ensure a positive user experience.
4. Distribution
Product launches are critical steps in bringing new products to market. The goal is to generate buzz, spike sales, and expand the customer base.
A successful launch depends on thorough audience and market research, including focus groups and buyer personas. The insights gathered will help determine your product’s best value proposition and set it apart from competitors.
Distribution channels are another factor to consider. Whether you decide to go with direct distribution or distribute your product via wholesalers, retailers, or agents, it’s important to know your target audience’s channel preferences and how they want to use your product.
Lastly, it’s essential to have a go-to-market strategy that outlines your marketing efforts to reach your target audience and communicate your value proposition. This should include a timeline of pre-launch teasers, the launch event, and post-launch follow-ups.
5. Packaging
Almost any product on the market today requires packaging. Essentially, packaging is a material that holds the product and is used for storing, shipping, displaying, and selling it.
Usually, the primary packaging directly encloses the product (a plastic bottle for lotion or a box that contains candy). Secondary or tertiary packaging is an additional wrapping around the primary packaging and aims to communicate with the consumer.
You must put a lot of thought into your product packaging because it will be the first thing your customers see and interact with. The right packaging will help them understand the product and provide helpful information. It will also protect the product during transit and make it easier for them to carry. This will give your brand a better chance of making a positive impression on your customers and increasing sales. This is why having the right people to handle product packaging is essential.
6. Launch
The final step is to launch the product into the market. This requires a coordinated effort from teams across the business—such as marketing, sales, IT, and customer support—to ensure the product launches successfully.
A key step in this phase is to articulate the product’s unique value proposition, including its differentiation from competitors and how it addresses specific pain points for a target audience. This information will help shape the PM craft messaging around the product and features, such as taglines, website copy, and collateral materials.
Depending on the nature of the product, it may be wise to conduct a soft launch to test and gather customer feedback before public announcements. This allows businesses to address any product imperfections and improve the product before its official release. It also provides critical insights into how customers perceive the solution and whether it is a good fit for the market.
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