Follow this guide for everything you need to know about creating a successful product launch marketing plan.
You’ve just developed a new product and are ready to launch it – success!
Well, not quite yet.
Developing a great product is the first step. The second essential step in your product’s success is how you launch it. For this, you need to have a strong product launch marketing plan in place.
Being smart about marketing your product launch will help you boost the chances of your product’s success. It will help you meet your sales goals and generate revenue from your product straight away. This is essential when so many new products fail.
In this guide, we’ll cover everything you need to know about how to launch and market a new product.
What is a Product Launch Marketing Plan?
A product launch marketing plan is the strategy you use to generate awareness around a new product and ensure a successful product launch.
Product launch strategies cover the steps you take to inform your market about your new product, generate hype around the product, and acquire new customers.
Product launches need to be aligned with a clear marketing strategy if they’re going to reach the right target audience and create enough buzz. This is essential for the product to sell straight away.
A product launch marketing strategy can be broken down into three phases. These are:
- Pre-launch phase: This is the research phase, where you perform in-depth research into the product and the market it’s being launched into. This step is all about establishing a marketing strategy roadmap and understanding what marketing channels and tactics you’ll use to pull off the product launch.
- Launch phase: This is when you roll out the product launch and implement your marketing strategy. The launch phase could include press releases, events, ads, and any other marketing tactics and content you use to reach your target audience.
- Post-launch phase: Your product has been launched, and now it’s time to ensure you retain the customers you generated and continue to make an impact in your market. This stage involves analyzing the data and KPIs around your product launch and adjusting your strategy to ensure your product marketing efforts continue to be successful.
Why You Need a Great Product Launch Marketing Plan
Before you launch a product, nobody knows it exists.
So, without a product launch marketing plan, you won’t be able to access customers who are ready to buy. This means no sales when you launch your product.
The most obvious advantage of a product launch marketing plan is that it helps you generate sales and revenue as soon as your product launches. This helps increase your ROI, recover product development costs, and immediately gain access to your market.
The right digital marketing strategy for your product launch will build brand awareness before your product has even hit the market. This means when your product is on the shelves (or online), users will be excited to purchase it.
Most importantly, though, a good product launch marketing plan ensures your product won’t fail.
With 60% of developed products not making it to market, you need to make sure that the time, effort, and money you spend in developing a new product is worthwhile.
And on top of this statistic, of the 40% of products that do make it to the market, only half actually generate revenue.
Don’t let your product become an expense and not a profitable asset for your business. Launch it with the right marketing strategy, and you’ll have a far greater chance of the product being successful.
What to Include in Your Product Launch Marketing Plan
There’s a lot that you want to achieve with successful product launch marketing. Most importantly, you want to reach the right potential customers and get them interested and excited about your product before it launches.
As we’ve already mentioned, a product launch marketing plan can be broken down into three main phases.
Let’s break down these phases and cover the different tactics that each phase includes.
During this phase, you’ll acquire the necessary knowledge to help you put together your go-to-market strategy. This is the essential stage of planning out your product launch digital marketing strategy.
The first step is to conduct research, which can begin by writing down your product’s value proposition and seeking answers to some key questions.
These questions include who your ideal customer is, what problems they are experiencing, what your solution to the problem is, and what differentiates your product from competitors. Once you know your customers and product inside-out, you can conduct a thorough product analysis, identifying shortcomings and drawbacks before launch.
After analyzing your product, you should conduct a competitive analysis by comparing pricing strategies, product appearance, content marketing strategies, and social media presence, among other factors. A SWOT analysis can also be helpful in identifying competitors’ strengths, weaknesses, opportunities, and threats.
Ultimately, your goal here is to gain a deep understanding of the market you’re launching your product into and what will set your product apart in this market.
Understanding this is important for knowing how you will reach the right potential customers and offer the right value and messages to them to get them excited about your product.
With your research completed, your next step is to lay out the specific tactics you’ll use in your product launch marketing plan.
You can trace down a roadmap by choosing channels to promote your product based on your research. You can then plan your paid advertising campaigns and organic outreach strategies while also creating an editorial calendar for blog posts and social media content. Depending on your product and market, it could also be suitable to print marketing materials like fliers, posters, and banners.
Establish a PR strategy that includes press releases, media outreach, strategic influencer partnerships, local and online events, and anything else that could help you generate demand. We’ll go into more detail on these different tactics later on.
The important thing is that you use digital marketing tactics that make sense for the market you’re trying to reach.
Finally, establish your marketing expectations and what data you will track for each campaign. Metrics and KPIs are important to measure your launch success.
With everything in place, you’re ready to launch your product.
On launch day, it’s time to start rolling out all the campaigns that were created during the pre-launch phase. This should be pretty straightforward, as your marketing plan is already established.
Now it’s just a matter of putting the roadmap into action.
The rollout phase refers to the execution of the pre-launch planning. If everything was done properly, you only need to follow through with the steps that were established during the marketing roadmap stage.
As your campaigns are being executed, it’s important to keep a close eye on reporting. You and your sales team should carefully collect and centralize the KPIs and metrics that will help you optimize the customer journey, adjust your content, and improve your product in the future.
Your work is not finished once the product is launched. It’s time to collect customer reviews and KPIs from when customers interacted with your campaigns or purchased the product.
After gathering customer feedback, it’s important to prepare your customer support team to address any concerns, negative reviews, or complaints. Negative feedback can be used to identify product shortcomings and develop new features, making it a valuable resource.
Consistently incorporating customer reviews can help with customer retention and create brand ambassadors. Other methods for retaining customers include referral marketing, benchmark marketing, relationship marketing, customer loyalty programs, and word-of-mouth marketing.
Following through with this phase doesn’t only ensure a successful product launch, but it also helps you gain more long-term value and continued customer acquisition after the product has hit the market.
6 Strategies for Launching a New Product
Now you know the basic steps involved in planning and executing your product launch marketing plan. In order to do this successfully, you’ll need to use the right marketing tactics to generate buzz around the product launch and reach your target audience.
The tactics and marketing channels you use really just depend on who your target audience is, what your product is, what market you’re trying to enter, what the competition is doing, and what marketing mix your business is already using.
To help you come up with some ideas, here are the best marketing tactics and channels that work for all kinds of brands and product launches.
Public Relations (PR)
Public relations (PR) is an essential component of a product launch marketing plan because it helps build buzz and excitement around the product before and after its launch.
PR involves using various communication channels to build relationships with the media and other stakeholders to help increase product visibility and credibility.
Basically, while your marketing strategy is focused on reaching your target audience (customers) directly, PR is about creating a buzz in the media through other sources.
Here are a few reasons why PR is important for a product launch marketing plan:
- Increased visibility: PR can help generate media coverage, social media shares, and other forms of organic promotion that can increase your product’s visibility to a wider audience.
- Enhanced credibility: When a third-party source, such as a reputable news outlet, features your product, it can add credibility to your product and brand, which can lead to increased trust and sales.
- Cost-effective: Compared to traditional advertising, PR can be a more cost-effective way to generate buzz and awareness for your product.
To implement a successful PR strategy for your product launch marketing plan, consider the following tips:
- Develop a media list: Create a list of relevant journalists, bloggers, influencers, and industry experts who may be interested in your product. Reach out to them with a targeted pitch, highlighting what makes your product unique.
- Craft a compelling press release: Write a press release that outlines the key features and benefits of your product, as well as any unique angles that may be of interest to the media. Distribute the press release to your media list and post it on your website and social media channels.
- Leverage social media: Use social media to share product teasers, behind-the-scenes glimpses, and other engaging content to build excitement and anticipation for your launch.
- Host a launch event: Consider hosting a launch event to give the media and potential customers an opportunity to see your product up close and meet your team.
- Engage with your audience: Monitor social media and other channels to respond to any feedback or questions that potential customers may have about your product.
Events are important for a product launch marketing plan because they provide an opportunity to create excitement around a new product, generate media coverage, build relationships with key stakeholders, and drive sales.
A well-executed event can help to differentiate your product from the competition and make a lasting impression on your target audience.
Here are some steps you can take to implement events into your product launch marketing plan.
- Define your target audience: Who are you trying to reach with your product launch? Consider their demographics, interests, and behavior to help inform the type of event you should plan.
- Set your goals: What do you hope to achieve with your event? Are you looking to generate media coverage, build relationships with influencers, or drive sales? Clearly define your goals so that you can measure the success of your event.
- Choose the right type of event: Depending on your audience and goals, you may want to consider different types of events, such as a launch party, a press conference, a trade show, or an influencer event.
- Plan the event: Once you’ve decided on the type of event, start planning the details, such as the date, location, guest list, invitations, and activities. Make sure the event is well-organized, on-brand, and engaging for attendees.
- Promote the event: Use a mix of online and offline marketing channels to promote your event to your target audience. This could include email marketing, social media, PR outreach, and advertising.
- Follow up after the event: After the event, follow up with attendees and media to thank them for attending and to share any relevant information or follow-up actions.
Referral campaigns can be an important part of a product launch marketing plan because they can help increase brand awareness, generate buzz and excitement about the new product, and drive customer acquisition.
They also require minimal input from you and can help you spread loads of brand awareness without doing anything.
Here are a few reasons why referral campaigns can be effective:
- Trust: Referrals are more likely to convert to customers because they come from trusted sources. People are more likely to try out a new product if it is recommended by someone they know and trust.
- Cost-Effective: Referral campaigns can be a cost-effective way to acquire new customers. You are leveraging your existing customer base to help promote your product, which can be more cost-effective than traditional marketing methods.
- Viral Growth: Referral campaigns have the potential to go viral, meaning that customers will continue to refer others, leading to exponential growth in customer acquisition.
To implement a successful referral campaign, here are a few steps you can follow:
- Set Goals: Define clear goals for your referral campaign, such as the number of referrals you want to generate or the percentage of sales you want to come from referrals.
- Create Incentives: Offer incentives to both the referrer and the person being referred. This could be a discount on the new product, free product samples, or other rewards.
- Build a Landing Page: Create a landing page specifically for your referral campaign. This page should include information about the new product and the referral program, as well as clear instructions on how to refer others.
- Promote the Campaign: Promote your referral campaign through email marketing, social media, and other channels. Make it easy for your customers to share the campaign with their friends and family.
- Track Results: Track your campaign’s progress and analyze the data to determine what’s working and what’s not. Use this information to make adjustments and improve the campaign over time.
Ad campaigns can be an important part of a product launch marketing plan because they can help increase brand awareness, generate interest and excitement about the new product, and drive customer acquisition.
Here are a few reasons why ad campaigns can be effective:
- Reach: Ad campaigns can reach a large audience quickly, which can be especially important for a product launch where you want to generate as much interest as possible.
- Targeting: Ad campaigns can be targeted to specific audiences based on demographics, interests, and behaviors, which can help ensure that your message is being seen by the people who are most likely to be interested in your product.
- Control: Ad campaigns give you control over the message and the timing of the launch, which can help ensure that the product is being presented in the best possible light.
To implement a successful ad campaign, here are a few steps you can follow:
- Set Goals: Define clear goals for your ad campaign, such as the number of impressions or clicks you want to generate or the number of sales you want to drive.
- Define Your Target Audience: Identify your target audience and create messaging that resonates with them.
- Choose Your Channels: Determine which advertising channels you will use, such as social media advertising, search engine advertising, or display advertising.
- Create Ad Creative: Develop high-quality ad creative that communicates the benefits of your new product and encourages people to take action.
- Launch and Optimize: Launch your ad campaign and track the results. Analyze the data to determine what’s working and what’s not, and make adjustments to improve the campaign over time.
Influencers can be an important part of a product launch marketing plan because they have a dedicated following who trust and value their opinions.
Influencers can help increase brand awareness, generate interest and excitement about the new product, and drive customer acquisition.
Here are a few reasons why influencer marketing can be effective:
- Trust: Influencers have built a loyal following who trust and value their opinions. People are more likely to try out a new product if it is recommended by an influencer they follow and respect.
- Reach: Influencers have a large following across social media platforms, which can help amplify the reach of your brand and product launch.
- Engagement: Influencers have a unique ability to engage with their followers, building a connection that can lead to long-term customer loyalty.
To implement a successful influencer campaign, here are a few steps you can follow:
- Define Your Goals: Define clear goals for your influencer campaign, such as the number of impressions, engagement rates, or sales you want to generate.
- Find the Right Influencers: Identify influencers who are relevant to your brand, product, and target audience. Look for influencers who have a strong connection with their followers and can communicate your product’s benefits effectively.
- Develop a Partnership Strategy: Build a relationship with the influencers you want to work with. Discuss the terms of the partnership, the messaging, and the goals of the campaign.
- Create Campaign Creative: Work with the influencer to create content that showcases your product and resonates with their followers.
- Launch and Measure: Launch the campaign and measure its success. Use tracking links, promo codes, or other tactics to track the impact of the influencer campaign.
- Reward the Influencer: Ensure you compensate and reward the influencers for their work as per the agreed terms.
Videos can be an important part of a product launch marketing plan because they allow you to demonstrate the features and benefits of your product in an engaging and memorable way. Here are a few reasons why videos can be effective:
- Demonstrates the product: Videos provide a visual demonstration of your product in action, which can help potential customers better understand its features and benefits.
- Increases engagement: Videos are highly engaging and can capture people’s attention in a way that other forms of content can’t.
- Shareability: Videos can be easily shared across social media platforms, which can help amplify the reach of your brand and product launch.
To implement a successful video campaign, here are a few steps you can follow:
- Define Your Goals: Define clear goals for your video campaign, such as the number of views, shares, or sales you want to generate.
- Develop a Concept: Develop a concept for your video that showcases your product’s unique features and benefits. Consider using storytelling or other creative approaches to make your video memorable.
- Choose Your Format: Choose a video format that works best for your product and target audience, such as a product demo, explainer video, or customer testimonial.
- Create High-Quality Video Content: Work with a professional videographer to create high-quality video content that showcases your product in the best possible light.
- Launch and Promote: Launch your video campaign and promote it across social media platforms and other relevant channels. Use paid advertising to increase reach and visibility.
- Track and Optimize: Track the results of your video campaign and use analytics to make adjustments as needed to improve its effectiveness over time.
Tips for a Successful Product Launch
Launching a new product can be both exciting and challenging. Here are some marketing tips to help ensure a successful product launch:
Define Your Target Audience
Before you start marketing your product, it’s important to define your target audience. Identify the key characteristics of your ideal customer and tailor your messaging and marketing strategy accordingly.
Create a Compelling Brand Story
Your brand story should be authentic and compelling and communicate the unique benefits of your product. This will help you differentiate yourself from competitors and capture the attention of potential customers.
Develop a Strong Online Presence
Today, most consumers turn to the Internet when researching and purchasing products. Create a website and social media profiles that clearly communicate your brand story and the benefits of your product. Make sure your online presence is optimized for search engines so that potential customers can easily find you.
Leverage Influencer Marketing
Influencer marketing can be an effective way to increase brand awareness and drive customer acquisition. Identify influencers who have a strong connection with your target audience and partner with them to promote your product.
Use Video Content
Video content is highly engaging and can be an effective way to showcase the unique features and benefits of your product. Use high-quality video content on your website and social media platforms to generate interest and drive customer acquisition.
Offer Promotions and Giveaways
Offering promotions and giveaways can help generate buzz and incentivize customers to try your product. Consider offering a limited-time discount or hosting a social media giveaway to generate interest and drive customer acquisition.
Monitor Results and Make Adjustments
Finally, it’s important to monitor the results of your marketing efforts and make adjustments as needed. Use analytics tools to track website traffic, social media engagement, and sales to measure the effectiveness of your marketing efforts and make improvements over time.
By taking the right steps in creating a product launch marketing plan, you’ll be able to reach more customers and boost your product sales. This is essential for ensuring your product’s success.
Of course, it’s important that you follow through with an ongoing product marketing strategy to sustain this success. Check out some of the guides below for more tips, tactics, and ideas on how to do this.
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