It’s no easy feat to launch a new product or service, especially if your business is fresh out of the gate. It takes a coordinated effort across teams, an air-tight schedule, and a clear vision for deployment.
We spoke with business leaders who have overseen their fair share of product launches to get their insights on the process, and these are the insights they offered.
Narrow Priorities
The more responsibilities you take on during a product launch, the tougher it will be to make sure everything goes right. Multi-tasking sounds easy in theory, but it never really works in practice.
“Don’t try to do everything,” said Rachel Geicke, Founder and CEO of Snow Monkey. “There are so many phenomenal marketing tools and tactics out there that can really impact your business, but they can also be a detriment to your business if you aren’t focused on optimizing them. For example, there are a number of social media networks and it’s important to have a strong digital presence, however, simply having a profile on each platform and posting the same content is not going to garner a strong online presence.”
Delegate wherever possible and use all the product management tools at your disposal to optimize the launch long before it happens.
Steady Progress
We’re all in search of that one big idea that secures our path to success, but this never quite happens the way we imagine in our minds.
“Stop looking for the next billion-dollar idea,” said Vincent Bradley, CEO, and Co-Founder of Proper Wild. “Just start moving. If you follow your instincts, you’ll build a company that satisfies a need close to your heart. I’m personally obsessed with my product and an avid customer of my own company, and that energy has carried Proper Wild to help thousands of people improve their lives.”
Rather than going for the home run, try just moving things along at a steady pace.
Timing is Key
Some advice will tell you that the best time to launch a product is yesterday. Others will say that waiting for the right moment is a smarter strategy. This all depends on your resources, capabilities, and where the market is at.
“Wait for the right time,” said Bill Glaser, CEO of Outstanding Foods. “Outstanding Foods is a long-standing passion project that I was thrilled to finally launch in 2017. I’ve been plant-based for over three decades, but within the last year or so, plant-based foods suddenly became very trendy. Customers want snack foods that are more transparent about their ingredients and production, and are more aware of the ingredients in their food.”
Use your best judgment when timing a product launch and don’t miss your opportunity to strike. TCGEn includes strategies for reducing and precisely getting the timing to market.
Market Analysis
The market will tell you a lot about the viability of your new product and service, so perform a complete analysis before you set to work on a launch.
“The key to building a successful product is thoroughly analyzing the market segment you’re trying to compete within to ensure that there is a need for the product you’re envisioning,” said Shaun Price, Head of Customer Acquisition at MitoQ. “Properly preparing with a SWOT analysis and a business plan can prevent you from spending time and capital on a product that, frankly, does not need to be created.”
You might find that your big idea simply won’t work in real life. That’s okay – just head back to the drawing board and try again.
Authentic Appeal
When designing a product, you’ll need to think beyond the technical analysis and consider what is truly appealing about your offer. What does the product look like, how does it feel in the hand? Design and concept count for so much.
“When you have a visible skin condition, you grow up using prescription products that are usually kept under your bathroom sink,” said Olamide Olowe, CEO of Topicals. “We wanted to design products that you could showcase right alongside all of your favorite brands on your shelf. Our goal is to always be where our customers are, and we advise everyone creating a product to do the same research to accomplish that goal.”
You can have a great product on paper, but it needs to come to life in a way that inspires.
Put in the Research
Modern businesses have a wealth of analytics at their fingertips that will reveal purchase patterns and other key metrics. Use all of these figures to your advantage when launching a product.
“Whenever you launch a new product, the most important thing you can do is your research,” said Jared Zabaldo, Founder of USAMM. “Take a hard look at your customers’ purchasing histories and patterns. Then, make suitable matches when it comes to the introduction of new products or innovative features.”
Numbers in a spreadsheet won’t reveal all, but they’ll point you in the right direction more often than not.
Unique Offerings
Developing a new product or service is exciting, but you don’t want to bring something to market that doesn’t stand out in a unique way. Originality is powerful, no matter what industry or niche you’re in.
“You have to make sure what you are providing is something unique, innovative, and disruptive,” said Omid Semino, CEO of Diamond Mansion. “Our startup story is relatively unique. We are a family-owned business that has grown and evolved into three separate jewelry brands. The decision to start a jewelry business came from our mission to empower women and provide them with quality diamonds at affordable prices.”
One great idea can power a business for decades, so find that differentiating factor and hammer it home.
Know Competitors
You won’t get the full picture of your industry without a close analysis of your competitors’ products and their marketing strategies. Run side-by-side comparisons and do whatever is necessary for a complete assessment.
“Before you begin offering a new service or product, it’s necessary that you do competitor research,” said Heidi Robinson, Chief Operating Officer of Because Market. “There are entire companies who offer services specifically for this reason, as well as tools that can help make your job easier. However, you can also simply browse the sites of your closest competitors, see if they have similar products, and then define how you can set your products apart.”
You never know – the competition might inspire you to go above and beyond.
Highlight Key Features
Why do so many new products fail to get traction? They might have unique features and advantages, but companies fall short when it comes to highlighting these key factors.
“When it comes time to consider introducing a new product to your target audience, consider its features, and which will be the most valuable to specific consumers,” said Timmy Yanchun, Co-Founder of LTHR Shaving. “This can come in handy when setting up your marketing strategies, so that you may segment accordingly. This is also when that data you’ve been collecting on purchasing patterns will prove to be important.”
When you focus on delivering value to the customer, you can’t go wrong.
Build a Base
Establishing that initial customer base is often the first challenge that a company must overcome. When that feat is accomplished, launching new products and services becomes so much easier.
“The first year of starting our business brought many challenges, as it would for any business!” said William Schumacher, CEO of Uprising Food. “However, I found that finding your first thousand loyal customers is no easy feat. Matching up your product to people who are passionate about what you do isn’t as simple as it may seem. Throughout this challenge, we learned much about what our consumers want and need out of our company, and how we can provide it.”
Like many aspects in life, building a business is about momentum, and you have to start with small, attainable goals before shooting for the moon.
Clean Marketing
It’s a tough concept to grasp, but your products and services will only gain traction if you have the marketing to put them on full display. This means picking the right platforms, the proper messaging, and being efficient in your efforts.
“Having a successful business is staying relevant in the wake of an ever-changing society,” said Jim Beard, COO of BoxGenie. “An important way to keep your content relevant is to not overproduce when it comes to you marketing your product or service. Posting too often, clogging your captions with dozens of hashtags, and creating content that is too lengthy can all be off-putting to the average social media user.”
Nobody likes to be overwhelmed with publicity when a new product launches, so make your offerings visible but not too saturated online.
Avenues for Feedback
Be ready for a lot of feedback when your product hits the market. Some feedback will be great, but what matters most is responding appropriately to criticism and negativity.
“When you’re making preparations to launch a new product, it’s vital that you set up a process for receiving feedback that will still allow you to make pivots, when necessary,” said Rachel Jones, Head of PR for Shop Hope. “There are numerous ways to encourage feedback, such as sending an email requesting a review on a recent purchase, or including a survey. Consumers actually enjoy providing their opinions, and sometimes it can be as simple as merely asking for the feedback.”
Once you learn to process feedback and implement changes, your products will reach new heights of success.
Systemize Service
Customer service isn’t just a static aspect of your business that applies to every product in your lineup. It needs to change and evolve with the times if you want great results.
“Don’t underestimate the importance of customer service,” said Kaz Amor, Founder of VoCe Haircare. “Customer service is something we take seriously at my company. Being interactive and engaging with your customers is exactly what it takes to keep them coming back. We do a lot of chatting with our customers via Instagram. It’s been a great way to hear out any requests or answer any questions regarding our products. Customer service deserves a seat at the executives’ table. Without outstanding customer service, businesses simply can’t survive.”
When launching a new product or service, make tweaks to your service strategy and be prepared for all possibilities from a customer standpoint.
Efficient Messaging
In the era of the internet, there’s no perfect playbook for marketing a new product. It’s up to you to write the script and introduce new, exciting ideas to the public that they’ve never seen before.
“Be creative with your marketing,” said Chris Vaughn, CEO of Saucey. “With a low budget, getting your name out there can be challenging, so standing out is essential. We did reach some bumps in the road, like getting the licenses and approval to be able to deliver liquor. But once you get through the logistics, the next step is getting the word out there.”
Get maximum mileage out of each dollar you put towards marketing, because the costs add up more quickly than you expect.
Boost Awareness
What is more valuable than brand awareness in an age where attention spans are shorter than ever? If you can get your name out there and showcase new products effectively, that’s half the battle won.
“Launching a new product means that you have to ensure that your brand awareness is at an all-time high,” said Dr. Amir Yazdan, M.D., Founder of GroMD. “This can mean contributing as an expert to guest posts, raising awareness on social media and considering low-cost marketing methods, such as an email campaign. Be sure to segment your audience, so that you can focus on the features that will be of most benefit.”
With so many tools at your disposal to raise brand awareness, you have no excuse to put your new products in the spotlight online.
Assess Demand
Your best product ideas only exist in the mind until you assess the market and see how they’ll perform on the ground. This is a tough exercise for everyone, but it must be done.
“Make sure there is a need for your product or service,” said Scott Rosenberg, CRO of MaryRuth’s Organics. “This is why many startups fail. It’s important to do research and figure out where and who will benefit from your product or service. Without a need for it, you’re bound to fail.”
On the other hand, don’t let a competitive marketplace discourage you from launching a product you believe in.
Long-Term Thinking
Some of the most beloved products in history didn’t gain popularity for months, years, or even decades after they were first introduced. Remember that when brainstorming and putting together a plan for launch.
“Be prepared to not see any kind of success for a while. It takes time and a lot of failure until you start seeing some kind of success,” said Derin Oyekan, Co-Founder of Reel Paper. “Stay patient. Keep pushing and working hard. Eventually, it will take off.”
As long as you stay focused on building and progressing, success will come.
First Impressions
Your upcoming product launch will be the first time that many potential customers encounter your brand. What does that first impression look like, and is it compelling enough to leave a mark?
“Creating a space of complete trust between businesses and customers upon launching a new product or service leaves an indelible first impression,” said Abe Rahmanizadeh, COO, Leafwell Botanicals. “In this regard, we feel that entrepreneurs should take all necessary steps to provide proof of how the product or service works or doesn’t work, and which results will or will not occur.”
Put yourself in the shoes of someone who has absolutely no familiarity with your brand and consider how they’ll perceive it.
Create Ambassadors
The world’s best brands create communities of impassioned people who line up around the block to get the latest product. Your goal is to be that next great cult-like brand.
“When customers love your product, they become ambassadors,” said Tom Padula, Senior Product Manager at SiriusXM. “There’s nothing better than someone using your app every day and trying to get their friends and family to do the same.”
Start small by establishing an online community and work steadily to expand your influence.
Enjoy the Journey
Launching a product is nerve-wracking, challenging, and a bit stressful. More than anything, however – it’s fun! You only launch so many products in your life, so enjoy the process.
“There is nothing like creating new products and bringing them to market,” said Jay Shah, CEO and Founder of Auris, Inc. “It is one of the things about running a business that I love the most. When launching a new product or service, it is important to know who your customer is and have a specific marketing strategy in mind. It is also helpful to research your competition and learn ahead of time from any mistakes they may have made, and also, what your product might be able to offer that theirs does not.”
As you build confidence and grow an audience, each successive product launch will be more manageable and enjoyable.
Target Accurately
Now that we’re operating in an international marketplace, you have no shortage of ways to target and segment your audience. Be precise and know exactly who you’re selling to prior to a launch.
“Understand who your targeted audience will be when launching a new product or service,” said Sean O’Brien, CMO of Modloft. “Your target audience refers to the specific group of consumers most likely to want your product or service, and therefore, the group of people who should see your ad campaigns. Target audience may be dictated by age, gender, income, location, interests or a myriad of other factors.”
The more targeted your marketing efforts, the more impactful your launch will be.
Showcase Differences
The last thing you want is your product to hit the web and be washed away with dozens of other offerings just like it. Make a point to set your product apart and create a unique value proposition that pops.
“Understand who your competitors are and what differentiates you from them,” said Artie Baxter, CEO of Paperclip. “Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors’ weaknesses, and improve your own business performance.”
People want something new and novel in the internet era, so take advantage of that desire.
Offer a Trial
Not sure how to get new sign-ups for your service? Why not give potential customers the chance to take a test drive and see how they like it?
“Consider a free trial,” said Eric Gist, CEO of Awesome OS. “A free trial of your product or service can be a win-win for both your company and your potential customers. You get a chance to show them what your product or service can do, and they get to try before they buy without any risk. A trial greatly increases your base of potential customers. Customers are drawn in a little more when something is labeled as free.”
Once they get a feel for your product, they’ll likely want to keep it for good.
Use Resources Wisely
Budgets are tight and deadlines loom when a product is in the works. Know exactly how you’re using every hour and dollar so you don’t find yourself in a jam.
“Don’t rush into launching a product; without careful consideration and planning, it could be a waste of critical resources if it fails,” said Michael Scott Cohen, CEO of Harper and Scott.
Some mistakes are unavoidable but do your best to navigate obstacles before they’re right in front of you.
Testing and Adjustment
Use tests, models, and samples to see if your next product has what it takes to make a splash. You might find that your latest idea needs a bit more work before it hits big time.
“Testing your business idea is key to see if it is a viable business model,” said Louis Leidenfrost, CEO of Paint Your Numbers. “Oftentimes, this includes running it by critics as well, which can be considered potential target customers. After testing, adjust accordingly.”
Testing can be tedious, but it saves you a ton of time and headache down the road.
Empathize with End Users
There will naturally be some separation between your customers and your product development team, but it’s your obligation to close that gap and make a product that people love.
“Customers are who we build our apps for, so we want to give them what they want and
need while empathizing with their struggles and frustrations,” said Jason Pace, Technical Product Manager at Alkami Technology. “For me, it’s not necessarily the mantra of the customer that is always right, but do everything with the customer in mind.”
There are so many ways to test a service or software these days, so use them all.
Solve Common Problems
Some of the most life-changing products are the ones that solve a common and relatable problem. It might help to think on a smaller, more practical level to get your next idea.
“One of the best pieces of advice I received when we started our company was to make sure you are solving a problem not only for yourself, but for as many people as possible,” said Eric Kaye, CEO of Kayezen. “It’s critical to do customer discovery with a wide range of clients and prospects before you begin to develop your solution.”
When you solve problems for the masses, success is only a matter of time.
Get Local
The business world might operate mostly online these days, but you shouldn’t overlook the power of connecting with your community when launching a product.
“Participate in local small business community events,” said Sunny Mills, Design and Production Director at YogaClub. “To benefit your community and its organizations, you can offer free products and services to schools, libraries or nonprofit organizations. This will help strengthen your public image and more people will learn about you in return. This is a great form to do brand exposure. And it’s a great way to give something back to your community.”
More than ever, people like to experience life away from the computer, and this is an opportunity to grow your brand organically.
Total Coordination
It’s only natural to feel the pressure of an upcoming product launch, but you can’t let that pressure affect your company in a negative way. Keep teams in the loop and ensure they are coordinated from the top down.
“A product launch requires coordination from all departments in your organization, so make sure everyone is on the exact same page,” said Michael Fischer, Founder of Elite HRT. “Hold meetings, send memos, and do whatever you can to make the launch a smooth one.”
Know the Market
Does your product have a market from day one, or will it be a while before the demand spikes? These predictions might seem impossible to make, but you need to make your best efforts to forecast future trends.
“The best products are simple and address a gap in the market that needs to be filled,” said Tyler Faux, Co-Founder and CEO of Supergreat. “Perform a market analysis and make sure there are people who want the product before it ever hits the shelves, online or in stores.
Maybe you’ll swing and miss, or maybe you’ll strike gold. There’s only one way to find out.
Ramp Up on Social
When it comes to research and outreach, there are few technologies that offer greater ROI than social media. Use these platforms to your full advantage, because you really have nothing to lose.
“It’s always exciting when getting ready for launch day,” said Lauren Bosworth, CEO of Love Wellness. “When launching a new product, use social media to your advantage and connect with your current customer base. Use a multimedia approach that includes photography and video for promotion. Even a tool like hashtags can be powerful to gain views and engagement. Follow and engage with your audience before, during, and after the launch to generate excitement.”
There’s definitely a lot of noise on social media right now, but you can stand out with original messaging and quality content.
Up the Ante
You can get a lay of the land by examining products from competitors, and you can also get inspiration. The key is to always look for a competitive edge and always raise the bar.
“It’s not enough to look at rival companies and create products that compete on their level,” said Denis Hegstad, Co-Founder of LiveRecover. “You need to one-up the competition with a product that offers a clear advantage, whether it’s price, quality, or a combination of both.”
Whether you’re brainstorming new products or on the verge of a big launch, these tips and insights will hopefully steer you in the right direction.