You’ve come up with the perfect product, now it’s time to launch! New product launches can be extremely lucrative and successful if done right, but they can also be catastrophically unsuccessful if not planned effectively in advance.

It’s important to take the time to craft your own unique new product launch strategy and avoid the common mistakes that can ruin a brand new product launch before it even begins.

Follow these seven steps to creating your own winning new product launch strategy that will sell like hotcakes from day one!

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1) Research your industry

Before you start getting any ideas for new products, it’s important to do some research.

You don’t have to become an expert in your industry overnight, but if you’re already experienced and well-versed in your industry, great! If not, or if you’re looking for new skills and knowledge, there are many free resources out there that will give you an overall perspective of what your market is like.

For example, Google Trends allows users to see how often certain search terms are searched for on Google over time by location and category.

Social Mention is another useful tool—it tracks mentions across blogs (personal sites included), Twitter, and Facebook.

What are people writing about? What kind of language are they using? What are their motivations for writing about your industry and products like yours?

2) Research your competitors

Your product launch strategy needs to be more than just some generic launch! call-to-action. Customers want to feel like they’re buying from someone who knows their products inside and out, and that’s what you need them to see in your next launch.

How can you do that? Do some competitive research! Check out your competitors’ landing pages, follow their blogs, and get on their mailing lists so you know about new releases before anyone else does.

You’ll never have a successful product launch strategy if you don’t know what’s already working for your competition—just ask Target!

While you’re at it, though, don’t stop there! You need to dig deeper than your competitors’ marketing strategy.

Figure out what product features are most popular or trendy right now by browsing forums and customer feedback sites and then coming up with some variations of your own.

If you’re launching a subscription-based business, survey customers and ask them what they want most in their products or services.

3) Research keywords

Once you know what type of product or service you’re looking to sell, it’s time to start collecting keywords.

To make your new product launch strategy successful, you’ll need strong keyword research. Why? Because 90% of users who search for products on Google will never move beyond page one results (aka your competition).

Keyword research can help you determine if your niche is profitable—and if there are enough potential customers who actually want what you plan on selling.

If you’re planning on selling your new product online, you can use Keyword Explorer to get started.

4) Start building your email list

Without a list of interested and engaged subscribers, you are going to have trouble with your new product launch strategy.

While it’s not necessary for you to start building your email list from day one (you can always do it later), I highly recommend doing so if possible.

Start by using your website or social media presence as a tool for building an initial list of prospective subscribers (who will be notified when you release).

Don’t forget to include call-to-action buttons on your website and social media pages that encourage visitors to opt in.

Once you’ve started building your email list, use these tips for effective engagement and conversion

  1. Send useful emails. You don’t want to send out too many emails or inundate subscribers with information they don’t care about. Instead, focus on sending out relevant and useful content that will add value to their lives.
  2. Create an opt-in incentive. People are more likely to subscribe if they know what’s in it for them—so include some kind of incentive that gives subscribers something extra when they sign up (e.g., access to exclusive content).
  3. Be consistent with your messaging and frequency of communication (don’t be pushy). If people feel like you’re spamming them or trying too hard, they’ll unsubscribe—and quickly!

5) Design a sales funnel

Sales funnels are an excellent way of organizing your strategy, and they give you a better idea of how your plan will work.

To begin with, sales funnels are usually divided into three parts: an entry point (free offer), a middle step (paid-for product), and an exit point (main offer).

At each stage of your funnel, you need to make money. Don’t forget that people join one part of your funnel because they’re interested in what you have to offer; just because they click buy doesn’t mean that they’re guaranteed customers.

The word funnel can be misleading: Your goal isn’t actually to convince customers to buy from every stage.

Let’s say you want to sell running shoes online. You could build your funnel like so: First, potential customers download a free PDF guide about running (entry point); next, they pay $10 for a video series that teaches them how to start running (middle step); finally, when they have mastered their new hobby, they buy your $200 shoes (exit point). Well, hope that is clear enough tho.

6) Create emails for every step of the funnel

Think about your product launch strategy. You probably want to start by building an email list of potential customers, so that you can reach out to them once you’re ready to sell.

To build your list, it’s important to find ways that people want you in their inboxes–Facebook events or Pinterest boards may be good places for re-pinning or sharing content, respectively.

It’s important for these spaces not only to have enough people interested but also with plenty of time and money on their hands.

Once you’ve built up an audience interested in your niche (ideally they’re raving fans), send them emails at appropriate intervals: first explaining what you are launching, next showing more detailed images, and finally asking them if they’d like more information or ready to buy.

Alongside your product launch strategy, you’ll need an engagement plan. When people first sign up, send them content and promotional emails; when they convert into customers, send follow-up emails thanking them or giving them useful tips; and finally–after all your hard work!–send congratulations on their new purchase!

7) Write out your entire sales process from start to finish

Before you can develop your new product launch strategy, you’ll need to know how customers will actually buy your product. In many cases, you’ll want to create an easy-to-use sales funnel that allows visitors to convert into leads and leads into paying customers.

But first, you’ll have to figure out what your sales process is, from advertising strategies to shipping and handling procedures.

While every business is different (and thus has its own unique needs), creating a step-by-step guide for how customers purchase from you is critical for creating a new product launch strategy that sells—and selling successfully this year.

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Chris A.

Chris is a profound internet and Digital marketer who loves to find solutions for all your queries and doubts on tech and marketing likewise.

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