Startups are developing new products every day. And do you know what the most crucial part of the startup process is? Well, it is the launch. Launching a product is always risky. And if it fails, the product may not end up being released. However, yours doesn’t have to fail. You can improve your chances of success with a good product launch plan. Today we will give you all the information you need about it. We will discuss “what is a product launch plan,” how to create a product launch plan, and also marketing strategies to promote your product launch. ” To learn all about it and more, keep reading.
What Is a Product Launch Plan?
So, what exactly is a product launch plan? Well, it is a roadmap that includes the deliverables, the expected delivery date, every step involved in making the launch occur, and what is required to keep the product experience smooth and ongoing . They include steps that discuss :
- Product development and testing
- Branding and marketing
- Sales and post-sales customer care
Timeline milestones should be included to show testing deadlines, beta version launches, and the product or service release to the market. Every step makes it clear how close you are to a market-ready product. It could be software, an app, stationary, or whatever else that you plan on introducing to the market.
The benefits of having a launch roadmap include:
- You and your team know the goals that need to be accomplished and when.
- Investors or crowdfunding contributors (if you have any) are kept in the loop.
- Everyone knows the deadline.
- You can easily evaluate the effectiveness of your product launch marketing strategy.
- You know your target customers and your competitors.
- A clear idea of your business and its products and services in detail.
- Identifying the marketing approaches you will use
Basically, it helps to turn your plans into action, working as a blueprint for the successful launch you want.
A Product Launch Plan’s Elements
So, what is the perfect product launch plan? We have put together a list of elements that should be included in a marketing plan for a new product launch to make it fail-proof.
1. Specify the intent of your business
First of all, you have to point out what your business intends to do. As you are outlining your marketing strategies, you should come up with action-oriented reasons as to why your business is more reliable. By doing so, you will be able to help your customers figure out your business, products, and services well.
2. What is the potential audience?
First, you have to figure out which category of consumers you are designing the product or service for. It shouldn’t be limited to a vague category. Instead, come up with a detailed description of these consumer sets that you are targeting. Be as specific as you can. That would make a huge difference. By describing the target audience in detail, you get the chance to understand what you want to achieve.
After that, you can check the effectiveness of the pitch and product viability.
3. Learn About Your Competitors
Don’t forget about your competition. Knowing them and what they are up to would help you with your work. Unfortunately, most startup entrepreneurs overlook this step. They don’t tend to spend enough time understanding their competition. But knowing your strengths and weaknesses with a strong analysis of your competitors can help you achieve your targets.
4. Brand Positioning Statement
Keep in mind that your brand and what it plans to do for your customers will play a key role in your marketing arsenal. It can be your strongest competitive advantage. You need to come up with a simple and comprehensive statement of how you plan to meet customers’ requirements.
You can go with a solid brand positioning statement that is target-oriented to solve problems. It is a smarter approach.
5. Conduct Beta Tests
Once you finally introduce your product to the market, you can conduct tests to get feedback from people. You should run these tests on actual consumers of your product or service. Ask them about what they thought about the product and what they liked and disliked about it. You can also ask for suggestions from customers to improve any cons regarding the product they consume. By conducting public beta tests, you can present a product that people actually need.
The customers’ point of view is important. After all, you are creating the product for them. So they need to have a say in what the product should be. Their point of view is useful to bring the product to its maximum potential because customers see the product from another perspective that your team may not be able to provide.
6. Create and perfect your pitching deck
You have to prepare a pitch deck to get investors in pitching sessions. You must follow the standard pitch deck ‘rules’ here. Of course, there are no stone-carved rules for pitching decks. However, there are unwritten laws such as keeping the presentation simple, not having more than 19 slides, etc. Basically, it should be something that can get investors on your side within the minimum time period.
It is necessary to not fill up the slides and bore investors with an overwhelming amount of information. But you may feel as if you have a lot to communicate with them. In that case, you can prepare two separate pitch decks. You can use it to pitch to investors during the sessions. This one should be more simple and more visual-oriented without a lot of details. The other pitch deck can be used to include detailed information you want investors to know about the business. You can email this to investors and attendees. This will help them get an in-depth understanding of your product. Plus, if investors were not clear about your product idea in the pitching session, they would become interested in it after reviewing its potential.
7. Take part in startup contests
You have thus created a pitching deck. What’s next? Take part in pitching contests. When entering contests, consider the following factors:
Do not make blind pitches
Make sure to read the competition’s terms. Many pitching events ask for a share in your business simply for participating!
What advantages does pitching provide for you? Analyze the benefits and drawbacks of the competition before making your pitch in the session.
There is one general norm to follow. You should apply if the competition provides rewards even if you come in last. If not, you should stay away. Networking with investors, meeting new partners and co-founders, and other things may all benefit. But the advantages have to be measurable.
Maintain command of the pitch
Although you are making a pitch to experts, the business is yours. Therefore, maintain command of the pitch. If someone tells you that your startup has no promise, won’t address the issue, or anything similar, don’t take it personally. Simply express your confidence that your product can address the problem while being assertive. It’s not the point of pitching meetings to argue or debate. Simply put, investors are looking to see whether you have potential.
Pitch sessions ultimately serve two purposes: attracting investors and marketing your business. Perhaps you can even get customers from these meetings.
8. Determine Announcement Platforms for Startup Product Launch
Although the aforementioned two ideas are important for a product launch marketing strategy, they are related to fundraising and investor presentations. Most businesses rely on their own resources since not all of them are fortunate enough to get funding. Even if your firm is self-funded, you may still get the word out by using sites like BetaList, Hacker, Product Hunt, News, and many more.
The terms and conditions differ for each of these platforms for the introduction of new products. To prevent being banned, make sure you read them before submitting your products.
9. Promote through Press Releases and Announcement Websites
It would be best to promote your startup business through announcement sites and press releases. You could say that online press release submission websites are not the most popular anymore. However, they can still be useful for a new product launch marketing plan because websites are scraped for search results by search engines. Plus, they help get the word out among journalistic circles.
How to write a press release?
Writing a press release is not as challenging as you think. To make it perfect, you simply have to follow a few tips, which are laid out below for you:
- Come up with an attractive headline (preferably short and communicating the idea quickly to the reader).
- Explain your startup story.
- Keep things brief but comprehensive.
- Write in the inverted pyramid style.
- Include your contact information.
What Are Your Marketing Strategies?
So, now you have to see how to reach your customers. Of course, there are mainstream media like print and broadcast approaches. However, in today’s day and age, you cannot ignore digital marketing channels. They will surely benefit your startup. Here are some of them:
1. Social Media
As you know, social media is at the center of modern-day marketing. You cannot neglect this part of your business marketing plan. Through social media, you get the chance to reach a wider audience, which in turn may be your potential customers. You can communicate an idea quickly and get instant feedback through social media.
We recommend having an attractive blog site. Having an active Instagram or Twitter page can help your startup grow.
2. An Active Blog
An active blog is a must for businesses today. It is useful to promote and amplify your company’s digital presence. Through a blog, you can regularly present helpful articles that can help keep visitors interested in your blog and get an understanding of your business, its services, and its impact.
3. Email Marketing
Email marketing is an effective approach to promoting and marketing your startup business. Your organization can incorporate email marketing techniques to expand your business’s presence and reach. You can definitely employ newsletters, promotional emails, and campaign emails to help the cause more.
Product Launch Marketing Checklist
Here is a brief checklist for you to refer to for your product launch:
- Develop a story behind the product launch.
- Prepare a launch plan.
- Define your success metrics.
- Identify marketing channels for launch.
- Successfully complete the Beta testing process.
- Confirm your product launch date.
- Talk with your employees about the product launch.
- Outreach media and journalists (PR.)
- Prepare for the launch event (if you are holding one.)
- Come up with social media posts about your product launch.
What is a Product Launch Plan? Wrapping up
There you have it! Now, you have got to know what a product launch plan is and why your startup needs it. Of course, launching a product is risky. However, if you plan it out well, things will go smoothly. So, you can increase your chances of success by coming up with a product launch roadmap first.
Through this post, you learned what a product launch plan is, what should be included in a product launch plan, and how to make the most of it. We hope you will be able to make a perfect product launch plan now that you have learned it all. And we wish your startup to be very successful.