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Businesses are constantly launching new products, and they can be one of the more essential aspects of your company.
A successful product launch has the potential to create an increase in market share, customer base, and revenue. The launch can pave the way for a huge success or a massive failure.
Your digital marketing strategy mix will help cover all aspects of the new product launch. The value of your product to make a difference for your target audience can only fall short with the support of a well-conceived strategy.
Without a plan, you can’t measure your success for anything you plan to launch in the future.
It can be challenging to develop the best strategy mix to give your product fair visibility and impact.
Having a foundation and framework to use that defines your product, develops understanding, and moves through the success of introducing that product is imperative. Having a plan with clear, actionable items can ensure that your tasks will aid your launch’s growth.
What is the best digital marketing strategy mix to help launch your new product to market?
Below you’ll find a tried and true framework to help you incorporate core components that add more value and achieve an impactful launch experience.
Preparation is Essential for Your Launch
First and foremost, you must understand why so many companies fail at product launches. It can be for many reasons, but some of the more common issues that occur in a business marketing strategy for launch include:
- Failure to educate on the need for the product
- Poor reading of target market or trends
- Price (competitor price is better)
- Filling a condition that doesn’t exist for the consumer
- A competitor with a better product at the same time
- Lack of preparation and planning
The last reason is a big one; companies focus more on the product, developing and innovating something they feel can speak for themselves.
The problem is that it can’t do that. Your business needs to plan ahead of time with its digital marketing tactics to define and refine the product in a way relatable to prospective buyers.
How do you do this? Develop an internal framework that takes steps to effectively market the product on the proper channels, so you can repeat the process as you move forward.
Digital Marketing Strategy – The Steps
Here are the steps to help you build a stellar digital marketing strategy mix you can apply to launch your new product.
1. Set a Clear and Realistic Goal
It may seem odd to start at the end of your strategy, but it’s the best tactic for your business. You need to work backward by first creating quantifiable and reachable targets for your launch.
If you don’t know exactly where you plan to land when the launch is complete, how can you set up the plan to get there?
You also need to be clear about the goal you set. For example, you can’t have your goal just be “increase sales revenue” but rather, more specific, “increase sales by 52% over eight months.”
You need to target the growth as precisely as possible to see how well your business can achieve it.
Focusing on what you want to achieve allows you to measure your success more effectively. Examples of some launch goals you can set forth for your product include the following:
- Prospects – introduce the product to the specific number of prospects within a set period.
- Usage – increase how many individuals or businesses use your product regularly.
- Brand awareness – build the market’s awareness of your business and create hype for your brand.
- Positioning – clearly define customer perception on how they view your business.
- Differentiation – your product is similar to others within the same industry, but how do you set it apart from the competitor version?
2. Understand and Know Your Target Audience
The second step in your digital marketing strategy is defining your audience within your marketing plan.
You can always expose the product to other consumers later on, but you need to pinpoint the demographics of your user base so that you know how and where to target them more specifically.
Your messaging and content are components of this step, so you can tweak them to add more value to your product that is directly relatable to potential buyers. You can validate answers to questions, such as:
- Who will benefit from the use of this product?
- What problem does this product solve for (specific person)?
- Why does this product work so well for (specific person)?
- How does this product work better than competitors for (specific person)?
Look through your existing customers or user base to help define your audience. Focus on those customers with previous positive experiences, or look for new opportunities to identify who was interested or invested with your business brand in the past.
You can utilize marketing segmentation to understand customer intelligence and lay the groundwork for common needs, interests, and preferences.
3. Analyze Current Successful Sales
Besides your audience, your marketing channels will be the next area you’ll want to examine.
You need to establish your baseline in terms of performance, so look at the channels that are currently working well and driving your business sales.
Look at what digital marketing strategies and tactics are already working well for your business. You may succeed in real-time bidding for designated ad space that brings more traffic to your site.
Are referrals, PPC, or SEO helping to drive your current visibility for existing products? Incorporate tactics that are helping to drive your business well right now!
Build on these things within your new marketing plan for your new product lunch. Don’t leave out exploring new channels and campaigns, but you don’t want to neglect what’s already working for you!
Part of your analysis includes examining your marketing budget and what you can invest in to help achieve your goals.
For example, bringing in a digital marketing service can ensure they make your product the most successful.
Using an agency’s expertise can help you clearly define your goals and map out a digital marketing strategy with the best potential.
4. Creating Your Digital Marketing Strategy
Now comes the development phase: you must define how to get in front of your target audience, identify key steps through your launch sequence (customer journey), and utilize your strategy through a combination of different channels and campaigns.
For example, if one of your key focus points is increasing conversion, you may need to perform A/B testing and optimization and incorporate that into your marketing budget.
The higher quality of content for your audience can help improve your rankings for SEO.
If one of your clearly set goals is to increase customer engagement and organic leads, you should incorporate email marketing as part of your overall launch.
Creating a high-quality experience for your customer develops a strong connection for continued loyalty.
Your strategy needs to be a well-thought-out formula for your success in reaching your goals for your product launch. Be logical in your approach and what steps will help you get there.
5. Measure Your Success and Make Adjustments if Necessary
You may need to make changes before your product launch happens. For instance, if you see that you’re not getting your intended audience’s conversion rates or interest, you can re-evaluate what demographic will benefit most from your product.
Then you can tweak your content and what channels you use for your campaign to drive better conversion.
It’s critical to assess the results during your launch. You can quickly adjust or pivot your tactics to be more effective if you can measure how you’re doing.
It may involve incorporating some data and business analytics to help you improve upon your digital marketing strategies.
6. Launch Your Product
Breaking up the tasks needed to accomplish your set goals will make your launch more manageable.
It also ensures that you gain momentum within your campaigns and can optimize along the way to ensure that your digital efforts can supply your Return On Investment (ROI).
It can be helpful to explore what other competitors are doing and evaluate what works for them, but remember that it may have a different impact on your launch.
Don’t forget to measure and analyze what’s working after you launch, too. You can make changes for the following product or tailor another launch for the same product that will be more effective in your objectives.
Find the Right Digital Marketing Mix for Your Strategy
There is no set pathway that you have to stick to for your digital marketing efforts, and you can constantly adjust your strategy to add more variety or reach your audience better.
Like any plans and digital marketing framework, there is no cookie-cutter “one size fits all” solution for launching.
Combining your efforts to develop creative campaigns that align with your business brand will help you in your launch.
Be sure you’re utilizing tools and resources to measure and track your performance, which will help you bring it all with an efficient digital marketing strategy mix that ensures a successful new product launch.
- Effective Digital Marketing Strategy Tips for New Product Launch - April 18, 2023
Super tips Donna. Knowing your audience is where it all starts. From there, you are poised to have a successful launch because once you know their needs and preferences you can begin to tailor the launch to their taste. Any successful launch I’ve executed has been about listening closely to the needs of my readers before moving forward.
Ryan