Product Launch for Entrepreneurs: 8 Effective Guides

by Ebunoluwa Owoniyi

Product launch is a term that simply implies the process of setting an enterprise into motion. An entrepreneur is an innovative individual who parks new ideas at different times. These ideas usually transform into a product with time. Therefore, it is necessary to initiate a perfect product launch. 

A product launch is the sum of efforts entrepreneurs make to bring a new product to market. The essence of launching a new product is to create awareness about your new product. Everyone inside the company you own or work with, your partners and your target customers must know about your new product. 

If you don’t publicize your product, it won’t be effective. In the end, your customers will barely be aware of your solution and this may create a bad impression of your product. Moreover, your product will not be able to hit your revenue and profitability goals.

Types of Product Launch

There are different types of product launches. This is because there are different ways to launch a new product. Below are some types of perfect product launches. 

  1. Soft Launch

During the soft launch, your product sneaks into the market without much fanfare. Products you sell from your business to another usually launch this way. You don’t get a lot of attention. This might be because your product isn’t quite ready for prime time. So, it makes more sense for a few customers at a time to have a look.

  1. Minimal Launch

This launch is for smaller products or small incremental product changes. It gets the word out without a huge amount of marketing spent.

A new product launch.

A new product launch.

Read also: 11 Effective Marketing Strategies for Entrepreneurs in Nigeria

  1. Full-scale Launch 

To let the whole world know about your product, aim for a full-scale launch. In a full-scale launch, you will spend a lot of time and energy. However, what you desire for your product will always come by. 

Are you launching a new product for your brand? Then, try a full-scale launch. This type of launch has the best chance for success for your brand growth and user adoption.

Stages Involved in Launching a New Product  

Besides, there are various stages involved in launching a new product. Below are a series of the processes involved. 

  1. Consider meeting the users’ needs.
  2. Know your competitors.
  3. Build a prototype and test run it.
  4. Reconfigure your product.
  5. Create anticipation by pre-marketing.

Read also: 5 Digital Marketing Mistakes to Avoid as an Entrepreneur 

8 Effective Product Launch Guides for Every Entrepreneur

  1. Create a landing page on your website

First, create a landing page on your website about the new product you are about to launch. As an entrepreneur, it is essential to create a landing page that directly takes the viewer or potential customer to your website. This is to be done before proceeding with your new product launch.

  1. Make a standard well-to-do publicity

Publicity more like advertisements is very important when it comes to a new product. It creates awareness amongst your existing and potential customers about the product you are about to launch. It also helps them get a good perspective of the product.

  1. Network and share your product

As an entrepreneur, building a good network platform is of great importance. Your network can serve as a means of publicity for your product, which you can also convert to potential customers. 

  1. Advertise your products 

Depending on your budget, you should advertise in as many appropriate places as possible. This will have you garner enough traffic to generate interest.

  1. Learn about your customers

Learning about your customers’ needs before you launch a product is essential. It will enable you to fashion your product to their taste. Pay attention to what they want out of a product. 

Therefore, before initiating a product launch ask yourself these questions:

  • Who is this product for?
  • What does this product stand for?
  • What is the uniqueness of this product?
  1. Set goals before your product launch 

When launching a product it is essential to set SMART goals. SMART stands for Specific, Measurable, Attainable, Relevant and Time-bound.

  1. Plan your go-to-market

Have a perceived market in mind before launching a new product. This will save costs and yield a high revenue.

Read also: How to Convert Your Hobbies into Money in Nigeria

  1. Create anticipation for your product launch

People trip on excitement, so it is important to create a signal for the anticipation of your product. 

Display past testimonials to portray yourself as a successful entrepreneur.

However, bringing a new product to the market as an entrepreneur may be so intimidating. So, ensure you plan to reach your goal. Trust is very important when launching a new product. Therefore, ensure you deliver a quality product to your consumers as they only tend to buy what they can trust.  

When launching a new product, state the advantages of the product to ensure it meets the users’ needs. Make sure to nail down your positioning and share it with your key stakeholders.

Also, before you introduce a new product to the market, it is important to write positioning statements that would answer specific questions such as:

  • What is the function of the product?
  • To whom does the product belong?
  • Who is the specific target audience?
  • What fraction of this audience is most likely to buy the product?
  • What is the proposed brand name?
  • To what category does the intended new product belong?
  • What makes it stand out from other products already on the market?

Providing answers to the above questions will make it easier for you to set a goal for launching your product. After then, endeavour to create promotional contents that will support the launch. These contents can include tutorials, blog posts relating to the product and also landing pages on the product website.

Next, form a product launch team that will assist in the marketing and monitoring of the process. This is because no man is an island of knowledge.

Finally, allow your desired new product to enter the market. The product launch team should also take their time to see how well the process went and how the performance of the new product is in the market.

Conclusion

All the above processes are effective clues to help you activate a successful product launch. Note that launching a new product can be very expensive and at the same time daring. Thus, it is essential to put in the maximum effort that will yield great results.

Do you have anything to say about this post? You are free to speak your mind in the comments section. You can also have an audience with Insight.ng via our WhatsApp community as regards product launch. 

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About Author

Avatar of Ebunoluwa Owoniyi
Ebunoluwa Owoniyi
Ebunoluwa Owoniyi is a student studying microbiology, a prospective graphics and fashion designer, she loves to write to enrich human knowledge.

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