If you’re getting ready to launch a new product online, you’re probably overwhelmed with ideas. Wondering what you should do and what you shouldn’t do can keep you up at night. Take a few minutes to read through the information below and you’ll be on the path to success for your new product launch.
What is a product launch?
A product launch is the strategic process of introducing a new product to the general public. Before the release of the product you’ll want to create plenty of buzz to hype consumers. Every step of a product launch requires strategic planning and careful though. Oh and plenty of funding too.
Benefits of launching a product online
There are several benefits of launching a product online. First, you can reach consumers all over the world. Second, you can keep costs down by not having a physical storefront or fewer locations.
Through the use of online distribution channels like digital ads, social media, and email blasts, it’s easier than ever before to increase brand awareness and build anticipation for a launch.
How do I launch a product online?
A successful product launch is much more than just setting a launch date and selling a product.
The framework of a successful online product launch includes market research, a digital marketing strategy, product hype, customer engagement, and a post-launch strategy.
To launch a product online you will need to set up a portfolio of creative assets, social media accounts, an email subscriber list, and a website with ordering capabilities. You will also need to define and know how to reach your target audience. Platforms such as Instagram, Google, Facebook, and more you can reach your target audience and deliver your message.
Tips for a successful product launch
It’s crucial that businesses know how to get the most out of their product launch while avoiding the common pitfalls that can occur.
During every stage of the product launch process, there are a few tips to keep in mind:
- Develop a strategy: A successful product launch strategy should include market research, product development, inventory management, marketing, and customer engagement. We’ll cover each of these points in more depth below.
- Know your competition: What sets your brand apart? Identify your product’s unique selling point(s) and know what makes you different. This information should inform both your overall product launch strategy and your marketing plan.
- Know your target audience: Who is your target customer? What are their needs? How can you reach them? Knowing the answers to these questions allows brands to come up with products that best meet the needs of their target audience and then know how to market to them. Understanding your target audience is critical for your ability to present relevant and engaging content to your customer base.
- Create a marketing plan: Once you know your target audience and your brand’s biggest competitors, you can utilize this information to create a detailed marketing plan for your new product. Although the best plans include both digital and print advertising, don’t be afraid to think outside the box, with traditional means of marketing giving way to digital campaigns, product tours, and other innovative ways of engaging consumers. Keep your target customer persona(s) front and center as you create a marketing plan.
- Stock your inventory to be prepared: Inventory management is a common roadblock for many up-and-coming businesses. Make sure that you have enough product in stock to keep up with the possible consumer demand. Since anticipating how much product to have on hand can be extremely difficult with a new product launch, now is the perfect time to consider the use of inventory financing to fund upfront inventory purchases without the need for purchase orders or invoices. With inventory funding through a company like Kickfurther, your balance is paid back when the sales revenue comes in.
- Build hype and anticipation for your product: As part of your marketing strategy, begin to build hype for your product launch several weeks or months in advance. This can be done through email drip campaigns, social media posts, and teaser videos that give your audience a sneak peak of your new product. In addition, take advantage of brand partnerships and social media influencers. The more you can get your followers excited about your product, the more sales you can expect on release day.
- Utilize social media: The right social media strategy builds engagement and increases brand loyalty. If you don’t feel confident enough to do it yourself, there are a variety of agencies and contractors with expertise in social media who can help you plan, create, schedule, and post all of your social media content. Make sure that your brand has an active presence everywhere that your target audience would be online. Most businesses today maintain accounts across the following social media platforms: Facebook, TikTok, Instagram, Twitter, Snapchat, YouTube, and LinkedIn.
- Build your email list: In addition to posting on social media, now is the time to engage your audience with e-mail marketing. Make sure that you are collecting customer emails on your website, in your sales funnel, and even through social media. Once you have an email list, don’t forget to engage them. An email distribution schedule should be a part of any new product launch strategy. Boost email sign-ups by giving subscribers early access to new product releases and exclusive coupon codes.
- Create post launch engagement: The work doesn’t stop after your product has launched. Now is the time to go hard with customer engagement and content distribution. Consider implementing digital marketing campaigns that involve social media influencers or call for user-submitted content. For example, a clothing brand might ask their followers to post photos of themselves wearing the latest shoe release.
How Kickfurther Can Help
Launching a product can be costly. It can also strain cash flow. As you shell out money for advertising, there may not be much money coming in – that is until after the product launch. To ensure you have plenty of funds for operations and marketing as well as plenty of inventory on hand, you may need inventory funding. Kickfurther is the world’s first online inventory financing platform that enables companies to access funds that they are unable to acquire through traditional sources. With Kickfurther you can fund millions of dollars worth of inventory at costs of up to 30% lower than the competition. It gets better though – you don’t pay until you start making sales. You’ll truly have the opportunity to create a payment schedule that works for your business. You’ll outline expected sales periods to create customized payment terms. With more than $100 million in inventory funded to date, Kickfurther can help you get funded within a day or even minutes to hours. If your brand sells physical products or non-perishable consumables and has revenue between $150k to $15mm over the last 12 months, you are a prime Kickfurther candidate.
Interested in getting funded on Kickfurther? Create a free business account, complete the online application, review deals, and get funded in as little as minutes!