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The majority of individuals have said that it is more vital to release the product quickly than it is to do it correctly. However, how soon should you disclose it? Occasionally, users may abandon your product and refrain from providing feedback due to a lack of features, but if you wait until all of the features are complete, those features may not be what the consumer wants. When is the optimal time/moment to launch the product? Is there anything else you’d want to add to the list of criteria/points to consider when it comes to delivering your product as soon as possible? What point do you believe is the appropriate moment to release it?
I. What is product launching?
By developing a product launch plan, you can more easily define your objectives, define your strategy, and assign duties to various teams and individuals. It may seem as if this one document covers a lot, but with the assistance of a designer or just a decent roadmap creator, you can create a product roadmap that will assist you in implementing your launch plan and aligning members around a single source of truth”. In this post, we’ll go further into the critical nature of establishing the optimal launch date for a product.
II. Importance of Product Launching
To flourish in the market, each new product must be preceded by a strong product launch. Indeed, most successful business people will tell you that product launch is the step that can make or break the entire product development process. That is why such business gurus devote an entire team of marketing professionals to the launch, ensure the team is adequately funded, and meticulously plan for each and every detail.
Despite the apparent necessity of product launch marketing, more than 60% of firms today are not prioritising their product launch plans appropriately. It’s sad that businesses can afford to screw up at the most vital moment even after spending millions of dollars in product development. To make matters worse, the majority of people that engage time and money in product launches, such as hiring a respected event production business, do it as an afterthought, which means they either do a poor job or squander their resources on things that don’t matter.
III. Why is Product Launch Timing Critical?
A well-timed product launch may transform your firm, while an ill-timed one might completely destroy it. Even if your product is rather remarkable, to begin with.
Poorly timed products as one of the top ten reasons companies fail. Your product launch is the culmination of months (and even years) of effort and persistence. This is precisely why you must ensure that your product launch is successful.
You only have one first impression, so make the most of it with your product launch.
Ideally, your preparations for product launch should coincide with your product development cycle. Thus, when you are ready to demonstrate your product, your end consumers will be prepared to accept it. Months of preparation (at the very least) are required to plan your product launch.
Examples- As a means to express gratitude to the photographers who submitted images that helped Unsplash reach 50 million downloads, the company launched a Kickstarter campaign for a book including inspirational photographs and essays from artists. The campaign’s objective was to raise $75,000, but they exceeded it by $25,000. How? By involving influencers. The book’s content was handpicked to include prominent figures in the creative business, whose influence aided in propelling the book to new heights.
In product launch marketing, taking on the competition is nothing new. Consider the Coca-Cola vs. Pepsi battle, the Samsung vs. Apple battle, and the Xbox vs. PlayStation battle. When PayPal faced backlash over the freezing of member accounts, WePay saw an opportunity to outdo its competition. WePay made an appearance at PayPal’s annual developer conference, dropping a massive block of ice containing frozen money and a simple message to PayPal users.
IV. A Successful Product Launch Contains the Following Elements
Apart from the hustle and bustle of ensuring that their product performs properly and attracts the appropriate niche, companies should also consider the external elements that might help them launch their product. Bear in mind that a critical component of a product launch is informing customers that you have something fresh and interesting for them to experience. The three critical components of a product launch:
- Pre-Launch Buzz – Make the most of the technology available to your company by creating relevant online postings, advertisements, and promotions that engage your consumers and prospects across many social media platforms. Additional approaches to pique client interest include product sneak peeks, pre-launch product testing, and enlisting the assistance of relevant brand advocates.
- Comprehensive Media Planning – Your plan should highlight the most attractive characteristics of your product and the reasons why consumers should consider trying your brand – competitive price, unique features, creative packaging, and accessibility. The company’s media planning strategy may include television and radio advertising, newspaper and magazine ads, and live product demonstrations.
- Social Media Outreach – Research indicates that a product that is paired with a social media marketing campaign has a larger chance of producing more sales and conversions. The nicest part of building your social media presence concurrently with your product is that people begin to know you and your brand almost immediately, even prior to your product’s formal debut. Their happiness might result in favourable evaluations, referrals, and finalized business.
V. Conclusion: What is the right time to launch the Product?
There are ten incorrect opportunities for launching your product for every correct one. Therefore, you must carefully analyze your position, connect it with the demands of your audience, and then begin developing an impenetrable launch strategy to place your product on the map. Recognize what is critical when releasing a new product; your launch party might be the talk of the town!
- Kim T. Gordon, Marketing Tips for Launching a New Product, Available Here
- Val Renault, Section 14. SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats, Available Here
- The Five Things Product Packaging Must Do, Available Here
- Mayukh Das, Chiranjeev Kohli, Piyush Kumar, Sunil Thomas, A study of the antecedents of slogan liking, Available Here
- Marketing: Six Tips for Launching New Products, Available Here
- 5 Steps to a Great Website, Available Here