Best Practices for Launching a New Product or Service

Launching a new product

Launching a new product

When launching a new product or service, you should take every step possible to ensure your ads reach the right audience and that you will potentially gain new customers from the launch. This doesn’t always happen of course, so let’s get some advice from some business owners on how to best launch a new service at your company.

The most important thing to focus on is visibility. Is it on the right social platforms, or what about information in guest posts or other PR opportunities? Distribution should always be top of mind. Make sure the launch isn’t a one-day effort, plan for posts throughout the week to keep momentum going and people talking. It’s a marathon, not a sprint. .

Marc Atiyeh, CEO Pawp

Make a clear plan for your launch campaign. You’ll want enough promotional material to carry you through the launch of your new product, and after it’s hit the market. Hype around new products fades the less consumers see it being advertised and posted about, so make sure your campaign timeline takes that into account as well.

Jeff S. Goodwin, Vice President of Direct to Consumer and Performance Marketing Orgain

Make sure you do sufficient research and testing before taking your product out of the beta stage. Surely, there will always be bugs and quirks to any newly released product. That’s inevitable. But make sure you understand the consumer experiences of your products thoroughly so you can troubleshoot new releases effectively.

John Wu, Co-Founder Gryphon

Consider expanding your business and hiring a consulting team or marketing agency. Launching new products effectively can be difficult and it’s absolutely ok to hire professionals to help with your launch plan. Additionally, it can be helpful to gain outside perspective from your team and clients.

Dylan Arthur Garber, Co-Founder Audien Hearing

Create a beta product and get feedback from your customer base! Customers love feeling a part of product development and they’ll give the most helpful feedback you could get. If they enjoy your new release, chances are it will do very well. Choose some of your best customers or offer a coupon as a way to give customers a chance to try it out.

Jim Beard, COO BoxGenie

Make a clear set of goals for when to announce details of your launch. It’s smart to pace your campaign out and give little pieces of information. Closer to the release date, you can determine when the best time to release full product information for consumers. This will help build excitement for your new release, keep clients interested and could potentially draw in more customers the more people see your advertisements.

Ramin Oskoui, Director of Growth Marketing NURO

Decide where to advertise your new service. Digital ads are a great way to get the word out, but you could also explore billboards and social media as a way to prompt your new service to customers. Make sure you know all the potential avenues to promote your business, even if you don’t end up using them all at once. Certain ones might be more effective than others.

Tyler Hayden, Read Founder PT Pioneer

Consider offering free samples of your new product to existing customers. This will not only get the word out, but create excitement among your client base. This is a great thing to do post-launch, after the hype of release has quieted down a bit.

Shaun Price, Head of Customer Acquisition MitoQ

Your incentive to release and update your existing products will largely come from your customers. Make sure that whatever it is you are releasing, it meets the demand of your current client base and has the potential to attract new business as well. It doesn’t make sense to release something that your customers aren’t necessarily asking for or interested in. Source as much customer experience information as possible to inform your new products and services.

Hector Gutierrez, CEO JOI

Use new launches as opportunities to update your existing services. This is a great way to give something back to your loyal existing customers while creating additional revenue around your new release. You could potentially double your profits with the addition of new customers.

Jonathan Simpkin, CEO Swiftly

It’s important to understand what other companies are doing that are similar to yours. Make sure that your new release puts a separation between you and similar businesses. The uniqueness of your product or service will determine your longevity as a business.

Lindsay McCormick, Founder and CEO Bite

Consider the availability of supply to make and distribute your new products. Many companies are experiencing material shortages and shipping delays that are causing releases to be pushed back. Plan accordingly and if you do get set back, give yourself a realistic timeline to make the release happen. A rushed rollout will ultimately cost you more than you’ll make.

Olivia Young, Head of Product Design Conscious Items

Make sure your team and company are on the same page and fully understand the timeline you’ve laid out. It’s important to formalize your plan with your team so that you have support and accountability for making the release happen on time and effectively. Be transparent and open every step of the way.

Jared Zabaldo, CEO USAMM

Consider offering a free trial of your new service. A low commitment offer is attractive to new customers, and benefits your traffic. A lot of time when someone pulls the trigger on a free trial, they’ll end up signing up or buying your products. Trials are great ways to build trust with your current and potential customers.

Matthew Mundt, CEO and Founder Hug Sleep

Make sure you advertise to the right audience. If your service is typically more useful in an office setting, make sure you are placing your ads in places that business owners and administrators will notice.

Joe Thomas, CEO Loom

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