For every small business, it is essential to have access to an emergency fund. It is useful for whenever an opportunity to grow arises which needs financing, or when the business itself is facing a loss or a reduced inflow of cash. It helps the business grow on a consistent rate, and also provides the support it requires in times of need. That is where a commercial line of credit (LOC) comes i...
There are thousands of online stores across the Internet that launch new products every now and then. But we manage to catch the glare of only a handful of products. As the numbers suggest, about 30,000 products get launched annually and only 5 percent of them succeed to impress the consumers.
Why is that so? Because there is a difference between effectively launching a product and casually throwing it into the market.The point being, launching is more than listing a product on your online store.Wondering how to launch a product without leaving any loophole in the process? consider the following steps:
#1 Start With Research
Once you have the idea about the thick and thin regarding your product, it’s time to do some research. The research could be in different forms. Qualitative and quantitative methods of research are particularly famous. There are different mediums of conducting research as well. It could be done in person or through social media.
Here is how the research will bring clarity of thought to you:
- Competition: You will come to know about the like-products. Maybe there are already certain products available in the market which resemble yours. And you can iron out why customers are happy or unhappy with them so that you can modify them keeping their needs in the mind. In a nutshell, after the research, you will have the margin to cope with the competition.
- Price: It will be easier to set an apt price. The research will give you a bigger picture regarding the prices of suchlike products and you can adjust the retail price according to the market. It will not be too high or too low but just the standard one for both – the company and customers.
- Target Audience:That’s probably the biggest perk of conducting prior research work, that is, you will find out the core purchasers.Does not matter how awesome your product maybe, as long as it does not reach out to the right crowd it is of no use.
#2 Give more space to the new product on your e-commerce website
Most of the online stores burry new product on their website. That way, they make it tough for consumers to see that. You must adjust it somewhere up front. So that customers can catch its glare and show more interest in the new arrival. There is no rocket science involved here. Increase the visibility, sales will increase on their own.
#3 Test Market
Everyone tries to manufacture the best products. Yet, its human to make mistakes. Therefore, it’s not unusual to produce faulty products despite the best of the efforts. Especially women business owners can’t afford to produce defective pieces because the majority of them benefit from women business loans. Sounds like a pretty big problem, isn’t it? Well, actually not, because the test market swings into action to rescue you.
Before launching a product at a big scale, it’s always safe to test it beforehand. There must be a bunch of loyal customers on your online store. Try to sell it to them firs ton discount and get the much-needed feedback from them. If the customers find some errors then make changes accordingly otherwise it’s time to go for the official launch without much ado.
#4 Build up early hype
Building up early hype is very important. When it comes to launching a product, the biggest blunder one can ever commit is to wait too long for the marketing. Name any well-known company, they all start marketing their products way too early. This tactic has been guaranteeing immediate sales over the years. Because by the time products physically step into the shops and stores, people’s curiosity has already reached to a summit. They can’t help buying it.
Social media can do a world of good in this regard. By using Facebook, Twitter, LinkedIn and other likewise platforms, you can develop interest and then keep it intact by constantly reminding your followers about the product launch. Not to take anything away from social media, there is nothing like face-to-face interaction. Seeing videos and pictures is one thing but watching the product in person is an entirely different experience. So you can also mull over the option of hosting a business event too.
#5 Take pre-orders
Pre-orders is one of the most underplayed launch strategies. Many marketers wrongly assume that hype alone will do the job for them. Well, it can’t, until you supplement it with the option of pre-orders. The hype does not last forever so it’s better to take pre-orders when the hype is sky high.
Moreover, if your product is actually worth buying, you have more possibilities for pre-orders. It is one of the basic human tendencies to have something before others. That’s precisely what big business tycoons are doing. They are capitalizing on this human instinct.
Other than that, you can take pre-orders as the measurement of success. More pre-orders mean that your product is good. If people have issues buying your product on the publicity-pitch, they might have the same issue after the launch.
#6 Timing is key
Companies invest months, sometimes even years, to doll up a product and then ruin everything with bad timing. That’s not an uncommon scenario in the business world. At times companies take so long that by the time product is launched, the interest generated by marketing campaigns had already fizzled out. The opposite of that is also equally true. We have seen the cases when businesses rush through everything without properly addressing the defects and launch a faulty commodity.
In the context of timing, pay attention to the following factors:
- If you are launching something seasonal, like jackets for example, then don’t introduce it when the season is over
- You should also be wary about the competitors. They might launch something just before you and could affect your sales dramatically
- People usually spend time with family on holidays. So launching on such a day could be a bad idea. It is recommended to avoid the launch on national holidays
#7 Make the most of content
Bill Gates wrote in 1996 that content is king. Nearly 23 years have slipped by butit’s amazing how this statement is valid till to-date.You must spread information about your new product as much as possible and provide details to the customers in black and white. The research will come handy here. Whatever information you have gathered, it’s time to make the most of it.
You can spell out to the consumers why they should opt for your product over others – whether it is price-competitive or bears additional features. Just convey them the stand out reasons to buy your brainchild.
Take note of the following points to get the best out of content marketing:
- Storytelling is out-and-out the best way to motivate customers to read details
- Videos heavily influence the purchasing decision.Talking about numbers, as many as 90 percent of the customers admit that videos help them to get a better understanding of a product. Thus,don’t miss out to add tutorial videos. Nobody will buy the product if they have not the foggiest of the idea about how to use it.
SohailRupani is a senior SEO strategist at PNC Digital, a digital marketing agency based in Orlando. He specializes in SEO and SEM techniques. He is passionate about technology and loves to analyze the tech industry in his spare time and stay in touch with the latest happenings. He also writes technical articles about SEO and digital marketing. Follow @sohailrupani for more updates.