New product introduction: Five key steps
Follow these five steps to set the stage for a successful launch.
1. Develop a marketing plan
The first step in rolling out a new product or service is developing a comprehensive marketing plan. Ask: What are the key benefits of the product or service? Who is the target audience? How will you communicate the message to your target audience? Craft a strategy to share your new product's unique value proposition with the widest possible audience.
2. Focus on customer acquisition
You don't have to hire an ad agency or have a big marketing budget to launch your product or service. Use social media channels, press releases and industry events to get the word out. These tactics can help you reach new customers, who can in turn reach even more prospects through word-of-mouth advertising.
3. Monitor feedback
Solicit customer feedback on your product or service, either through questionnaires, focus groups, or your social media networks. Customer review sites such as Yelp are also a good place to monitor customer reaction. Whether the feedback is good or bad, be sure to respond to customers in order to build lasting relationships.
4. Make product revisions
If you notice recurring complaints or trends in customer feedback, take steps to improve your product or service. Making improvements or modifications will help you respond to problems you didn't anticipate – and show customers that you're responding to their concerns.
5. Consider new geographic areas or industry segments
You can expand the reach of your product or service by entering into new geographic markets or industry verticals. Use website metrics and online reviews to determine potential untapped markets for your business.
Learn more about marketing a new product or service.