5 Ways to Make Your Next Product Launch a Success Follow these five key strategies for a successful product launch.
By Renata Black •
Opinions expressed by Entrepreneur contributors are their own.
Product launches are exhilarating and challenging endeavors that can define the trajectory of a brand. As a co-founder of an intimate apparel brand, I have had the privilege of navigating this intricate landscape. Through countless product releases, I have learned that launching a new offering is not just a one-time event but a continuous cycle of growth and evolution.
A successful product launch goes beyond mere features and specifications. It is about establishing meaningful connections with your audience and addressing their needs and desires. And this is true no matter the industry you're in.
To have a successful product launch, it's imperative to follow five key strategies. These strategies have been instrumental in our journey, and these principles can build meaningful connections, refine your offerings and propel your brand toward sustained growth and success.
Related: 8 Steps for the Perfect Product Launch
1. Solve your customer's problem
In sales, there's an adage that states you're not selling a product but a solution. This philosophy has always guided my company, EBY. We aim to solve problems, such as discomfort caused by underwire bras, rather than simply touting feature-packed products. The key lies in clear and concise communication about the issue and how our product provides the solution. A product's success lies in its ability to address real, pressing problems for its users rather than relying solely on an endless list of features and functions.
2. Read your customer reviews
Product launches aren't isolated incidents, but part of a continuous cycle, and customer feedback plays a crucial role in shaping the future of your products. Those opinions matter to us, whether it's a loyal customer or someone new to your brand. Be sure to value that feedback, as it provides invaluable insights that guide you toward creating products your customers truly desire.
When you receive positive reviews, it reinforces the features that resonate with your consumers the most. It's like finding a hidden treasure that affirms your efforts and encourages your company to double down on those aspects that bring the customer joy and satisfaction. The positive feedback will fuel your motivation to keep delivering exceptional experiences.
On the other hand, negative feedback is equally important. It highlights areas where you can improve and fine-tune your products. We see it as an opportunity for growth and innovation. Those honest critiques are like signposts pointing toward the specific features that need your attention. By approaching reviews with an analytical and discerning eye, you can extract valuable lessons and turn them into actionable steps for refinement.
So, whether you have positive or negative feedback, I encourage you to embrace it. Those opinions are the compass that steers you in the right direction.
3. Fuel your mission — always return to your purpose
Amidst the fast-paced world of product launches, it's crucial to remember your "why."
At my company, our mission is to empower women through their everyday choices, including underwear. We facilitate this empowerment by supporting other women's businesses. We strive to remind our consumers that their purchasing power has a global impact, and every product they buy aligns with their values and supports a broader cause.
The same applies to every business in every industry. Your purpose is your North Star. In an era where consumers seek brands with heart, returning to your "why" becomes a powerful tool for resonating with your audience.
Related: Will Your Product Launch Be a Success? 4 Signs It Won't Be.
4. Reimagine the influencer relationship
In today's digital age, business owners must recognize the immense power and potential of the influencer channel. You can establish a strong and mutually beneficial relationship by collaborating with influencers. Don't treat these collaborations as mere transactions; strive to create meaningful connections beyond financial exchanges.
When launching new products, involve your top influencers in the prototyping phase, and seek their valuable feedback. You can infuse your product launches with genuine enthusiasm and expert guidance by valuing their contributions and insights. This strategic approach engages a valuable demographic and leverages the influencer's targeted audience, credibility and innovative perspectives to elevate your brand's awareness and drive success in the digital realm.
5. Most important love? Team love
Lastly, it's essential to involve your team in the success of your product launch. Ensure they use it, love it and believe in it as much as you do. A passionate team that feels part of the company's success will naturally translate this enthusiasm to the consumer. It is not viewed as the company's product launch, but their product launch. When your team wholeheartedly supports the product, their genuine excitement and dedication become contagious, driving the launch's success.
Navigating the world of product launches can be challenging, but with these five principles, you can set yourself up for greater success. Stay committed to listening to your customers, reimagining relationships, solving customer problems, fueling your mission and ensuring team alignment. Remember, a product launch is as much about the people behind it as it is about the product itself. Following these strategies can create impactful launches that resonate with your audience, foster brand loyalty and drive sustained growth.
