Launching a new product is one of the most exciting AND most stressful times for your business. It's no secret that there is an inherent risk investing the time and funds that goes into creating something new to be sold. Before putting your product on the market, however, there are a few steps you should follow to help ensure your business venture will be a success. The following tips are Fish Sharee of AllInCareer.com's Six Steps to Promoting a New Product.
1. Set a Launch Date: Many people work far more effectively when they have a deadline. Even if this doesn't apply to you, it is likely that your employees will be better motivated with a set timeline. Create a step-by-step guideline for what needs to be completed before you share your product with the public, preferably with individual checkpoints along the way. Once you have reached this final deadline, it is time to start promoting your new product.
2. Spread the Word: Even with the increased popularity of online promotion, word of mouth is still a great way to start building hype for your product. Create a short "elevator speech" that will overview the product, including what is does, how it works, and how buying your product will benefit the owner. Then promote your product to friends, current customers, business partners, and so on.
3. Create a Website/Blog: It is always smart to have multiple channels of promoting for your product. Even if your business has a website, it is a good idea to have a dedicated page or blog for important products. This also allows you to write a larger amount of information about the product for your potential consumers, as the details often get lost through word of mouth. You can refer people to your website, where they can get product specs, updates, new deals, etc. A website or blog is also a great place for your customers to leave comments and suggestions about your product and how it can be improved.
4. Launch Party: After you have established your release date and started promoting the product, host a party dedicated to its launch. This should include food and beverages, and an area showcasing your products with knowledgeable employees explaining them. Having a greater number of individuals who are excited about your product and able to explain it should lead to greater word of mouth and online promotion.
5. Freebies: Giving away free trials or free samples is always a great way to promote your product. Once individuals are committed to the sample of your product, they will be far more likely to both buy and promote your stuff. The launch party would be a wonderful time to hand out freebies.
6. Keep a Positive Attitude: After you have gone through all of the other steps, the last thing you must do is simply be positive, be patients, and believe in your product!
Please visit Louise Balle of Demand Media's article on Planning your Product Release for further information on getting the most out of your product launch.