How to promote product launches is one of the most important decisions that companies make for their growth. A lot of research and planning goes into it, not only by the company itself but by its competitors as well. The first step in answering the question “How to Promote Product Launches” is knowing what the purpose of a launch is, and how you can use it to compete with your competitors. For example, if your product is a service rather than a product, then you do not want to launch your service just before a competitor releases his own version.
Once you have a clear idea of the objective of your product launch, you need to look at the competition. Who are the biggest players in the market? What are their strengths and weaknesses? What makes them competitive and how are their marketing campaigns currently working out? This will give you an idea about what you should be doing differently to reach out to your competitors.
Who are my potential customers
One of the most important questions that you should ask yourself when you are planning how to launch a product is “Who are my potential customers?” Once you have determined this, you can proceed with your analysis of who you should target with your marketing campaigns. Your sales teams should be involved in the development of this plan since they can provide the sales leads. But before your sales teams go head-to-head with their potential clients, you need to identify who your competitors are – in terms of marketing strategies and market penetration. From there, you can make a plan to gain a foothold over your competitors.
Once you have determined who your competitors are, you need to get your product development underway. From here, your sales teams will have more input in shaping your strategy. It is important to take note that product development at the growth stage is not finalized; it is a process that yields results after the development of the product.
Now let us move on to the growth or the introduction stage. During the introduction stage, you already have an idea of what marketing needs to accomplish during the launch of your new product. You have already done market research and identified your target market. You have also formulated your plan to gain a foothold over your potential buyers. During this stage, you have to make a good impression on your potential buyers.
During the growth stage, you still have some work to do. You have to identify the weaknesses of your competitors and work on these weaknesses. If your product is too similar to the others in your category, you can use your marketing plans to set your products apart. You may also want to do a competitive analysis of your market so that you will know which marketing strategies to implement during the growth phase. The last stage of development is the distribution stage, where you will distribute your new product to your existing customers as well as to potential buyers.
During the development process, you should address potential problems and take care of them. Make sure that your marketing and sales materials are well-designed to meet the needs of your customers. You should also pay close attention to your competitor’s marketing strategies. If your product can address their challenges, it will be easy to catch the attention of your potential customers. When it comes to designing your sales materials, there are questions marketing needs to accomplish during the introduction stage that you should consider:
Questions in this stage include: How will you be able to distinguish your product from the others? What do your competitors offer that your product doesn’t? What are your market’s needs? With the answers to these questions, you will be able to determine the elements of your marketing mix that you will need to incorporate. Armed with this information, you will know how to successfully handle the introduction phase of your marketing plan.
Do this to reach your clients straight. Start an e-mail newsletter that you launch monthly. Consist of functions on your most current items and the current goings-on at your business that would interest your clients. You can likewise attempt marketing e-mails to particularly highlight brand-new items.  Make the subject line describe the item so that your clients are most likely to observe it, and provide more info on the item and how to buy it in the body of the e-mail.
Broaden your e-mail list by revealing your newsletter on social networks channels and connecting to a signup page on your site.
Deal a unique discount rate code or another reward for consumers to signup to your e-mail list
provide possible customers
This is a fantastic method to provide possible customers with more information on an item. If you have actually simply introduced something brand-new and wish to let your consumers understand, compose an article that highlights all the functions it uses. Consist of information on how it varies from older items and why it would attract your consumers. Release the article on your site and link to it on social networks websites like Instagram and Facebook.  Let’s state you run a popcorn brand name and you simply introduced some brand-new tastes. Compose an article that discusses all the brand-new tastes, with a stylish description for each. Make certain to consist of how and where your consumers can get the item!
You can likewise send an e-mail that connects to the article to get the word out about your brand-new item. 
Get the word out about your brand-new item in regional papers. Initially, brainstorm what makes your item brand-new or intriguing. Ask yourself what you believe is most enticing about your item, and what will delight reporters to cover its release. When you begin composing, make every word count. Keep the statement short at about 300-400 words optimum. Email it to any wire service in the location you believe might be interested.  Make the very first line of your news release clear and to the point to get reporters’ attention.
If your ice cream store is distributing totally free ice cream to promote your brand-new menu, compose something like, “Ice cream store will provide complimentary ice cream to very first 100 consumers next month.”
Great marketing sells more products
It sounds deceptively simple. But a thoughtful and strategic marketing strategy is what will take your business growth to the next level. Great marketing will help you acquire new customers, but it’s the missing ingredient to customer retention that so many brands forget about. Remember that before you set out to get more customers, your job is to re-engage customers who have already purchased from you. And the key to that is effective, well-thought-out marketing.
What’s the best way to promote your new product or service?
The best way to promote your new product or service will depend on what channels your audience frequents and what their online behaviors are. Regardless, you should use multiple channels and cross-promote. The more cohesive and consistent your messaging is, and the more your audience learns about it, the more engagement you can expect. Try out the strategies above to get the results you want from your next product launch, software upgrade, or new service offering.
Source: Product marketing strategy