The launch of new product or, in other words, its introduction into the market is an important phase . If you have a business or are in the process of creating a new product, it is crucial that you know how to market a product effectively.

This stage largely defines product success, and that is why it must do so correctly. In this article we explain the launch stages of new products with all the details.

What is the launch plan for a product?

The launch planning of new products consists of a description of all the steps required to introduce a new product to the market: from its conceptualization to manufacturing and selling. It’s

Product launch plan

The early stages of launching new products consist of a number of preparatory activities. Among them is the definition of:

  • Market
  • Customers
  • Competitors
  • Value proposal

Let’s see in more detail what each of these steps includes. To better perform them, you

1. Analyze and identify the target market

The first thing you should do in the launch of a new product on the market is to study this market. You have to identify who is the product. In other words, the target audience. It is essential to ensure that the segment to which it is directed and needs it, that there is a potential demand and that the price it projects for the product is affordable for this segment. Here are some of the criteria for identifying the target audience:

  • Socio-democry profile (age, sex, location, education, income level).
  • Industry()
  • Company size (for business-oriented products)
  • Potential customer’s Role in the company (for business-oriented products)
  • Potential customer challenges and how the product can solve them
  • Objectives of the target public
  • Factors influencing the purchase decision

At the end of this step you can compose the profiles of . This step is very important as launching a product without defining the target market or launching it for the wrong target audience will most likely lead to product failure.

2. Analyze competition and identify competitors

To define the strategy for the launch of the product and the product itself, competitors in the market need to be investigated. This includes a DAFO analysis (weakness, threats, strengths and opportunities). What points should I look at?

  • Characteristics of competition products
  • Product fortresses in front of competitors
  • Product weaknesses against competitors
  • Marketing strategies for competitors
  • Sales trends in the segment

3. Identify the value proposal and position the product

After having carried out the analysis of the market and competitors, and having defined the target audience and its needs and preferences, it must refine its value proposal.

Start with the analysis of the characteristics and functionalities of the product and definition of the benefits that they bring to the consumer. It is important that these benefits be clear, relevant and differentiated compared to competition products.

Identify the attributes or characteristics you make to your product unique or different from competition. These can be their design, their technology, their price, their quality, their experience of use, among others. First of all, you should get answers to these questions: Why are customers going to choose their product over the competition? And what problems and how does your product solve them?

On this basis you can perform the product positioning. That will help you create a distinctive and attractive image of the product in the consumer’s mind, so that it perceives it as the best option to meet your needs or desires compared to other similar products or services.

4. Formalize the concept of product

In all indoor steps it works with a product concept, a minimal viable product. In this step, considering all aspects defined above, you will have to formalize the product concept: its characteristics, design, necessary specifications, unit costs and prices and also ensure that it meets the standards of quality and safety.

5. Define the metrics to measure the results

Defining metrics for the launch of a new product is important because it will allow you to measure the success of the launch and determine whether the targets are being achieved. With

Here are some examples of KPIs:

  • Monthly recurrent income (MRR)
  • Average income per user (ARPU)
  • Life value of the customer (CLV)
  • Duration of the session (total time that users dedicate to their product)
  • Customer retention rate (CRR)
  • Customer drop-out rate (Churn rate)
  • Customer satisfaction (CSAT)

Remember that they must be realistic and achievable.

6. Create the product road map

A product roadmap (or a roadmap, as it is also called) is a strategic planning tool that is used to communicate the future direction and plans of a product to the team, any interested party and customers. Thus, the main objective is to establish an overview of the output’s progress over time and to set the strategies for a new product.

The product road map is a document that, apart from the overall high-level description of the strategy, usually includes information on the characteristics and improvements envisaged for the product, as well as the Discover .

7. Create the marketing plan

Another thing you have to think about is how to present a new product to the market. And it will do so through a strong marketing strategy. A marketing plan is critical to the success of a product’s launch, as it provides a detailed guide on how to reach the target audience and promote the product effectively and how to retain the attracted public.

Usually, the marketing plan should define the pricing strategy, promotion, distribution and positioning. Today, products require online presence and recognition. Hence, a

It is important to choose the appropriate marketing channels to your target audience and product type. Key examples include:

SEM (online advertising)

Online advertising can be effective for the launch of a product for various reasons. It allows a global audience to be reached faster and more efficiently than other traditional advertising media.

It allows the target audience to be segmented more precisely than other means, and thus get to potential customers easier. It is better to track and measure the success of digital advertising campaigns, and hence adjust and optimize the strategy if necessary.

SEO

Search engine optimization is an effective strategy for launching a new product, as it can increase the visibility and organic traffic of the website, which can lead to greater awareness and sales of the product. An important aspect to take into account is that the results of this channel can only be seen in the medium and long term as opposed to SEM.

Social networks

According to , there are currently 2.58 million Facebook users, 2 billion and 1.051 million in TikTok worldwide. The world is increasingly oriented to social media, so this channel should not be lacking in its strategy. Especially in a B2C business.

Social media is a very effective tool for marketing a new product. It is an effective channel to increase the visibility of the product and generate interest in it. It allows audiences to be segmented and marketing efforts directed to specific people and thus optimize marketing costs.

Post marketing

Emails as a marketing channel for the launch of products enter the list of the most effective ways to communicate with potential customers. And in case you have doubts, according to the latest

It is an effective tool for the launch of a product, as it allows you to reach directly the inbox of the prospectuses with a more specific and effective reach. It offers possibilities for customization and is less expensive compared to other channels, which translates into a greater chance of conversion.

8. Prepare product launch

The last step in the preparatory phase is to plot everything for launch and verify that everything is ready: the product itself, the equipment, the marketing materials and the marketing plan. Make sure that the product is ready to meet demand and that everything is ready to react to any kind of customer reaction.

9. Introduce the new product on the market

The introduction of the new product into the market is a critical stage. It also requires the conduct of an effective advertising campaign, efficient distribution and constant monitoring of the product’s performance in the market and its perception by the target audience. Sales, customer reactions and the effectiveness of the marketing strategy should be analysed to identify areas where it can be improved. And whenever you need to be willing to make adjustments as to achieve success.

10. Evaluate results and stay up to speed

Apart from continuous monitoring, more substantive assessments are needed periodically. The evaluation of results is critical to the long-term success of the output. Mainly you should analyze:

  • Sales of the product to determine whether they meet the estimated projections.
  • Customer feedback to learn about their product reviews and shopping experience (covers, online reviews, social media and other feedback media).
  • The performance of competitors and the performance of the product against competitors to determine the effectiveness of marketing, distribution and competitive advantage of the product.

Based on this information you can make adjustments and improvements in the marketing strategies or the product itself. It is also recommended to prepare evaluation reports in order to use the findings in future actions.