5 Tools You Need When Launching a New Product
Imagine the scenario, if you will? You brainstormed a brand new product idea that you’ve invested a lot of time and money into. Many hours of your development team have been spent perfecting each and every aspect of the product and you’re confident that you’ve got a real money-maker on your hands.
Launch day comes but your new product has failed to meet the expectations. So much money and time spent on a product, just to make a loss.
No business wants that and whilst you might have the best product to ever grace the market, the way you launch is crucial to its success. With so much competition online, you really have to fight for that spotlight.
With that in mind, there are some fantastic tools that you could benefit from using when launching a new product to the world. In this article, we’ll share some great tools that can help maximize the success of your next product launch.
The low-down on new product success
The success of product launches is something that certainly needs improving upon. With a whopping 95% of new product launches failing, according to Harvard Business School, getting the product launch right is essential.
But why do so many of them fail? There can be a number of reasons why product launches don’t do as well as one would hope.
Failure to understand what your customer wants and needs is a big one. A lack of consumer research means the product is likely to fail to meet their requirements or needs.
A product that’s already popular on the market can make your chances of success, much harder to achieve. When the consumers have already got something that’s satisfying their needs, why would they look elsewhere?
New product success is hard to achieve, especially when it comes to making a financial profit. Only 40% of developed products make it to market and of that 40%, only 60% will generate any revenue at all.
Five tools to maximize the success of your new product launch
There are various points during the product’s launch where certain tools are helpful to utilise within the process. Preparation and planning is key, especially when the biggest issue that companies have when launching a new product is being prepared.
What tools are great for helping maximize your success on the market? Here are five tools that will get you started.
Askattest for market research
One area of importance when it comes to your product launch and product development, in general, is the market research conducted. This type of research can help you understand what your users need from the product, as well as any potential issues and gaps in the market that can be exploited to your advantage.
Askattest is good at making consumer research easy. The platform works as a survey tool but it’s much more than that beyond its core feature. It’s great for providing your product development team with the data they need to minimise the risks to a product idea.
It’s also useful for helping with decision-making and to provide confidence with any of these decisions that have been made. Whilst removing personal bias or guesswork, Askattest helps with market research by providing templates and they have lots of expert knowledge that they can deliver.
Market research for new product development is crucial, so it’s worthwhile to invest in this tool.
Flodesk for product launch email template designs
For product launches, Flodesk works very well to help with email marketing campaigns. When ramping up the awareness of a new product heading to the market, email is one of the best for getting your content out there.
Behind social media, email is the second (87%) most used content distribution channel. It pays to invest in your email marketing by focusing on great content and design.
Flodesk helps both beginners and experts grow their businesses through email marketing. This type of tool is highly useful for businesses and individuals that don’t necessarily have the design talent in-house.
You’re able to design emails and forms from scratch, whether that’s using a product launch email template or creating the design yourself. By using a platform like this one, you can grow your mailing list and create multiple email campaigns to connect with your subscribers and nurture those that have yet to buy from you.
Content Cal for scheduling content and maximizing promotion across multiple channels
For any product launch, the further your reach and promotional campaigns, the more likely you’ll get good engagement.
Content Cal offers a great combination of content calendar planning and social media scheduling. It all comes back to that idea of preparation when launching a product. It’s got quite a diverse range of clients from individuals, agencies, and businesses that use it on a daily basis.
Content planning can help your team get in all the relevant content ahead of time. With pre-scheduling, it saves your employees a lot of time. It also means your team members are not going to be tied to a desk to hit publish. With this platform, you can connect all your social media profiles to one place.
That way, you can manage the platforms all at the same time and align the content accurately across the social media channels you’re on.
The platform also has an analytics and respond feature which helps you keep tabs on your content performance. Whether that’s keyword filtering to reporting and project management, there are some great opportunities to take an in-depth look at what content is working and what isn’t.
For businesses using the platform for product launches, it can provide insight on what are the best channels to promote on to drive sales or product/brand awareness.
Trello for product launch timelines and communication
Being organized is important for helping a seamless product launch from start to finish. Trello is one of many platforms that’s used from day to day to keep teams organized. It’s helpful to connect your employees and bring them together on one shared platform.
This can be useful for those who aren’t necessarily working in an office environment together. With the remote-working industry growing, tools like Trello have come in handy. It seems like more companies are adopting a somewhat remote working environment.
With 70% of companies planning to work with a hybrid model, these tools that are cloud-based are very handy to have available.
Hubspot CRM for monitoring the success of new product launches
Hubspot is a popular platform and tool for helping organize, track and nurture any leads you get from your marketing efforts.
From free ad management tools to connect with your users via live chat, there’s a lot that the Hubspot CRM has to offer. A CRM is a great software to have when it comes to managing your customers.
With built-in analytics, you can help track and drive more conversions, which ultimately will help improve your sales. The analytics you get from monitoring the success of a product launch can help optimize your efforts to drive more conversions.
Tips to help for a successful product launch
In order to create a successful product launch, there are some helpful tips that are worth knowing.
Plan as early on as possible
Make sure you plan your campaign as early on as possible. It’s always better to be prepared early on than having to do everything last minute. It can help you to spot any potential problems or snagging points along the way.
Find influencers to help out
Influencers are a great way to drive more sales, as long as you’re picking the right individuals to promote your product. This involves looking at what influencers would match up to your brand or product and checking their reach and engagement potential. Some are going to have big followings but that doesn’t always mean they’re the best choice.
In influencer marketing, more attention is being focused on micro-influencers as they often have a bigger impression on their audience, despite having a smaller following. According to Influencer Hub’s Influencer Benchmark Report 2021, they have some impressive engagements rates. For example, on Instagram, the average is 3.86% and on Tiktok, 17.96%.
Finally, be sure to utilize your social media channels when leaking preview content and teasers. It’s a great way of providing your audience with some sneak peeks of your product and the launch in general. Drip-feeding them this content can help drive excitement for your campaigns and to create more incentives for the customers to purchase.
Make use of online tools for promoting your product launch this year
With tools like the above readily available to use, it’s useful to utilize them when launching a product. The major benefit of these tools is that they’re affordable and don’t cost much more than the price of a coffee. It’s worthwhile making the investment and promoting your product launches via any one of the mentioned tools in this article.
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