Strategies to follow for a successful ecommerce product launch
Product launches can be difficult and stressful. So here are some strategies to implement so you are prepared when launching your new product.
4 Step launch checklists
With anything preparation is key, especially when hosting an ecommerce product launch. During these times, launching a product can be difficult, however, is not impossible. The idea behind launching something new is providing you and your business with the opportunity to experiment, iterate and grow as well gain real-world feedback.
Step 1:
To ensure your ecommerce product launch is successful there is a general four step checklist to follow. The first is to create your strategy. This means discovering your target audience so you are able to begin building your contact lists. By doing this first step you can then determine your most effective sales hook.
Step 2:
Step two is developing your tactics. After discovering your audience, you can now connect with them and define your narrative. If your audience is able to connect with you on a personal level, this will enhance your reliability to gain a larger following. In this stage you should also create events for your audience to participate in. With the current COVID-19 restrictions in place it is difficult to have large gatherings. Therefore, live streaming can be a great way to interact with your customers in an inexpensive way.
Step two is also the time to begin sharing your initial ideas and versions of your product with friends and family. This allows you to gain as much feedback as possible. There are no set time limits for these steps and sometimes multiple versions of your product will be created, however ensure everything you do receives feedback.
Step 3:
The third step is to define your launch path. This step is crucial when deciding on how you are going to launch your product. This is because it will depend on your product and type of company. Ensure research is conducted and utilise all the feedback you received during step two. Ecommerce launches are streamlined and simple because there are lots of reasonable ways to advertise your launch using the internet. To ensure your launch day is as smooth as possible, pick your launch day early on and stick to it. Once the date has been chosen you can then start to work backwards with the rest of your strategy. You can also begin taking notes and creating your launch day checklist. Ensure to include everything you need to have ready for the day. This will be chaotic in the beginning, however will soon become modified and seem more straightforward.
Step 4:
The final step to follow, is to avoid common pitfalls. Some less obvious mistakes include, not having a list of interested customers. You don’t have to start with a list, but, it does mean you need to have strategies in place to create one. Once your list begins to grow, it will grow fast. Failing to properly form and identify your product is another common downfall. This can be avoided by understanding your marketing strategy and knowing how to refine and clearly define your product. This does not mean your product is set in stone, your brand will constantly be evolving and adapting to your audience’s needs. This also means you shouldn’t try to include every feature when you first launch your product. Hold back and allow room for this growth and development. A new product only needs to include one or two great features for it to be successful.
What are some key elements to having successful product launch
Before you move into your launch process it is important for you to understand some key elements to help your overall success. The first key element may seem obvious however is important, and it is understanding your market opportunity. This is because you should make considerations and evaluate your market prior to the development of your product.
When looking at your market opportunities ensure you analyse your audience, competition and finances. Scheduling is one of the most important elements. This encompasses every step you need to take to reach your goal. However, remember to keep your timeline realistic and achievable. If you don’t, your team may be under unnecessary pressure which can cause mistakes.
As part of your scheduling weekly check-ins and meetings with your whole team should be included. As this allows for any questions to be answered and ensures everyone is on the same page. During the development stages testing and feedback are key to a successful launch. Showing your product to your brand advocates will help you receive feedback and learn what the users like and dislike about your product. This step can be replicated as many times as required and allows your team to keep gathering insights.
The final element which is key to your overall success is positioning. This can be understood as one of the biggest tasks during a product launch. And is most critical as the right positioning will ultimately make your product easier to sell on a long term basis. To further understand how to position your audience, think about the individual segments within your target market. Then determine their needs and the ways in which you can align your product to suit them.
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