Marketing product launches and how to get it right first time

May 23, 2021

3 minutes read

Marketing a product launch is easy, right? Over 8 out of 10 product launches fail and 1 in 3 of those failed because of a lack of marketing support. Yes, that means that 2-3 product launches will stall, flop and fail to capture the hearts, minds and wallets of customers. In a post-lockdown world, we look at marketing product launches and how to get it right first time. So, read on to find some tips for a successful launch.

Marketing product launches right first time

There are three steps to marketing product launches right:

Do your research – Firstly, you need a thorough understanding of the market into which you are launching your product, the competition and opportunities.
Know your customer – Secondly, you need to identify the persona(s) and lifestyle of potential customers and how to tap into their motivators.
Plan your launch – Thirdly, you need a plan to launch and market your product successfully in that market with the activities, budget and success metrics to achieve.

Now, let’s go into a little more detail on each area to make a successful launch.

Research the market for your product launch

Making the most of every opportunity is what every good entrepreneur tries to do. The Cambridge Dictionary defines an entrepreneur as “someone who starts their own business, especially when this involves seeing a new opportunity”. But why are we talking about entrepreneurs? Because an entrepreneur has a business plan which includes a marketing strategy and plan. This describes how they are going to take their idea to market and what they think they can achieve with their understanding of the opportunity in that market.

Is a product launch really that different to how an entrepreneur tackles a market?

There are differences of course. A major FMCG business has the financial clout to try new ideas and does so with regularity. Many product ideas come from within and without input from marketing. Ideally, marketing gets to have a say in product development, battling it out with the accountants to bring a competitive proposition to market. Ultimately, to inform that debate, marketing must understand the market opportunities and the competitive landscape. Secondary research is often a key input. This is the start of the value added by product marketing, but we’re not done yet.

Launch a product that customers want

Long gone are the days of “build and they will come”. Who hasn’t watched Dragon’s Den and thought to themselves, “Who is going to buy that?”. Also, we know that even the best products won’t sell if poorly positioned, not messaged properly or ignored trends and tastes. Could anyone have imagined zero-sugar Coca-Cola a decade ago? Who would have predicted Wendy’s returning to the UK fast-food market? Did anyone have wall panelling in 2020?

Identifying what customers want is crucial to a successful product launch. Primary research is usually the way forward, which gives you data or information related to your product.

How to identify what customers want:

Surveys
Focus groups
Interviews
Observation
Tests/trials
Neuroscience
Simulation

Primary research is costly for large numbers of participants so sampling is often preferred. Bias is also a major drawback of much primary research. In fact, you won’t find many statistics on bias in research, just some tips on asking the right questions of the right people. However, this misses the point and neuroscience gives access to studies that virtually eliminate bias.

Think Beyond offers a range of primary and secondary research services. So, if you would like to know more please email sales@think-beyond.co.uk.

Planning your product launch marketing

Researched your market? Check. Studied your potential customers? Check. Planned your launch marketing? It’s just another campaign. Ready for lift-off? We think it’s a 50/50.

If you were NASA, you definitely won’t risk a launch with the slightest doubt. Remember that more than 8 out of 10 product launches fail. How about a gold star and a promotion for your track record of successful marketing product launches? That’s right, it doesn’t just have to be a rebrand or a big TV campaign that gets the plaudits.

The great thing about a plan is that you bring together all of the neat things you learnt about the market and customers. Armed with this information, you know what sort of numbers you can achieve and what marketing is needed to hit them. Add a dash of marketing mix, a splash of channel and season with budget and you are ready to go. Finally, just make sure that you check on progress and give it long enough to turn out just right.