How To Make Marketing Strategy For New Product – Your marketing strategy can mean the difference between stellar sales and a disappointing launch. Create a marketing plan for your product launch with this checklist.
After hours of brainstorming, research and hard work, you’re finally ready to launch and sell your digital product. U
How To Make Marketing Strategy For New Product
This is where advance planning comes into play. A solid product marketing plan can mean the difference between a $10,000 launch day and a failed product launch. And you don’t have to be a marketing expert to create this plan.
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To help set you up for success, we’ve put together a six-point checklist for building your marketing plan. Follow these steps to create a marketing plan that you can use for any new product launch.
You can have the biggest marketing budget and the fanciest tools, but until you have set goals, your marketing plan is like a ship without a rudder: no direction.
Marketers tend to have a bad habit of setting vague goals. We say things like “make more sales” and “drive engagement” without really digging into what constitutes those goals in action.
Why do we do that? For one thing, it’s hard to recommend specific universal marketing goals or ways to measure success. Every creator has different key performance indicators (KPIs) depending on their goals.
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Setting specific goals for your business, your brand, and your product can help you select which metrics to track for your launch.
For example, if your goal is to collect pre-launch registrations for your new online course, you can track the number of website visitors who sign up for your pre-launch email updates.
On the other hand, if your goal is to convert new customers through social media ads, track how many people click on your Facebook ads, and how many of those visitors then buy your product.
For example, say you are one month away from launch day for your new online course. You want to validate your product idea and grow your email list by gathering pre-launch subscriptions.
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Your SMART goal could be: “By adding a pre-launch landing page to my website, I will collect 100 pre-launch email signups before launch day next month.”
With specific metrics in mind, a realistic goal, and an action plan to get there, you can set yourself up for a successful launch. What that action plan looks like depends on a variety of factors — including your audience.
One of the most important questions to ask before starting a new business is “Who is my target market?”
Your target audience is the group of potential customers you plan to sell your products or services to. To make your marketing as effective as possible, you need to know your potential customers as people, not just demographics.
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Content marketing consultant Amy Wright explains, “Buyer personas describe who your ideal customers are, what their days are like, the challenges they face, and how they make decisions.”
To build your buyer persona, it’s time to do some customer research and find out what your audience wants to learn, achieve and buy.
When you learn how your audience speaks and thinks, you can better communicate why your new product is right for them.
If you have an online community of your own, do not be afraid to ask them directly what they are looking for. Reach out to your brand community, email list and social media followers and ask them to share their feedback.
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To share their feedback and ideas with you. 64% of consumers want brands to connect with them, and 90% of consumers have a more favorable view of companies that ask them for feedback.
When you create discussions within your brand community, you can build connections and bonds around shared values. Get to know your target audience more personally, which helps you create marketing messaging that resonates with them.
You can also ask your existing customers to test and share feedback on a prototype of your new product.
A great example of learning from your customers comes from Tiffany Williams, founder of Rich Girl Collective.
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Tiffany learned what her audience valued by asking directly. “I just ask my audience what they want, what they want to learn, and if it matches something that I’ve done, and I’ve been successful, then I teach them,” Tiffany shared with us.
Understanding their customers has helped Tiffany build a community of nearly 40K entrepreneurs and sell digital products that help their audience grow their businesses.
(Make it easy for creators like Tiffany to build brand communities, connect with their audiences and sell digital products, all from one platform. Try it for yourself with a free 14-day trial. )
In general, the better you know your target audience, the more you can adapt your marketing to suit their needs and show how your product can help them succeed. You will need this information in this next step.
Marketing Strategy For New Product Launch
Once you know everything about the pain points, needs and goals of your target audience, you can define your unique selling proposition (USP).
Start with the result you want to offer your customer, then work backwards to determine how your product achieves that result. It is your USP.
When defining your USP, reaffirm that your product helps your audience meet their goals or overcome a real obstacle. And this is a key piece of a successful product launch. 35% of startups fail because there is no market need for their products or services.
In other words, there is no product in the market. Your product-market fit is how well your product meets customer demand. Your USP indicates the product’s market fit and explains what sets you apart from the competition and makes potential customers choose you.
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If you’re not sure what makes your product stand out, do some market research to learn more about your competitors.
Are there any pain points that your competitors haven’t addressed? What does your product do differently? You may have a course with more visual lessons than others on the same topic, or maybe your experience gives you a different perspective than other creators in your niche.
Take Death Wish Coffee, for example. Most coffee brands highlight features like smoothness or flavor, but Death Wish takes a unique approach, claiming it’s “the world’s strongest coffee.”
Death Wish knows its ideal customer wants extra-strong, kick-in-the-pants coffee, so its marketing messaging highlights that differentiator. Their USP might not appeal to every coffee drinker, but it shows what makes them unique and is suited to their target market.
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All in all, when you know what makes your product special, you can highlight that in your messaging. Use the same language your target audience uses when talking about their pain points. Your messaging will resonate with the right customers.
I’m almost ready to share that messaging with the world — but first, let’s make sure you can do it without breaking the bank.
As a creator, you probably don’t have the budget to hire an outbound sales team and in-house marketing staff, and that’s okay. But you need to understand how much you have
The amount of money you set aside for marketing depends on your overall budget, product launch goals, and how many activities you outsource versus manage in-house.
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The good news is that you don’t need a six-figure marketing budget to execute a successful strategy. In fact, more than a third of small businesses spend less than $10,000 on advertising each year.
If you can’t afford to hire freelancers or buy high-end software, don’t worry. You can also create a high-quality marketing campaign on a budget. Here are some resources that can help:
With your budget in hand, you’re ready to move on to step five and choose the right marketing platforms to launch your product.
Different tactics resonate with different audiences, and not every platform works for every creator, budget, and product.
Key Steps For Your Go To Market Strategy — Olivine — A Product Marketing Agency
Plus, there are more digital marketing channels out there than a creator could tackle on their own, so it’s essential to find the right ones for you and your customers.
Email marketing is a must-have in any digital marketing strategy. More than 4 billion people use email this year, collectively sending about 320 billion emails per day.
Marketers and customers love email. 73% of consumers rank email as their top channel for marketing messages, and 59% of marketers cited email as their number one source of ROI in 2018.
Email is also an affordable option for small businesses with a tight marketing budget. At approximately $42 for every $1 spent, email has one of the highest returns on investment (ROI) of any marketing channel.
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To use email marketing in your product launch campaign, you need two things: an email list and an email marketing platform.
One way to encourage potential customers to sign up for your email list is via lead magnets. A lead magnet is a high-quality resource, like a free digital download, that users receive in exchange for their email address.
Here are some resources to help you grow your email list, choose an email platform, and make the most of your email marketing:
59% of Gen Z and 55% of millennials discover products on social media, so it’s not
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