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Learn everything you need to know about how you can introduce new products. When you launch new products timely, it gets an added benefits - let's see what are those.
Everyone loves exploring new things, especially when there’s a fresh stock of newly launched products. Shoppers survey a variety of brand new products and find a perfect match for them. Businesses can launch totally new products with fresh designs or modify their current products and launch them as an upgraded version. It creates a boost in sales and attracts consumers from the very first day a new product is introduced in the market.
Types of New Product Launch
According to your company’s budget and product launch plan, you can execute a plan which suits you the best.
Soft Launch :
Soft Launch targets a specific & limited audience or area. It can be viewed as a test launch for the product, to gain feedback and to see how the plan works. The main purpose of soft launch is to know the performance of New Product and to get response from customers, in case the product price, design or any features need to be changed.
Hard Launch :
Hard Launch is executing a New Product Launch to its full power. Instead of a limited audience, this launch focuses on targeting all types of customers, engaging a large customer base. The purpose is to boost sales and attract customers as soon as the product is launched.
Here’s what a new product launch can do to your business :
Large Customer Base
Launching New Products can lead to new business relations as well as partnerships. You can use this strategy to promote your brand, whether your business is small or still growing. Your business can gain a lot of attention by launching a New Product. Having attention to a great extent can lead to a larger customer base while exposing your other products to customers.
Gaining Profits
If your business is successful with a New Product Launch it’ll open new opportunities for your business. When your products are sold quickly with promising loyal customers, an increase in your revenue is bound to happen.
Awareness
Launching new products in the market creates an awareness of the product among consumers. If executed well, it’s a great marketing opportunity for new as well as existing products.
Brand Exposure
A very well planned & co-ordinated product launch plan can help in publicity. Using proper methods to carry out a new product launch makes the products more valuable which nudges people to make purchases.
Competition
Launching a new product is another great tactic to increase customer base and compete with your competitors. A successful product launch can attract new customers as well as make your previous customers loyal, nudging them to choose your products instead of your competitors.
How to carry out a successful New Product Launch
To create a hype among your customer base, you’ll need to entice them with teasers of your new product.
Target Audience
You need to make sure who your target audience is. Once you have decided your target audience, you’ll have to understand their likes and dislikes and plan your product accordingly. You can do this by taking a survey from your customer base and can even offer discounts/coupons in exchange for their honest answers. This will help you learn what consumers prefer and how you can use that to your advantage to present the perfect new product for your customers.
Strategy
A well planned strategy is a must for launching a new product. New Product Launches require high expenditure and more time. So to not let go all of them to waste, you need to get everything planned beforehand. Send out sample products to know the response of consumers on how they react, what is their feedback and if your product requires any change in features or price. You need to make your strategy firm with a detailed launch plan.
Inventory Management
Clearing out inventory is one of the important steps. Make sure your old stock is sold so that New Arrivals can have space in your inventory. Since the launch is expected to be successful, demand for new products will be high. Ensure that your new products do not go out of stock since it will directly affect your sales.
Product Price
Price of a product is a major factor determining its success. Check your customer base, competitors and market pricings to set an adequate price for your new product accordingly. Low product price would result in less profits while high product price would result in high profits but low customer base. Therefore, product pricing is essential and should be planned perfectly.
Launch Date
Selecting a perfect date and time is essential for launching a new product. Planning the launch, getting the inventory ready, sending out alerts and notifications will solely depend on the date you set up for the launch. Get your material and content ready in advance so you don’t face any issues when you launch your new products.
Media Channels to use
After the launch date is decided, it’s important to know how you can reach your target audience. Using proper social media platforms will make it easier for your product promotion and will create a great opportunity to engage with your audience. Make sure you use the right media outlet to promote your new product. Your marketing strategy should be on point. Allow us to suggest the best marketing platform for your New Product Launch - WhatsApp. Here’s a guide on how you can use WhatsApp to your advantage to carry out a successful ad campaign.
Feedback
After successfully launching your new products, you need to know the response of consumers. Customer feedback is essential because it will determine whether you need to make some changes and modifications in your product or not. You can send them WhatsApp Chat Messages to receive their honest feedback in exchange for discounts or offers.
WhatsApp Marketing for New Product Launch
Quick customer engagement, response and sending alerts are essential parts of a New Product Launch strategy. WhatsApp allows your business to cover these parts adequately and keeps you up-to-date. You can use WhatsApp’s official programme, WhatsApp API to create your business account and use it as a great marketing tool.
Here are some ways to grab attention of your subscribers -
- Creating the Hype
Send your subscribers a WhatsApp Chat Message alerting them about your upcoming new arrivals. You can send a clear image with a hideous new product image, showing them a sneak-a-peak about your new product. This will make your subscribers curious and will create a hype among them. Additionally, you can ask them to send you reminders when the new products are launched.
- Launch Date Alerts
Send reminders and alerts to your subscribers notifying them about your New Arrivals. You can send bulk messages on WhatsApp with well drafted and enticing messages. Get the excitement started, present them your new arrivals and let them explore it. You can even include a festival themed freebie for example, Rakhi during Raksha Bandhan week or you can offer a freebie for the first 100 customers.
- Limited Time Offer
As a part of New Launch, you can provide a Limited Time Offer on your New Arrivals for the early birds. It’s a great way to kickstart and promote Newly Launched Products. This will also create urgency among the customers and urge them to make purchases. You can offer a sudden price drop on a certain product to celebrate the New Launch.
- Free Shipping
To give a little boost to your New Launch programme, offer free delivery for a certain time period to attract the attention of shoppers.
- Offer Discounts
You can give discounts to your subscribers for a certain time period after 2-3 weeks of launching your new products. Offer some extra discount for one time buyers to urge them to checkout your new products and entice them to make a purchase.
FAQ's
Q1. What are the benefits of a new product launch to your business?
Ans: New product launch is an important part of any business. It helps to increase sales and revenue, as well as to retain existing clients. It also helps to improve brand awareness and market presence. When you decide to launch a new product, it means that you are going to invest in research and development. This is necessary because you want to create something that will be successful in the marketplace. You will also need to invest money into marketing if you want people to know about your product.
Q2. How can a new product launch help to increase sales?
Ans: A new product launch is a perfect time to increase your sales. It can help you reach a new audience, and it can also help you reach an existing one in a different way. It's important to identify the target market for your product and make sure that they know about it as soon as possible.
Q3. What is the hard launch of the product?
Ans: A hard launch of a product is when you're ready to start selling it and actively marketing it to customers. It is when the product is released to the general public in a high-profile way. This means that there's a lot of marketing and hype surrounding the release, which helps to build excitement for consumers who may be interested in purchasing or using the item.
Get started now!
Plan a successful New Launch strategy to boost your sales with an opportunity to grow your customer base.
Apart from the tactics suggested above, you can design and draft your own WhatsApp Templates and create & apply for them on QuickReply.ai.
Additionally, here are our pre-made WhatsApp Chat Templates for New Launch -
Install QuickReply.ai to get started.
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