digital marketing strategy for new product launch

Tips to Craft a Digital Marketing Strategy for a New Product Launch

Did you know that 90% of customer product launches fail every year?

One of the most common reasons for this failure is that those companies don’t use an appropriate marketing strategy, or they simply don’t have the necessary digital marketing knowledge for a new product.

If you want success (and who are we kidding, of course you do!), you’ll need to establish a solid digital marketing strategy for a new product launch.

Here, we’ll provide you with a few guidelines to help you plan and launch a new product with the proper digital marketing strategies and methods.

The Best Marketing Tactics Follow Strong Marketing Research

Whether you’re a big or small business, before ever launching a product, you must first consider what your product is actually worth to your target audiences. In other words, why should they buy your product?

Market research is one of the most effective ways to uncover the real demands of the marketplace, and find a strategy to meet the needs of your specific customers.

Before you even take the first steps towards product launch, you must have answers to vital questions like these:

  • Is there a need in the market for the product I’m launching?
  • Who are my competitors?
  • Who is the target audience for this product?
  • What is the best way to present the product to customers?
  • What will be my Return on Investment?

Craft the Product Promotion Plan Pre Launch

Once you’ve discovered why customers should buy your product, it will lead you to plan how to showcase your product.

To start, you’ll need to determine what sort of strategies and marketing to employ. For example, inbound marketing and content marketing tend to be the most common types of marketing used by companies for product promotion.

Video marketing, email marketing, and social media marketing campaigns are also valuable resources for promoting your new product.

Find the Best Digital Marketing Strategy for a New Product Launch

Of course, if you want sales, planning the beginning phases and understanding how to promote your product won’t be enough. You’ll also need to consider the best digital strategy that will enhance the recognition and selling processes.

The best way to do this is to consider your long-term goals while you are planning your product promotion, pre- launch. That way you can have a better understanding of how your product will behave in the market, and how you can continue to meet your customers’ needs in the future.

Digital Marketing Strategies to Consider

There are all kinds of strategies and tactics to consider, and which you choose will depend greatly on your industry, your product, and your target audience. Some examples may include:

  • Pay-Per-Click marketing.
  • Influencer marketing.
  • Content marketing, including blog posts.
  • Search Engine Optimization.

Find the Right Time to Announce Your New Product

Once you think you’re finally ready to launch your product it will be time to carefully consider the timing of your announcements and promotions.

Take a look at what your competition has done when they launched a new product or service. What have other businesses in similar industries done to get ready for a product launch? Nailing down the best time to release your product can help optimize both the launch itself, and the sales to follow.

If you’re not sure how or when to launch your new product, we can help! The team at Asset Digital Communications has the experience and know-how to help your next product launch be a success! Book your free consultation today!