08 May 5 Key Elements To A Successful IT Product Launch
Launching a product in today’s IT market can be very challenging. It takes a great strategy for your product to generate excitement and get noticed. A product can be great but if the marketing strategy behind it is no good, the product will never take hold in the market. Below are five key elements for a successful product launch:
1. Research Your Target Market
To be a success, you must have an idea of where to focus your marketing efforts. This involves determining what group of customers you will be aiming your market campaign and ultimately your product. There are four variables to consider when determining a successful marketing strategy: product, place (distribution), promotion and price.
2. Evaluate Similar Products
You can only be a success when you determine who your competition is and features that make their product successful. This is important when it comes time to the actual selling of the product. You have to be able to articulate how your product differs from the competition and what makes it special. Without that, your product is just like every other in the market.
3. Get Partners Involved
It goes without saying that partners can really make or break a product launch. It comes down to a numbers game. The more people that are talking about a product, the better chances it will get traction in the market. Partners come to you with a loyal customer base and can easily suggest new products to their customers if they like what you have to offer. It is a warm intro to your product as opposed to a cold intro.
4. Make it easy for people to learn more about your product
Make it easy for your partners and customers to acquire additional information on your product. A common approach is to offer free trials of your product. This way it is easy for a customer to put it in their environment and determine if it will work the way they need it to. You probably also want to provide downloads, white papers, product videos and demos if applicable.
5. Clear benefit statement
Lastly, you must explain to your audience what is in it for them. This process or pitch helps describe what the product can do for your target audience. Most of the time you only have a short window of time to peak a customer’s curiosity. The message should be to the point and be able to articulate a clear benefit the customer will get by selecting your product.
As you can see, there are a number of factors that contribute to a product’s success in the market. Once a demand is generated, it is important for an organization to keep an edge over its competitors. The organization must maintain a clear advantage by continuing to develop the product, research the market and effectively respond to customer demand.