How to Create a Successful Marketing Strategy for a New Product Launch – Business 2 Community

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How to Create a Successful Marketing Strategy for a New Product Launch

Congratulations! You’ve finished your product’s prototype, mastered the branding for your new company, and now you’re ready to plan a product launch.

Launching a new product into a world with an estimated 1.92 billion global digital buyers can be intimidating.

The Harvard Business Review found that about 75% of consumer packaged goods and retail products fail to earn even $7.5 million during their first year, forcing approximately 60% of new businesses to close.

Word to the wise if your product is not ready to launch, you should delay your product launch until the product is really ready! But keep reading, and I’ll tell you why.

In this article, you’ll learn step by step how to create a successful marketing strategy for a new product launch:

Table of Contents

  1. Understand Your Audience
  2. Promoting Your Product on Social Media
  3. Promoting Your Product with Offline Marketing
  4. After the Product Launch
  5. Examples of Creative Product Launches
  6. Why Product Launches Fail

Understand Your Audience

Believe it or not, knowing and using data based on your target audience doesn’t end at product research. It continues throughout the lifespan of your product and business.

Who is your target audience?

This question will enable you to select what platforms, networks, partnerships, and, most importantly, how you can launch your product in a way that captivates their attention.

Buyers Persona

A lot of new businesses think that because their product is so unique they’ll easily attract new shoppers, and a tribe of people