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A product launch can be an incredibly exciting time for a business. It’s the culmination of months, if not years, of planning and preparation, and it represents a major milestone in terms of bringing a new product to market. But what goes into a product launch? What are the key components? And how can you make sure your product launch is a success?
We were able to compile the necessary information based on our experience of launching the AdSkate product to potential customers. Through our journey of creating AdSkate, we have noticed different aspects and key items that we felt that a company of any size (big or small) should keep in mind before launching a product in its market space.
In this blog about product launches, we’ll answer all those questions and more. We’ll start by discussing the different types of product launches and giving you a roadmap for planning your own launch. Then we’ll dive into the key components of a successful product launch, from creating buzz and building anticipation to gathering feedback from early users and leveraging momentum. Finally, we will share a few tips e for avoiding common product launch mistakes.
So read on for everything you need to know about product launches
Types of Product Launches
There are three main types of product launches: soft launches, beta launches, and global launches. Let’s take a closer look at each of them.
Soft Launch
A soft launch is the first time a product is made available to a limited audience, often just those within the company or its close partners and suppliers. Soft launches are used primarily to test out the product and get early feedback from users. They are also a way to gauge interest in the product and determine whether it is worth proceeding with a full launch.
At AdSkate, we did a soft launch with our initial set of users. These users provided crucial feedback that helped us understand the user flow journey and the experience that a user can expect while using the AdSkate platform. The soft launch plays a crucial role in interpreting the “wants” and “needs” that the user had in mind. This breakdown played an important role in creating a specific roadmap and timeline.
A soft launch is typically followed by a beta launch, which is when the product is made available to a wider audience for testing. In some cases, a product may skip the beta stage and go straight to a soft launch.
Beta Launch
A product beta is a version of the product that is made available for testing to a wider audience before it is ready for general release. A product in beta may be feature-complete or still under development, but either way, it gives early users the chance to try out the product and provide feedback. Beta testing is an important part of product development, as it helps identify and fix bugs before the product goes live to a wider audience. It also gives companies the opportunity to get user feedback and make changes based on that feedback.
The beta launch at AdSkate played a critical role in understanding the different data sets that needed to be integrated into our platform to ensure that our clients continued receiving critical info for their campaigns month after month.
Global Launch
A global launch is when a product is made available to the public at large, following the beta testing stage. It goes without saying that global launches can be risky, as they involve putting the product out there for all to see and judge. But if done correctly, they can also generate a lot of excitement and buzz around the product.
At AdSkate we are on the cusp of doing a global launch. For a global launch, we are being mindful of the different hurdles that we could potentially face. One such issue we are working on is the right balance between data points and features that are made available to freemium users vs. to our monthly subscribers. It is important at this stage to have clear lines of communication between you, the company, and your customers in order to quickly receive feedback and iterate on the product.
Planning Your Product Launch
Now that you know about the different types of product launches, let’s take a look at how to plan your own launch. The following steps will help you make sure everything goes smoothly.
Step One: Define Your Objectives
The first step in planning a product launch is to define your objectives. What are you hoping to achieve with the launch?
Some key objectives may include:
– Generating buzz and industry recognition for the company
– Writing on ProductHunt, AppSumo and launching ad campaigns on LinkedIn, Twitter, and Google search ads
– Potentially, getting articles published in local newspapers and local tech magazines
– Gaining market share for the new product
– This ties in with the previous steps as it helps raise brand awareness and brand equity.
– Increasing sales of the product
– Once the product starts selling in the market, the company will have to figure out different ways to increase user adoption
– Collecting feedback from early users
– This step will play a critical role in driving the product in a specific direction.
Step Two: Create a Timeline
Once you know your objectives, create a timeline for achieving them. This will help ensure that everything is done in a timely manner and that all the necessary components are in place for the launch.
A timeline helps in shaping how the product, marketing, and sales work in tandem. Additionally, creating a timeline helps set goals on a weekly, bi-weekly, and monthly basis. Different sprint cycles help the team focus on necessary items.
Step Three: Gather Resources
Next, gather the resources you’ll need for the launch. This includes things like product collateral, marketing materials, and support from key team members.
Having necessary marketing materials and product-related information helps in communicating with your target audience. Without appropriate marketing and branding strategies, a product can fall flat and face failure.
Step Four: Create a Marketing Plan
The final step is to create a marketing plan. This should include the target audience for the product, the messaging you’ll use to promote it, and the channels you’ll use to reach your target audience.
Raising your brand awareness and creating brand equity is important in the life cycle of a SAAS-based company. Instant and targeted communication about your brand and product helps in reaching out to your potential customers and increasing brand recognition in the marketplace.
Key Features to Promote
When promoting your product, it’s important to focus on the key features that make it unique and appealing. These are the features that will differentiate your product from the competition and convince customers to buy it. So make sure you know what they are and highlight them in your marketing materials.
Launching a product is a big undertaking and there are responsibilities that need to be kept in mind even beyond the project launch date. However careful planning and outlining the key objectives and success metrics will ensure that you are headed towards a successful product launch and a successful product.
Keep an eye out on AdSkate’s product launch which is coming soon!
product launch – advertising – digital marketing – saas