As your eCommerce business grows, there is always the need to introduce new products to your target market. Today, the business environment is defined by two extremes when it comes to products, and these are diversity and specialization.
However, regardless of the extreme, you stick to, there comes a time when you must add a new product line to your current inventory. This leads to the big question – how do I go about this?
Well, since it is not every day that you will have to introduce a new product to the market, it is critical to have a foolproof new product launch strategy. This is going to make all the difference between having a failed product launch and successfully growing your product range and market segment.
The steps to successfully launching a new eCommerce product
Many retailers make the mistake of assuming that since they already have a solid market base or presence in the market, they can randomly introduce a product to their clients. This is the surest way to get stuck with a non-moving product line while thinning out your chances of being a top brand. To avoid finding yourself in such a position, it is vital to go through the following steps:
1. Have an in-depth pre-product launching planning
Your new product launch strategy should always begin the moment you consider having a new product category. The behind-the-scenes efforts you place will ultimately determine how strong your foundation is to make this a value-driven venture. As the management, you will need to evaluate why you need to introduce a new product, what purpose it serves, how relevant it is considering your target market, and who it will serve best.
The rule of the thumb is to avoid general assumptions or answers and dig deeper into your market demographic. You will also need to understand current buying trends and demand predictions based on consumer behavior. Finally, you need to deeply analyze all competitors who currently offer the same or similar product and how well it has performed.
2. Create hype before the product launch
Once you have the confidence that the new product lines complement your objectives and suit your target market, it is time to cause ripples in the industry. The best way to do this is to create anticipation for the product without directly mentioning it. Be creative when doing this and ensure the message hits home –there is a new product in the line for you.
3. Test your launch and survey response
After capturing the market’s attention, it is now time to test the waters. Bring in the influencers, reach out to your loyal customers, and create a hype stage to test the launch. In this phase, you will have to burst through the hype and create a demand for the products (pre-order offers). Do not forget to keep your ears to the ground so you can have a better idea of the market readiness.
4. Launch the product in a big way
On the D-day, go big and loud. Dominate the social media platforms, saturate your ads using Search Ads and PPC Advertising, and have an event to introduce the product to everyone.
5. Competitively market and advertise the product.
Go ahead and market the new product competitively, so it becomes a solid line of revenue for the business.
6. Post-launch assessment
After several months, go back to the drawing board and use real-time data, feedback from clients, and the latest market trends to assess your progress. This will help you to re-strategize and ensure your new product line does not fade off.