A few weeks ago, I visited a friend, and when I got there, she was having a conversation with her sister Sarah. 

Sarah will be launching her fashion designs for the first time in April, but the sad part is, she has no idea how to go about it.

If you are like Sarah or you have launched a product and it didn’t go as planned, this article is for you.

In this article, we will cover;

o What is a product?

o What is a product launch?

o 4 Ways on how to launch a product successfully.

o Examples of successful product launches.

What is a Product?

Sonia Macrino said “We each sell a little piece of happiness. You are elevating someone’s spirit. In some way, to do that you have to understand the source of angst and then you have to frame your product as a solution.”

It's like a mathematical equation where X is the customer's problems, needs, and desires and Y is the product—the solution.

One thing to keep in mind is that a product must always solve a problem, if it doesn’t then it is not a product.

A product is not only physical; it can also be digital (like Subscriptions, E-books) or a service ( like Healthcare, Transportation).

What is a Product Launch?

Let’s say you are a fashion designer who is looking forward to launching your first-ever design pieces.

This is where product launch comes In. A product launch is like a fashion Extravaganza.

Launching your products is the magic key to letting people be aware of your products.

A product launch is categorized into three stages; planning, execution, and analysis.

In the planning stage, you need to define who your target audience is, determine what your budget will cost for all marketing activities and production of the design, create your designs based on market research, etc.

In the execution stage, you produce the designs, market and promote them, sell them across various channels, etc.

In the analysis stage, you need to track sales(profit or loss), gather feedback from your customers, and use the feedback to make improvements to your products, etc.

4 Ways to Launch Your Product Successfully:

Launching a product needs to be done with proper planning, execution, and assessment.

Here are 5 ways to launch a product successfully;

1. Know your target audience: They are the ones who will buy from you, and you need to learn about their needs, goals, motivations, pain points, aspirations, and goals by conducting proper market research to know if your products align with them.

You can also talk to a few of your prospective customers and ask the following questions:

o What features would you like to see in our products?

o How much will you be willing to pay for our products?

o What issues have you faced from using similar products?

o What channel of distribution is more convenient for you?

Make sure to pay attention to their responses and use the information well.

2. Write a product launch plan: To have a successful launch, you must plan. It helps you have an overview of your branding, marketing, unique selling proposition, brand positioning, product goals, etc.

A product launch plan is important because it communicates your product value clearly to your target audience, helps you identify potential conflicts and concerns that might affect the launch, identifies key metrics when you want to launch your products, etc.

3. Product positioning: This is what differentiates you from your competitors and it is where your product is positioned in the market.

It communicates how you want your products to be perceived by your target audience.

For example, Apple Watch is positioned as a high-class, premium, and luxurious device.

4. SMART Goals: The SMART stands for Specific, Measurable, Attainable, Relevant, and Time-bound.

Now let’s take a quick look at what this means using a    fashion brand as an example:

· Specific: How do you want to achieve it and how do you want to go about it? E.g., Before the end of the second week of launch, we will sell 200 units of our new dresses collection.

· Measurable: It should be trackable. E.g., In two months' time, we will increase our Instagram followers by 5%.

· Achievable: It should be within your reach and resources. E.g., hiring professional models to take pictures wearing our new collection and post on our socials.

· Relevant: It meets the needs of your customers. E.g., We will post high-quality content on fashion trends that resonates with our target audience.

· Time-bound: A timeframe and deadline need to be put in place. E.g., In April, we will launch our new collection and hit $3k in sales.

Examples of Successful Product Launches:

Let’s take a look at two products that have a successful launch:

1.Harry’s : They offer affordable razor blades. Their unique selling proposition was that the blades will be affordable than their competitors.

They had to convince their customers through trial offers to gain their trust and they posted it on their website which gained a lot of visitors.

They became an online retail giant with over three million monthly recurring customers.

2. Tesla Model 3: First unveiled in 2016, and within a week they had 325,000 preorders, this was possible because they built up anticipation through teasers across their socials and organized high-profile events.

Tesla used a direct-to-customer sales approach which contributed to their massive success. It enabled them to have control of the customer experience from pre-order to delivery, this made buying a Tesla unique and established brand loyalty.

Tesla's customer-centric approach positioned it as one of the best-selling and most popular electric vehicle in the world.

Finally,

Now, you are set to kickstart your product launch journey!.

Always remember to leverage on planning, customer feedback and research to hone your approach continually.

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