Your Product or Service might stir up the passion in your soul. All that hard work and creativity is tied up to your vision. But, for your audience, it is yet another ‘Seen that, have that’ scenario. The reason is that almost every niche in any industry is saturated with so-called ‘innovative’ products which have lead people to grow more critical of every new thing that comes into the market.
Though, your product or service should not suffer the consequences of this ‘Mass Effect.’ There is certainly a strategy that can outshine your offerings to people from your competitors! Take a look.
If it is overcrowded, you’re probably better off!
No matter how great of a product you have, or how cutting-edge your service is if there are too many players there is no point in burning funds in such a launch. Why do we say that? Well, the rational business decision says that the division of the ‘Target Audience’ again and again by multiple players of the same niche will make marketing tougher. That means the cost of user acquisition and retention skyrockets as your sales conversion rate projection takes a drop!
Independent sales companies like Product Launchers always caution to conduct proper demand validation and market penetration rate before launching a product.
It’s not about the product, it is about the people
Really, your ultimate concern should not be the product or the service itself, but the value that people will derive from it. In a world where ‘Benefits’ sell, your product launch must shout loudly about ‘how you solve people’s problems’ in real life! Does your product help people live a productive life, does it make them healthy, and does it enhance their quality of life in any way? Your Unique Selling Points lie somewhere in the answers to these questions. Even if the competition is high in your niche, you can always be creative in distinguishing yourself in front of the target audience.
Buzz and Pre-sales are Crucial
Have you ever noticed how Tech-giants and Retail-Giants launch their products? They create a buzz, a sensation much before the actual product launch itself. The idea is to embed subconscious thought about the brand into the minds of the consumer so that they drool in anticipation of the launch. Take iPhone for example! Maybe your marketing budget is not as high as these giants. So, here is what you can do;
- Connect with the influencers in your niche. Tell them about your product/service and launch plan. Ask them to spread a word.
- Focus on collecting funds from Pre-sales. If the product sells well before the launch, it has a valid demand and will promote itself through pre-purchasing advocates and referrals.
- Harness the power of Digital marketing to create a buzz and curiosity amongst your target audience. Video and Visuals work the best!
Test, Feedback, Improve
Maintaining a strong foothold in the market is tougher than gaining it in the first place. It is imperative that your company starts collecting customer/client feedback as soon as the first sale is made. This will breed trust in the target audience and help you outrun the competition as fast as you can.
Remember, there is no ‘one-size fits all’ for launching a product. It all depends upon your company, the business model and the audience. Try and test at the beginning of what works, consult an Independent sales company, spread the word, focus on pre-sales for demand validation, and don’t look back! More power to your product launch.