It doesn’t matter if you’re doing a product relaunch. Launching a new product, or doing and update to an existing product., a launch can either save money and time or cost you both. Here are five steps which will help your team no matter the current size of that team. The steps will help reduce abandonment rates after launch, drive the daily usage, and maximize user retention. Make sure you remain flexible so you adjust things according to your needs as things will likely change as you move forward.
Have an Understanding of Your Audience
The first items on our Product Launch Checklist is conducting market research. You have to know the audience before you begin the steps as this will help you save time and money because you’re not just putting your product into the market without much thought. You have to know what the audience is looking for, what they don’t like in the current market, and what gives them problems. You need to know what causes a user pain by looking at their attitudes and their behaviors. If you’re doing a product launch and don’t know your audience, you won’t know the threats that could face your new product right away. You have to invest in market research as it provides a steady foundation so the rest of the product launch goes smoothly.
Messaging and Positioning Statement
Once you have completed all the market research, you have to create a deliverable. To do this, you need to know the weaknesses and strength of the product and share this with the project team and any stakeholders.
The Unique Value Proposition of Your Product
Once you know who you’re going to target, you have to determine the factors that make your product better than the competition. This will be called your Unique Value Proposition. This describes why the product will provide value to customers and the reasons why they need to buy-in. There are many apps in the marketplace, so you need to let the customer know why your app is going to provide more value. You have to focus on why it’s more valuable not just describe the product as you want it to stand out in the market.
You should ensure the internal team is on the same page as you in regards to messaging. An essential part of a product launch is having strong internal communications. You have to communicate in an effective manner to stakeholders, your team, and others or you won’t get the buy-in that you have anticipated.
Creating a Master Marketing Plan for Your Launch
Once you all the market research done you need to focus on your execution. You have to have an effective marketing plan for the product launch to be successful. Each step has to be executed in the right way and in a timely manner.
Promoting the Content
A good plan has a clear goal that the team has researched and agreed upon. Once you have your plan, you’re able to create marketing strategies which might include early access for bloggers, social media presence, website designs, advertising, and others. You should map out a timeline of expected events which will lead up to your product launch and then the launch ahead of time.
Once all of the launch activities are planned, you can assess what resources you need. This might include, product screenshots, demo decks, design materials and other resources. The audience might get resources from various sources so you need to make sure the message is tailored to the efficiency of the various outlets which will carry your message. Make sure you plan the marketing strategy with lots of time to spare because marketing is just as important as getting your product ready for its launch date.
Launching of Your Product
Quettra had a survey that showed 77% of daily app users will stop using an app after only three days. You want your app to have a high download and a retention rate so the first impression of your app is a key one the first few days before the actual launch. During this time, you need to showcase the value of your app to your target audience. You have to show value and impress the user quickly or you’ll lose their interest.
Follow-Up After Launch
Once you have launched your product, ensure that you look at what went well with the launch and what you’ll need to improve upon. In the follow-up you want to look at retention rates, engagement, and the satisfaction of customers. Feedback and customer’s reviews will help you determine if you met the goals of the launch. User may abandon an app because they have a lack of interest in it, lack of real usefulness in the app, or changes in their needs. If market demands change you need to be aware of this and shift to the new demands customers now have.
The launch isn’t a one-time event, especially if you’re launching an app. You’ll need to make improvements to the app and reassess the product as the market demands change. You should update and relaunch products on a regular basis so users are engaged with new features and functionality.