If you’re a business owner looking to make your online product sell like hotcakes, you’re in the right place. I’m here to guide you through a proven framework for launching a product successfully. So, let’s get started!
If you’re more of a watcher than a reader, check out this great video by Elise Darma about how she successfully launched her own online product.
What is a Product Launch?
A product launch is when a company introduces a new product to the market. To do this effectively, careful planning months in advance is crucial.
Here are some important facts about product launches:
- Most new products (over 95%) fail, according to Harvard Business School.
- On average, only 40% of developed products actually make it to market, and of those, only 60% make any money.
- A survey by Nielsen showed that 63% of people like it when companies create innovative products.
- Typically, only 11% of customers remain interested in a new product after a year.
- In grocery stores, 70 to 80% of new product launches fail, as per the University of Toronto.
For a successful product launch, it’s crucial that the entire company understands and supports the marketing plan. A successful launch can pave the way for future success.
Why Launch Your Online Product?
Launching a product offers several advantages:
- Boost Attention: Product launches draw attention to your new offering and can also help promote your existing products. Cross-promotion can further increase your earnings.
- Drive Profits: A well-executed product launch can significantly enhance your company’s profits. Use data from past launches to estimate potential revenue for this one.
- Enhance Brand Recognition: Successful launches elevate your brand’s recognition. Solving unique customer problems can make you stand out from competitors.
- Open New Opportunities: Product launches introduce your offering to new customers, investors, and potential partners. Seize these opportunities to expand and scale your business.
The 5-Step Process To Creating and Launching Your Online Product
Step 1: The Idea Phase
Every successful product launch starts with a brilliant idea. But how do you generate that idea? It begins by closely observing your industry. Pay attention to trends, study products that are performing well, and identify what people are paying for.
Here’s a pro tip: When you come across a product launch in your industry that triggers strong emotions, like envy or frustration, it’s a sign you should investigate further. This emotional response indicates a gap in the market that you can potentially fill.
The key is to ensure that your new product solves a problem for your target audience. If people are already buying similar products, it’s a positive sign, indicating demand in the market. Now, think about how you can improve upon those existing products. What would make your product an absolute no-brainer for potential customers? It could be quality, quantity, strategy, storytelling, or pricing—find your unique selling proposition.
Step 2: Map The Offer For Your Online Business
Once you have a clear idea, it’s time to map out your offer. You need to define your product, highlight its high value, list what’s inside, and explain what sets it apart from competitors. This phase is about laying out every detail, leaving no room for ambiguity.
As you plan, consider what happens after customers purchase your product, and be ready to address those steps down the line.
Step 3: Validate
Don’t underestimate the importance of sending out surveys to your audience. It’s a critical step in validating your product idea before investing significant time and money into its creation. To encourage participation, offer incentives like rewards or exclusive access.
Let your audience know that by taking the survey, they’ll gain insights into your secret project. This curiosity can boost participation and provide valuable feedback.
Step 4: Plan Your Online Product Launch
Once your survey has received positive responses from the majority of your audience, it’s time to move forward. Transition all the information gathered in the previous phases into a project management tool. Assign tasks to team members or contractors with clear deadlines.
Brainstorm every task required to bring your product to life and allocate responsibilities. Planning as far in advance as possible will prevent last-minute chaos and ensure a smoother launch.
Step 5: Launch Your Online Product
When your product is ready, it’s time to launch. Start with a small waitlist, possibly those who responded to your survey. This helps identify and address any technical issues that may arise during the initial rollout.
Afterwards, promote your product to your entire audience—email lists, social media followers, and anyone who should know about it, including on Product Hunt! And here’s a secret step that many people miss: add an upsell or one-time offer to your checkout page. This can increase your average cart value significantly.
Remember, your upsell should be a no-brainer for your audience, something valuable they can’t resist.
13 Places To Launch Your Product Online
Finding out where to launch your product is incredibly important. You need to know where your target audience spends their time and focus your marketing efforts there.
Below is a list of 13 different places you can launch your online product:
- Product Hunt: Best for tech, productivity, games, and fitness startups – check out our Product Hunt launch guide here.
- BetaList: Ideal for technology startups with press coverage.
- AlternativeTo: Suggest your product as an alternative to popular tools.
- Startup Stash: Offers a catalog of 600+ products in various categories.
- Hacker News: Promote tech and startup-related news.
- AppSumo: Sell digital products to early-stage users at discounted rates.
- StartupBase: Discuss and share products, mainly tech startups.
- Launched!: Get feedback and attract investors for your product.
- Indie Hackers: List profitable businesses and share knowledge.
- Launching Next: Discover tech startups worldwide.
- SaaSworthy: Get recommended by experts in various categories.
- SideProjects: Buy or sell side businesses.
- SaaSHub: Provides objective software and product alternatives.
Online Product Launch Tips
Launching a successful product involves these key steps:
- Tell Compelling Stories: Share success stories from happy customers and narrate your product’s development journey. Craft engaging stories to captivate your audience.
- Know Your Audience: Understand your target market thoroughly. Define your audience to tailor your communication, choose the right social media platforms, and convey the appropriate message.
- Solve Customer Problems: Identify your customers’ pain points and position your product as the solution. Concentrate on addressing specific needs rather than spreading thin across various issues.
- Navigate the Buying Journey: Recognize that the customer’s path to purchase isn’t linear. Develop a strategy to guide them at every stage, ensuring your company is top-of-mind when they decide to buy.
- Build an Online Presence: Establish a strong online presence for your product. Select suitable social media platforms, create platform-specific content, and maintain brand consistency.
- Offer Samples or Trials: Provide samples or free trials to let customers experience your product without commitment. Gather valuable feedback for product improvement.
- Monitor Competitors: Keep an eye on competitors’ strategies to stay ahead and differentiate your product effectively.
- Continual Testing and Improvement: Regularly test and refine your product based on customer feedback and market insights to stay relevant and competitive.
So, there you have it—a roadmap to product launch success. Implement these steps, and you’ll be on your way to selling like hotcakes in no time.
If you found our guide to launching your online product useful, see our product launch checklist here. Also, check out our tips for launching on Product Hunt to check out an alternative way to launch your product.