7 Lessons You Need to Know Before Launching a Product

Athena 1 rocket launching from Kodiak Island i...

Launching a product. Image source: wikipedia

You’re thinking about launching a product that everyone must have. It’s amazing. Life changing, really.  All you have to do it put it out there and it will start flying off the shelves. Right? Unless you’ve reinvented the iPhone, you’re pretty far off.

Launching a product (no matter if it’s informational or physical) takes planning, research and hard work. In this article, Neil Patel, from quicksprout.com, outlines the 7 Lessons he’s learned from launching 5 different products. Some of these launches were successful, others served more of a learning process of what not to do.

  1. Collect emails, even before your product launches
  2. It’s never too early to get press
  3. There’s nothing wrong with a beta
  4. Be careful on how you price your product
  5. You’ll always have competitors
  6. Have clear messaging
  7. Always keep the momentum going

From each launch we’ve gotten a better understanding of what should be done and I can confidently say that I have a formula for every product launch. Here are 7 things I learned from launching 5 products:

Collect emails, even before your product launches

You always want to be building and nurturing your list, even before your product is officially for sale. This way, once you end up launching your product, you have an audience to sell to. The best way to build your list pre-launch is to create a landing page. Here you can talk about your product, offer specials and encourage your audience to opt in.

Before you launch your product make sure you create a landing page where you can collect email addresses, as it is never too early to start your customer acquisition efforts.

It’s never too early to get press

The cool part about getting press before your product launches is that you’ll start getting hit up by people and companies who want to work with you or even partner up. Plus you can list “as seen on logos” on your website when you launch as it helps with credibility and it can potentially boost your conversion rates.

A good point to remember, if you can get press before your product comes out – most likely that journalist will cover your story when you launch actually takes place. Double the exposure.

There’s nothing wrong with a beta

No, not the fighting fish. A beta (or test) website. This will encourage critical feedback to what’s working and what’s not (not to mention help spread the word about your products awesomeness). Have a beta site will also help you catch any broken pages, links or spelling mistakes that you may have missed. You don’t want to be launching a product with mistakes. It could really cost you.

And during your beta phase, make sure you get feedback from your customers as quick as possible and continually iterate as fast as possible because if people don’t like what they see they may not use your product again.

Be careful on how you price your product

Pricing your product incorrectly could really cost you and your business a lot of dough. Make sure to do your research and test pricing to see what works and what doesn’t.

You should survey your beta testers to figure out what price you should charge, and make sure you are optimizing for maximum revenue versus maximum number of signups.

You will always have competitors

No matter how original you think your idea is, there will always be somebody right behind you with something similar. Don’t let this discourage you though (it can actually be a good thing). Hopefully knowing you have competitors will make you move faster, think smarter and be the first one to dominate this particular space.

It pays to be the first in the space, so try to launch as quick as possible. That way when journalists talk about your competitors they will usually mention you as well, as you were the first player in the space. This will help boost your web traffic and increase your overall revenue.

Have clear messaging

The biggest lesson I learned with creating messaging is that simplicity usually wins. Try not to use technical jargon and avoid creating your own new language. Use words that everyone is familiar with and if you can’t find a way to do this create a FAQ section that explains the terminology you are using.

If can’t explain what your product does in a simple sentence, make it a priority to fix this. Make sure to always test various tag lines and go with what wins the majority vote.

Always keep the momentum going

Launching a product is the easy part, the hard part is to keep the momentum going. You have to continually evolve the product, market it, get more press, and do business development deals to quickly grow your user base.

You most likely won’t be an overnight millionaire but with the right momentum and determination, you sure will be there someday.

 

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