A Step-by-Step Approach to Launching a New Product in Less Than a Week
Launching a new product always entails high risk. Only around 40% of product launches are successful and of those only slightly above half actually make money. To create a successful product one should always have the end goal in mind—creating a product that customers not only need, but are also more than willing to buy since the product solves an actual problem. Nailing this down is one of the most important factors contributing to a successful product. Thus, successful product launches are possible within limited time frames as long as one focuses on the market research before designing a new product and executes the launch with the customer's desires in mind. If you are ready to create your own product but you have limited time bandwidth, here is a step-by-step approach to launching a new product in less than a week.
Define your target market audience and their exact needs/wants
This is one of the first key steps in creating a successful product. Defining clearly your target customers and identifying their pain points are very important insights into creating a product that addresses these frustrations. Getting into your customers’ heads and understanding their hopes and needs will help you design a product that actually solves these challenges. Take the time to do all the necessary research about your ideal customers and find out what they worry about, what their hopes and fears are, where they hang out and who influences their choices and decisions. Then design your initial product outline based on all the market insights you’ve captured so far.
Create an outline of your product
Based on the initial market research and information you gather about your customers, you can draft a rough outline of your product. This will be an outline that addresses your customers’ wants, needs, hopes and fears. The features or functions of your product and the overall design should have your customers’ frustrations and pain points in mind.
Draft the content for your product
Now that you have a rough draft outline of your product, develop your product content in more detail. This does not have to be a final full version and the copy does not have to be ‘perfect’ either. This is the content you will share with your target audience to actively seek feedback. Then, you can use the feedback to improve upon your product.
Refine your content
Now that you have a first draft of your product content and some customer feedback, take some time to refine your product content so that it better reflects your customers’ desires and frustrations. This iteration process is very important for getting your product design and features closer to what your customers actually would be willing and able to pay for.
Write a sales letter for your product
While this step might seem premature, taking the deliberate step to sit down and write a sales letter is empowering for the rest of this process. Write this letter as though you were writing a love letter to your customers. Use words and phrases they consistently use and convey emotions and messages that resonate with your customers. Having this letter handy will help you stay on track with the future iterations of your product design and features.
Create your promotions and adsThere are various ways to go about promoting your product. With the power of social media, your promotions should include verbal and visual content for social media channels like facebook, twitter and instagram. Helpful promotional materials include a one-pager, a concise and clear email script, a short facebook blurb that you can use for a teaser campaign, and tweets.
Find influencers/supporters to promote your productOnce you have most of the work done, having influencers in your product field is a powerful addition to your own promotions. Attracting well-established names in your field can have a significant boost to your product launch as influencers have huge and loyal followers. More importantly, these are people who will most likely share similar desires and frustrations to those of your customers. They will back your product with passion and convey a message to your customers in powerful ways that will resonate with your audience well.
While designing AND launching a new product is a serious endeavor that requires time and work that follows a clear system, having the steps of the entire product design process makes that process more manageable and less overwhelming to implement. Being disciplined about breaking the product design and launch process into manageable steps and systematically following these steps can significantly help you get 80% of the work done. Doing so in a week could be a daunting but not an impossible project.