New products fill the marketplace each day. Businesses attempt to find new ways to launch these products and make them successful. Marketing campaigns, launch events, and other gimmicks are all used strategically to show their new product in the best light. A product launch can make or break a product within the marketplace. But, all successful product launches share certain traits.

1. Move Fast Out the Gates

Strong initial feedback and early sales or pre-orders are critical. Learn quickly what works and what doesn’t work by reviewing feedback from the market. Then, you can address changes and hopefully secure more pre-orders and early sales.

Ben Yoskovitz, VP at GoInstant, a data storage and app building company says, “It comes down to a basic level of understanding of analytics. If you’ve got analytics in place—and you know what your goals are for your marketing endeavors—then you can experiment… ‘If I do X, it will result in Y’… and make sure you can measure it properly so you know what’s working and what’s not.” By doing the research on your marketplace and analyzing goals for the initial launch sales, you can fine-tune the process. You will then reallocate resources where they are needed, and continue to see success with the launch efforts.

2. Build a Community of Advocates

A new product not only promotes your business but should also build trust within a community of customers. New customer experiences can make or break a new product—especially in the age of opinionated Twitter followers. A bad review can crush a product launch. YFS Magazine says, “When buzz is generated, people will research your product and business. Make sure what they see is very good.” Strategies such as asking existing customers to write blog posts will help boost your product launch. Treat initial customers like royalty by providing them with the best customer service. If they have a great story to tell their friends and colleagues, they will generate a community of advocates who are ready to try your new product!

3. Keep Costs Low

One of the most important tips for a product launch effort is keeping your spending low. Online marketing efforts make it easy for you to reach your audience with little or no advertising cost. Word of mouth is the best way to build buzz.

Stick to the budget with research efforts as well. It is better to spend prior to the launch to determine the market niche, or do smaller test runs, than to spend large amounts on one item that won’t hold up. It is also important to track your pennies, making sure that you use each dollar productively. Consider the outcome for the money you spend, and where will that effort get you. Will it contribute to a specific goal that is part of the launch plan? If the ends justify the means, then spend. If it is something that can handled without large spending, figure out more creative and productive ways to spend the money you have. You’ll feel better in the end if you think creatively throughout the product launch process and gain success without dumping large amounts of money.

4. Clearly Define a Niche Target Market

At first, focus on dominating a defined market instead of a worldwide take over. Even the best known brands in the world with large followings need to define their niche market.Jerry Pollio of Franchise Futures advises, “Rather than pursuing a very broad marking effort, consider honing in very tightly on your niche. You need to know who your customer is and where they spend their time. Then, go meet them both online and offline. This takes trial and error, but in the end, it will save your precious resources.” This type of effort will help to define what works best for the type of customer that you are attempting to reach and will allow the biggest impact for your launch. By targeting the specific market that will buy your product, you give your new product the most exposure.

5. Connect with the Press

The strategy of “priming the pump” can work wonders. Work ahead to educate and inform consumers, sales teams, and partners about your new product. All truly amazing new products are newsworthy. If your product is as innovative and interesting enough to make a big splash in the marketplace, people will love to share the news about it.

No matter the size of your budget, contact the necessary news sources, partners, executives and industry analysts. They will start the buzz about the product and convey the information to the public. Also consider maintaining a little secrecy around the details in order to catch the audience’s attention. Dave Daniels from Pragmatic Marketing Magazine suggests that by “giving a select few customers and partners an insight to what is coming, you give them currency.” They will use this “currency” to generate more excitement and buzz about the product and lead to a more successful launch.

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