There’s nothing more exciting than launching a product. However, be it business software or a custom software product, it’s challenging to plan a strategy to create a buzz in the market and achieve targeted sales.
Today, it’s far easier to understand consumer demand, behavior, purchase patterns and real insights into customers’ minds. As a result, implementing the best marketing strategy enables your business to target and reach customers, boost sales and business growth.
Launching into a new marketplace is considered the most crucial time for any brand. Not all brands taste success; many of them fail. But the thing that differentiates them is the right marketing strategy.
It’s imperative to perform in-depth research, strategic planning and risk mitigation for a successful product launch.
Are you looking for the right marketing strategy for your product launch? This article will help you get the smart marketing tips from big brands that made their business a million-dollar empire.
Why do product launches fail?
According to Harvard Business Review, 75% of product launches fail to entice consumers.
Launching new products was never easy; even the big brands failed to get their products on the ground.
When you launch any new product, you always hope that it’ll smash all sales records. However, none of the marketers or project managers ever think that the market will reject their product.
From start-up owners to established business empires, the common goal is to have customers lining up to purchase – be it a big launch, a small launch or even a simple update in the current offering. But this isn’t always the case. Some things aren't in our hands - our fate is decided by our customers and how they perceive the product during the launch phase.
Here are a few common mistakes big enterprises often make with their product launch:
- Insufficient market research
- Lack of planning and strategy
- Shortage of skilled product marketing team
- Not considering possible risks
- Guiding your customers before launching the product
- Rushing the product launch process
Four smart marketing tips from popular brands
Successful product launches come out through in-depth planning and research assisted by a team of reliable, skilled, and experienced marketers.
You can learn and emulate some useful marketing tips from popular and successful brands. Here are four examples:
1. Maintain brand consistency similar to Starbucks
Brand consistency is essential for big corporations. Famous coffee brand Starbucks truly understands the importance of brand consistency. The brand uses various channels for marketing their product, from social media to TV ads. Their approach towards gathering customer insight is also unique and different from other organizations investing multi-million dollars in marketing research budgets.
Here are some ways Starbucks have used to ensure brand consistency in business:
- Try to keep colors and logos consistent across all platforms, including websites, menus, brochures, etc.
- Try to make your brand voice loud and consistent across social media platforms and content pieces. In addition, keep the writing style similar across your blog and social media posts.
- Your employees must be well aware of your brand status. Make sure to involve every team member when it comes to branding.
2. Learn content marketing actions from Red Bull
Some big brands do exceptionally well when it comes to content marketing.
Content marketing isn’t limited to blogging. Instead, it includes many other content forms, including video, infographics, etc., to attract users to your offerings.
Many of you will know that Red Bull sells 7,000 million cans of a soft drink that tastes worse and more expensive than its competitors.
The famous drink maker Red Bull's marketing strategy is to sell an experience, not a product. Red Bull is a perfect example of implementing an exact and refined content marketing strategy. The company has understood how to build a loyal customer base first and convert into leads in many ways later.
Content marketing actions Red Bull take:
- It licenses content, images and music to other media companies
- It creates band albums aligned with the Red Bull brand and lifestyle
- It managed to build a massive audience of loyal and trusted followers who use more products and services of the brand
Content marketing can be an effective way to flaunt your skilled expertise and how customers can utilize your product and services.
3. Go mobile-first like Taco Bell
Big brands understand the importance of mobile optimization in the present scenario. As a result, almost every brand has an app to showcase its offerings.
Fast chain Taco Bell introduced a mobile component to its "Why Pay More" promotion.
The app permits customers to place orders and pick them up. In addition, the fast-food chain utilizes mobile ad targeting tactics to boost daily breakfast sales.
They planned to target users on their smartphones by popping up the breakfast ads; when they open the app, they see the ad right in the morning.
Listed down few measures you can do to optimize your website for mobile:
- Make landing pages mobile-optimized for ads
- Add relevant space between links and buttons
- Check the loading speed of the website with testing tools
- Test website's performance and look on multiple mobile devices and screen sizes
- Make sure graphics are large-sized and of high quality
Taco Bell makes sure these are features targeted to improve the customer experience.
4. Get the right digital marketing team like Cisco
There are three things Google checks to decide whether your business will be listed in digital search results:
Optimizing all three of them can make a complicated search marketing strategy. For this, big brands hire specialists to do it for them, whether in-house or through outsourcing.
Big brand Cisco understands the importance of hiring experts to conduct marketing on their behalf. Recently, the company employed more than 200 content marketers to join their marketing department.
Cisco is focusing on two key tactics to establish a brand's voice globally. First, it wants to have niche experts in the company. Next, to find writers and editors with distinct voices.
Cisco works with King Content to find new opportunities to reach new audiences through native advertising and programmatic distribution.
Launching a product isn’t a cakewalk. On the contrary, any product or brand that systematically plans its market launch will gain a favorable response from the market. You must evaluate every business aspect properly to avoid uncertainties.
With the rapidly growing software industry and ever-changing software development trends, businesses today face enormous challenges.
To overcome this, it’s essential to be agile and maintain focus. Be sure you make best-fit changes with clear business goals in mind.