Design a Winning New Product Launch Strategy

The launch of a new product is full of anticipation—and opportunity. It's a chance for your brand to delight new customers, add fresh revenue streams, and establish yourself as an industry leader. But only if you have a solid new product launch strategy in place.

Why do you need a new product launch strategy?

Well, unfortunately, not all launches are a raving success. In fact, only around half of all product launches reach their business targets. What separates the best-selling new products from the ones doomed to fail is often how they plan their product launch.

Now, getting started with an audacious product launch might sound intimidating, but it doesn't have to be. Let's walk through the three main stages of a new product launch.

1. Pre-Launch

2. Launch

3. Post-Launch

Along the way, we'll also look at a few successful new product launches to give you some inspiration.

Let's jump in.

What is a product launch?

Product launches signify the culmination of careful planning, research, and execution. But, no single person or department shoulders it all. Unleashing a new product or service into the market requires a comprehensive and calculated strategy that draws on different individuals from numerous departments within an organization. And, while there's generally a "launch date," a new product launch strategy is an ongoing process that begins well before the launch date and continues after.

Because a product launch is an evolving process—it requires a solid game plan that defines the resources, timelines, and expectations for a solid outcome. Therefore, your strategy should incorporate all the necessary steps to make the new product launch successful—even if they're not directly related to the launch itself.

What are the three stages of a new product launch strategy?

Let's talk about what a strong product launch involves. That is, what's happening behind the scenes to ensure that new customers are engaged and new products sell.

The three stages of a new product launch strategy typically involve pre-launch, launch, and post-launch. And each of these individual stages should be well-planned, creative, and memorable. They should link up with your new product strategy and business objectives to focus on understanding your target customer and building relationships with them.

01—Pre-Launch

The pre-launch period is when you'll set the stage for your new product launch. This time frame is where you will do all the necessary research, plan your new product launch strategy, and establish a productive workflow for your team. Once research and planning are completed, it’s time to build hype around your new product and create awareness about your upcoming launch.

Some of the activities you may need to perform include the following.

• Industry trends research

• Product-market fit

• Competitive market analysis

• Go-to-market strategy

This is definitely the "buzz" stage of your launch timeline. Focus on creating an atmosphere that builds anticipation and excitement around your new product. Nintendo did a great job of this when it unveiled its gaming console, the Nintendo Switch.

Nintendo Switch—Building Excitement With Pre-Launch Hype

Nintendo commands a loyal and devoted fan base, so the anticipation around its new products is always high. Nintendo took this to new heights with its pre-launch strategy for its new console in 2017, the Nintendo Switch.

Straight out the door, the Nintendo Switch pre-launch hype was through the roof. The product name, the "Switch," was cleverly chosen. It made the new console sound innovative and modern and aligned with its core feature—switching between playing on the TV and handheld mode.

Before releasing many details, Nintendo leveraged the element of surprise with constant speculation about when they'd drop any information about the new product. Fans and media were salivating for more information, and Nintendo kept the momentum without fanfare or a media bandwagon. Instead, they announced their upcoming product in a three-minute video on YouTube at 10 a.m. on a random Thursday morning.

And it blew up.

By Friday morning, the video had over 10 million views on YouTube. The pre-launch commotion continued with a marketing campaign that promoted its user-friendly design and function, with videos instructing new users how to snap it in, turn it on, and play. Plus, Nintendo partnered with beloved YouTube influencers to create videos unboxing the new device and reviewing new games. This pre-launch strategy led to early reviews, generating buzz and excitement months before launch day.

The result? The Switch became the fastest-selling U.S. console ever in its launch year and is currently making up 85% of Nintendo's yearly revenue.

02—Launch

Once everything is in full swing, it's time to launch your new product. At this stage, customer engagement is a priority, so get ready to fire up your digital marketing channels to get eyeballs on your new product.

Whether your launch is big or small, focus on creating a new product launch campaign that's as creative as it is effective. Send product launch emails, answer questions on your brand's social media, and sing the praises of your product from the rooftops. Make sure everyone knows what you're offering and why they should be lining up to grab one.

Dollar Shave Club's razor subscription service leaned on video marketing and hilarity with their product launch in 2012.

Dollar Shave Club—A Viral Video Launch

Once a little-known startup, Dollar Shave Club is now one of the most recognized razor subscription services. With a shoestring budget of $4,500, Dollar Shave Club launched with a cleverly crafted YouTube video. The goal was to get new customers to subscribe and order their razors—the result? A viral hit.

The Dollar Shave Club website crashed almost immediately. When it was fixed the next day, they had 12,000 new subscribers for their $1-a-month razor subscription service. The video created colossal brand exposure, which, in turn, led to skyrocketing sales.

While not all product launches achieve this level of success, what's illustrated here is that it's not about big budgets—the best product launches are about clear, strategic planning and creative execution.

03—Post Launch

The post-launch stage doesn't rest on just the shoulders of the sales team—it's a stage full of multiple efforts across the board. Here's where customer service, product delivery, and marketing should come into play.

Post-launch is an opportunity to keep the momentum going with customers who have already purchased the new product.

• Follow up with customers to ask how the new product is working for them, if they need any help using it, and if they have any feedback.

• Reach out to leads who weren't convinced to buy or new leads who didn't know about the product launch until after it happened—it's never too late to follow up.

• Set up a referral program or loyalty rewards program to reward new customers for their purchases.

• Continue with marketing campaigns and new content creation around the new product.

• Engage with influencers to reach a wider audience.

• Research and design new features based on customer feedback.

Let's look at how Nike's House of Go showcased the power of the post-launch strategy for their Epic React Flyknit running shoe.

Nike—House of Go Interactive Campaign

Was it more art show or a great product launch? Nike's House of Go campaign was a bit of both.

As part of the 2018 product launch for the Nike Epic React Flyknit running shoe, Nike hosted a new type of event. They created a pop-up store in Chicago, IL, called the House of Go. But it was more than a promotional event—it was an interactive experience.

At the House of Go, Nike created an immersive customer experience with hands-on installations such as test-driving the new Epic React Flyknit running shoe on virtual treadmills and other terrains. The experiences were free—with a subscription to the Nike+ program via their app.

What's genius about the House of Go campaign wasn't only the experiential marketing angle but also the way Nike harnessed the effectiveness of its loyalty scheme as part of its product launch. By leveraging its app, Nike was able to bring new customers into the fold when they arrived at the House of Go, as well as reward existing customers by providing exclusive access and experiences.

Ready for your next product launch?

As you can see, there's no one way to launch a new product. What's key is delivering upon the needs of your target market and figuring out the most effective new product launch strategy for your product. From pre-launch to launch and post-launch, having a clear plan is essential to set the pace and ensure the launch goes off without a hitch.

Looking for a bold new product launch strategy?

That's our thing. At Rebel, we provide insights into your organization by challenging the status quo and asking tough questions. Together, we deliver the answers you need to charter a fast and certain path forward.

Let's work together to help your brand find truths in places you wouldn't expect, to take you to places you never thought possible. Let's talk.