Your eCommerce brand has been chugging along nicely.... your existing customers like what you have to offer, and there’s a steady stream of cash coming into your pockets.
But things feel a bit flat. Yes, you're getting some money... but you know your business has more potential to grow, and you want to bring in more cash.
So, what should you do? There are different ways to improve your cash flow. And one of them is to freshen up your line of products.
You need to try something new. Why? Because your customers have probably seen all there is to see in your online store.
And the worst part is... They might be moving over to other eCommerce brands to see what they have to offer.
That's why to stay on top of your game, you need to launch new products on your Shopify store.
Not only will it keep your existing customers interested and loyal to your brand... but you can also attract more potential customers.
The combination of these two things will see your eCommerce business grow as more cash starts to flow in. But here's the thing...
Your existing marketing efforts need to step up, too. Because you need to roll out the red carpet for your new product launches.
In other words, you need your new products to land with a bang, sending waves throughout the market, and letting everyone know that you have something new to offer.
And this blog will show you different methods you can use for your product launch strategy.
7 Things you need to do for a solid product launch strategy
So, you’ve decided to spice up your range with a new product line. You might be expanding an already existing category, or you might be having a fresh product launch.
Whatever it is, you need to put a lot of thought into how your marketing campaign will go. Because building a robust product launch strategy is not easy... but it's necessary.
And one of the first things you need to do is...
1. Research your market
To have a successful product launch, it's important to keep your knowledge about your customers fresh.
Even if you’ve been in business for a while. Of course, you already know your market. Customers have bought your products diligently and are quite familiar with your brand.
So, it’s not a stretch to say that you’ve got them figured out. And based on this, you probably think you know what exactly they want.
But you shouldn't be 100% sure that your customers and target audience will purchase your products with no second thoughts.
You need to conduct a market research first to be sure before your product launch. This helps you to know what your target audience wants.
To do this, you can have customer surveys and interviews. But make sure to ask the right product survey questions to get the right answers.
In doing so, you can avoid making an expensive mistake that’ll set you back even further. That can also be a hurdle before your product release date.
Also, having a clear understanding of your market allows you to see if your competitors carry the same or similar products. And if they do, what they're doing right, and where they're falling short.
All this informs your decision on what route to take on your product launch and marketing strategy.
Speaking of which...
2. Create a product launch campaign
You might have an amazing product... but only a few people will buy it if most of your target audience won't know about your brand.
So, it would be best if you created a marketing campaign for your product launch. Before you can run the marketing and promotion campaigns, you need to get your ducks in a row.
This means drawing up a plan of the various marketing channels you’re going to use to get the word about your new offerings.
Remember your market research? You need to find your ideal customers online to introduce your new product range.
Draw from this hypothetical customer and see what marketing channels they’re more likely to access.
If it’s social media, what platforms do they hang out on? Do they prefer photos on Instagram, or are they drawn to video content on TikTok?
Do they prefer your message to get to them naturally, or don’t they mind paid advertising? What will be the best positioning statement to entice them?
Whatever the case, draw up a plan to show the various channels you’re going to use to put the word out before your product launch.
The next thing you need to do is...
3. Put the new product to test
So, you've done the market research. And you're already drawing up a new product launch strategy.
You’ve found out whether your customers would welcome the new product. You’ve seen which of your competitors are selling the same product and at what prices they’re doing so.
If all things go well, you can go ahead with your eCommerce product launch. But before you can promote or launch the products on your Shopify store... you need to test them.
After all, it’s a new product. Customers will expect the quality that they’ve come to associate with your brand.
Testing is important to ensure the success of your product launch strategy.
That's why you need to ensure that you meet their expectations. Because if ever you fall short, it might affect your credibility.
To keep positive customer feedback after your product launch, make sure to test all your products.
Ask for feedback... select a portion of customers to try out your products... or collaborate with an expert.
Listen to their recommendations and fix all the problems they’ve highlighted. Now that you’re sure of your merchandise, it’s time to move to the next step.
4. Have a pre-launch campaign
Having a pre-launch campaign before the actual product launch is another way to test the demand for your products.
You need to build a group of potential customers who are most likely to buy your products and support your journey before the product launch.
This will help you gauge how many people are willing to purchase your new products.
To get pre-orders, make sure to...
5. Craft conversion-friendly landing pages
What we have talked about above is all groundwork before the product launch or promoting new eCommerce products.
With this step, we’re continuing to lay the foundation for the launch. If all goes well, your potential customers will land on your collections or product page to buy the new items.
Your landing page can be the actual product page. So, craft one that appeals to your customers; have a page that entices the customers to add the product to their cart.
A great product contains high-definition photography depicting the new product. This should include several product angles so that the customer knows exactly what they’re getting.
You also need to add well-written product descriptions. Make sure to highlight the features and benefits the customer should expect from the item.
Why should a customer buy that specific item? Answer this question with the information you add to your landing page.
Also, don't forget to have an ‘Add To Cart’ button. With this, the customer rarely forgets why they visited the page in the first place. This will help boost sales.
6. Stock up on the new product
Nothing’s worse than promoting and unveiling new products on your Shopify store only to have them run out a few hours after the product launch.
Make sure your product launch strategy wouldn't go to waste!
The smart thing to do is to stock up on the new product so that customers can get what they want on time. You need to ensure that your suppliers can meet the demand.
And that doesn't end here. Because post-launch, you need to...
7. Market your new product line
Now that everything is in place, you need to let the world know about your new products. Don't forget the things we talked about earlier about the product launch campaign.
Because this time, you're not marketing the product launch. You're marketing the actual product post-launch.
In this part, you need to capture the attention of your audience. And to stand out, you can use the feedback from customers who bought your products early on.
They want to know why they should come in for that product. So, your marketing campaign should focus on the benefits of your products.
If your product is unique enough, your potential customers will see why there was a buzz around your product launch.
Here are some common content and tactics you can include in your post-launch product strategy.
- Social media strategy
- Email marketing strategy
- Search engine optimization
- Paid Google ads
- Video Marketing
- User-generated content
- Influencer marketing
If you take advantage of these and optimize them properly, more people will be aware of your brand and products... which means, more customers!
What are you waiting for?
Create a robust product launch strategy for your next product!
A sensation product; check! Optimized product pages; check! Effective marketing strategy; check!
What’s left is to open the virtual doors and let the customers come flooding in to check out your new product. And that’s how you promote and launch new products on your Shopify store.
To make the most of your new product line, you need an online store ready to convert all those visitors into sales.
But having a solid digital marketing plan is not just for your product launches. You need to have one all year round. To learn how here is...