How to prepare a product launch in eCommerce

The launch of new products is a common practice in eCommerce and it is important to understand what it consists of and the importance that the actions of preparation of this launch and control of results have on the success of the launch. Due to the importance of this topic for merchants, this week, we talk on Planet's blog about what is the product launch and how to carry out this action to achieve the maximum benefit in our eCommerce.

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We start with the definition of "product launch", which consists of bringing to market a new product in the industry or in our product catalog, either in a physical store or an eCommerce online launch, as we will see below.

How to prepare a product launch in eCommerce

To prepare for the launch of a new product, we must first define the objectives of this launch, carry out a market and competition study, etc., and then establish what strategy we are going to use.

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On the other hand, the purpose of preparing the launch of a product is to create expectation and that users purchase this product at the time it is released to the market, so we will talk about different communication strategies that we can use to advertise our product.

Market research

How much stock will be available? Who is the target? How many sales are we aiming for? How do we want customers to perceive our product? What is its utility? It is important that, before launching a product, the market and potential customers are thoroughly researched for feasibility, as we will see below.

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The market research will allow you to obtain real data about your competitors and your target audience or potential customers, which will be essential to make the best decisions in your eCommerce.

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To carry out an effective market study, we must first determine who the target audience is, defining the buyer persona. Subsequently, we must know what the market in which we work is like, i.e., what laws affect us, what is the volume of potential customers, what is the demand, etc.

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Finally, in order to determine the threats to our business, we must carry out an exhaustive study of the competition (direct and indirect), because, with the launch of a new product, our competition may change and we must be prepared for this. In order for your product to reach the estimated sales, you must differentiate yourself from your competition.

Launch strategies

The first 3 strategies that we will see below focus on how to bring a new product to market, through pre-sales, a seed launch or offers. However, there are other launch strategies that refer to the way to make this new product known (communication). In this section, we will look at both types of launch strategies and how they work.

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1. Pre-sales strategy

The pre-sale strategy, as its name suggests, consists of selling the product in advance, before the product is launched. This is a very common strategy in technology products and services, and usually includes some benefit for those users who purchase the product in advance to encourage the purchase.

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The benefit can even be exclusivity or "reserve", in the event that the product being pre-sold has a reduced stock such as limited editions, so by acquiring the product in pre-sale you ensure that it is not sold out.

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This strategy is one of the most common launching strategies, since it helps you to estimate the product demand and, therefore, to know the product stock you will need. In addition, as it is a pre-sale, it does not require a large initial investment.

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2. Seed Launch

It is similar to the previous case, however, not only do you generate expectation around a product by selling it in advance, but in this case, the product being launched is not yet finished.

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In this way, you can not only control the stock as with pre-sales, but you can also see if your target is really interested in this product and therefore, it is a viable product.

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3. Launching strategy by offers

This strategy is related to the price of the product, and consists of using a discounted price to introduce the product to the market. In addition, it is a strategy that can be combined with the pre-sale strategy, in which, if you purchase the product in advance you receive a benefit, which could be an offer or a gift.

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4. Launching strategy with influencers

This is a communication strategy, in which the aim is to give visibility to the product launch by collaborating with content creators or influencers.

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Influencers have the ability to reach a large number of people, so a paid collaboration with them will help you reach your target quickly. However, you must take into account what type of influencer is the most profitable to carry out this strategy, since the number of followers is not the only factor to analyze.

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Depending on what your product is, what image you want to give and what your target audience is, you will choose the most appropriate influencer. Also, remember that you are looking for his community to trust him to follow his recommendations, so you can work with profiles with smaller followers but higher interaction rate.

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5. Email marketing launch strategy

This strategy consists of disseminating the launch of a new product through an email marketing campaign. In this way, you can take advantage of your customer database to reach potential customers who may be interested in the new product, in the event that the target of this new product of your eCommerce coincides with the target of the rest of your catalog.

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It is a way to reach customers who already trust your brand easily and without requiring investment in advertising, so it is a practice that is commonly used.

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Remember that the most effective product launch strategy is the one that integrates different channels, achieving a superior reach, so the strategies we have seen can be more effective if used in a complementary way.

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Now that we have seen how to prepare a product launch and what we have to take into account before bringing a new product to market...prepare your eCommerce product launch and don't forget to measure the results!

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