Launching a new product in the market can definitely come across as a daunting task, especially for a small to mid-level business. According to reports, 95% of 30,000 products launched annually fail. But if you have an effective game plan, your next product launch can find itself in the successful 5% mark!

Here are four tips to help introduce new products for your eCommerce business!

1.   Why Buy It?

Usually, consumers want something that gives them value for the money they will need to spend on a particular product. If you have an idea to launch a new product, you need to conduct some market research.

Ask yourself: How does said product solve a particular issue or improve one’s quality of life?

People are rightfully afraid of online product scams. You will need to dive into consumers’ psyche to see how they will assign a “value” to your product and agree to purchase it. You can’t create a productive launch strategy if you don’t know how to properly promote an item to the target audience.

2.   Know Thy Competitor

Numerous products are launched every month, including those similar to yours. This means you will need to face a lot of competitors to carve out a space for yourself.

So, take the time to research your competitors. See what type of promotional campaigns they are launching. Visit their product landing pages. How can you capture the target audience’s attention by doing something different?

In the world of eCommerce, the ASIN number is highly important. Through a reliable Amazon ASIN lookup resource, you can easily obtain a lot of vital information about competitors to see what is and isn’t successful.

For example, you can view daily sales and estimated revenue, the high search volume keywords being used, keyword trends, sourcing options, and a lot more.

All of this data can help you construct a competitive product launch strategy (and aid with improving sales after launch).

3.   Do A Soft Launch

Opting for a soft launch for your product can assist with working out kinks and other issues that could lead to negative customer responses. The last thing you need is a barrage of poor online reviews the moment you launch a product. The feedback gained from a soft launch will play a role in preparing you for a wider release.

4.   Make Them Anticipate It

Get the target audience excited about the product launch. There is a reason Hollywood loves releasing teaser trailers for movies months in advance.

Brand awareness is important in the competitive eCommerce space. It’s always great to have people ready to buy a product as soon as it officially launches. Hyping up a product can also lead to some impressive pre-order numbers through positive word of mouth.

Also, don’t hesitate to share your product story. People love a good story!

You should also consider:

  • Creating a landing page for the product.
  • Record a how-to-use video for the product.
  • Planning an email campaign with discounts and more information.
  • Contact product reviewers, influencers, and related entities to get the word out. Depending on your audience, perhaps you can partner with a TikToker to create a viral video?
  • Don’t forget to use additional forms of social media. Post images and information about the product on Instagram, Facebook, Twitter, and more.
  • Create press releases to get the media talking.

Remember: There’s nothing selfish about hyping up your product!

Wrapping It Up

As discussed, properly launching a new product for your business requires a lot of planning. From market research to building excitement, you will need to be smart about how to approach the launch campaign.

Yes, there are risks involved with every product launch. But as long as you know how to properly sail the eCommerce waters, you will continue to keep sailing to your heart’s content.

Good luck!