What is a product launch?
When a business plans and coordinates an extensive effort to debut its new product, it is known as a product launch. Product launches allow businesses to build excitement and momentum and foster valuable relationships with existing and new customers.
Organizations leverage product management software to develop and improve products quickly with seamless processes. Product management tools help users create roadmaps to track product development progress, assisting teams in staying on top of the development cycle while planning for an effective and successful product launch.
Types of product launches
Before developing a product launch strategy, businesses must consider which type of product launch best fits their needs. The product type, market, and business type can impact the product launch a company chooses. Below are the three most common types:
- Soft: During a soft launch, sometimes referred to as a soft opening, a business previews the release of a product to a small but targeted group of customers, potentially without a larger announcement in the market. Companies use a soft launch to gather feedback and data before an official public release.
- Minimal: A minimal launch is a streamlined launch that businesses can execute without a large marketing budget. Minimal product launches are suitable for small products or relaunching with incremental developments. Brands use them to test product ideas, gauge interest from testers, and refine the product based on feedback.
- Full-scale: Brands that want to capture the attention of their target market and elevate their brand plan full-scale launches. A full-scale launch requires significant effort and dedicated resources to ensure success. These launches aim to maximize awareness, generate interest across a large audience, and drive sales.
Steps for a successful product launch
Effective product launches that deliver impactful results require thoughtful and strategic planning and preparation. While the details of a product launch will vary, brands can take some general steps to increase the likelihood that their product launch will succeed.
These steps include:
- Commit to a launch timeline and goals: Teams should start by setting a desired date for the product launch to understand what they are working toward. Deadlines will help keep teams on track and ensure they have enough time to complete all the necessary activities and tasks to make the launch successful. In setting deadlines, teams should also set goals for the launch beyond making the product accessible, including raising brand awareness, generating a certain number of leads, or meeting a revenue goal.
- Ensure roles and responsibilities are clear: Launching a product is a big event that requires many hands on deck. Leading up to launch day and the day of, the roles and responsibilities of all team members must be clear to avoid bottlenecks, clarify confusion, and meet deadlines without delays.
- Lay out the go-to-market strategy: A go-to-market strategy is a thorough plan businesses use to bring their new products to the market. Companies may prefer different go-to-market methods depending on their industry, product type, and launch goals. No matter which strategy a business chooses, it should be documented well and include a list of content, such as blog posts or landing pages, that needs creating for the launch.
- Prepare content and collateral: Ensure teams have sufficient time to prepare the necessary materials for the launch. All promotional content should be finalized well before launch day to prevent unexpected hiccups. Consider positioning, tone, channel customization, and paid advertising opportunities.
- Build hype and launch the product: Teams can create excitement around the product launch by hosting presales, throwing exclusive launch parties, collaborating with other brands or influencers, and teasing the launch across social media and email newsletters. These activities are great lead-ins to launch day. On launch day, it’s time to release all content and make the product available for purchase.
Benefits of product launches
Successful product launches generate revenue for businesses. In addition to boosting sales, there are many benefits brands may experience following a product launch, including:
- Increased brand awareness: Effective product launches bring attention to the new product and are a source of publicity for the company. When done well, a product launch can positively impact brand awareness.
- Boosted company reputation: When a business launches a new product that solves customers’ pain points in a way other brands haven’t, it can become an industry leader with a strong reputation. Game-changing products have the potential to quickly increase brand loyalty and create a committed customer base.
- More business opportunities: When a product launch goes well and creates a lot of buzz, it can create new business opportunities for brands through collaborations, new partnerships, and influencer deals. A successful brand launch can also spark additional investments for future product development.
Product launch vs. feature launch
A product launch refers to a coordinated plan businesses use to launch a new product. A feature launch refers to a company's coordinated plan to launch a new feature in its already available product.
Product launches are beneficial for increasing revenue, boosting company reputation, and finding a product-market fit. Feature launches work better to re-engage unhappy users, increase customer loyalty, and boost long-term retention.
Find the best social media analytics software to incorporate data into the product launch plan.
Alyssa Towns
Alyssa Towns works in communications and change management and is a freelance writer for G2. She mainly writes SaaS, productivity, and career-adjacent content. In her spare time, Alyssa is either enjoying a new restaurant with her husband, playing with her Bengal cats Yeti and Yowie, adventuring outdoors, or reading a book from her TBR list.
