It takes a great idea to come up with a new product, and the majority of Online Marketing does not get lucky in coming up with new products. However, if it happens that you get to discover a product that you want to introduce in the digital market, you might be wondering how you will launch it. How do you get started? How do you turn the idea into actualization? Digital marketing in Singapore has increasingly grown resulting in high competition.
This makes it difficult for you to get started with a new product that is yet to be known in Online Marketing. You need first to comprehend how you want your product to look like, the needs it will solve, who will purchase it and how customers will use the product. It is risky and uncertain to launch a new product, and you need to plan it correctly. This article exclusively goes through how to launch a product online in Singapore.
Explore Your Competition
The first thing to do before launching your product is knowing how your product will look like and your target customers. After you are through with that, it’s time to research your competition. You don’t want to launch a new product only to face stiff competition from the already existing and known brands.
Look whether there are products similar to yours that may offer direct competition. If there are products related to your product, how is the nature of the indirect competition? For your product to stand out in the online market, you first need to understand what your competitors are doing out there and acquire some learning guidelines from them.
Who else has a similar product to yours? What is the product prices from your competitors? Which are the online marketing strategies used by your competitors? This way, you will use the information to come up with perfect marketing strategies to beat your competitors.
Establish Your Target Audience
Every product has to have a target audience as potential customers for it to thrive in the market. You hence need to look for your target audience before launching your product. One of the great places to start with when researching your target audience is social media channels.
Twitter, Facebook, Pinterest, and Instagram provides the best platform for business brands to interact with their customers. You can start by finding the social channels of your competitors. Look for people who are engaging with their content and see their likings and commenting on posts, their age demographic, and gender. Check on what they like, the complaints they give about your competitor’s products and whether they complain about the prices.
Another valuable resource in establishing your target audience is hashtags. Look for the hashtags being used by your competitors in their Twitter and Instagram posts. Hashtags give a lot of information on the type of people they are trying to get.
More so, you can save these hashtags for future use after launching your product. I don’t see the significance of having a fantastic product if you don’t know your potential customers. These activities will help to give insights on who is your actual target audience for your product.
Motivate Consumers by Use of Story Telling
After gathering all the above information about your competitors and target audience, you will be able to come up with a story on your product. At this time of digitalized marketing, the consumers want to feel and ultimate connection to your product regarding solving a specific need or filling a market void. It is hence the time for you to get creative and come up with storytelling that connects potential customers to your product.
The unique product indicators (UPI) that you have already identified in your research on competition is vital at this stage. You want to highlight what makes your product stand out from the rest in your online marketing. You have to provide endless reasons for your target audience to go for your product amidst other available products in the market.
For you to get a step ahead of your competitors, you need to combine the unique product indicators with an appealing story. Get creative and come up with an explanation of how your customers can use your product. This will depend on your product type. Here, you can make great use of high-quality photos and video tutorials on trying to help your audience understand your product and how to use it.
If one does not know how to use it, then he or she will rarely purchase the product. You can create great tutorial videos at a fair cost and without consuming much time. Give your audience the maximum understanding of your product.
Promote Your Personal Story
People tend to have increased interest in a product that is tied to a benevolent cause. Having a story that is related to your product is one way of promoting your product for launching. Majority of the famous business brands have stories that act as their business marketing foundation.
Think of a compelling personal story that may have influenced you to come up with the new product. You want to try a promote your own story in a move to increase the interest of consumers. Another strategy that has become common and effective is taking a role in social responsibility. This might even involve giving some of the sales portions to particular organizations.
Majority of internet audience values the act of giving back, and this might reward you with popularizing your product. Create a compelling story that you will use as your product brand theme in all the marketing platforms. This includes paid advertisements, social channels, and business website. Weave your story to all your product marketing aspects.
Develop A Marketing Plan
A marketing plan means a strategy that will make money for you out of your product. You already have the product, you have come up with your product marketing story, and you have established your target audience. How will you convert these ideas to make money? One of the marketing principles you need to be aware of is that for you to make money, you have to spend money.
I’m sure you have already spent a lot of money in creating the product, designing a business website, inventory and more. Depending on the information you acquired about your target audience at the earlier steps, you need to identify the ideal digital marketing channels to use for your product.
The platforms where your target audience is most engaging is where you want to market your product. These channels might be emails, social media or paid advertisements. However, before getting into paid channels, you need to make your product and e-commerce store have higher organic visibility.
Search Engine Optimisation (SEO)
SEO is entirely free. You only need to spend some time in searching engine optimization. With no professional experts required, you can optimize your website for search engines quickly. You want to try and drive substantial organic traffic to your eCommerce store.
You can achieve this by using high-quality content and relevant keywords to optimize your product and category pages. This way, you will promote your website visibility to rank higher on the search engine results page. Potential customers will be easily captured as they search for similar products on google. Make efforts to optimize your site for search engines.
Social media has an impact on search engine optimization. One of the factors considered by search engines search as Google is the brand’s authority when ranking sites in the results page. Social media presence contributes to your brand’s authority.
Lots of social media followers and having valuable and relevant content impacts your search engine optimization positively. Other than SEO, most Singaporeans utilize social media in the consideration phase. The research on products and brands that they want to purchase on social channels.
According to research statistics, approximately seventy-six percent of internet users have bought a product after viewing its social media post. You can generate a lot of thrill around your product by perfecting your social media marketing strategy including paid ads, organic management, and valuable content.
Paid promotions have massive potential to enable you to reach many of your potential customers. However, they may not always be suitable for new market products. Some of the commonly paid promotions include comparison shopping engine ads (CSE) and pay per click (PPC).
For a product that easily fits into a keyword, PPC and CSE offer an excellent opportunity for online marketing. Nevertheless, for products that are not easily described by keywords, this may not work for you. Video and display ads will be more suitable for you to give more in-depth details of the features of your product. You can show video ads and image to your target customers via YouTube ads and Google’s Display Network.
You may not have an active email listing when you are starting up. Regardless, ensure that you have a signup form on your site. This way, prospect customers can sign up to get more information and notifications after launching your product.
A signup incentive on your website will help build an email list that will have great significance to your marketing strategy after you launch the product. The motivation may be in the form of discounts or free shipping.
Telling People About Your Product
Talking about your new product to people is the most effective marketing plan. Tell your friends and family members about your product and let them help you spread the word. Join community groups and create networks that will promote the word about your product. Telling people through a word mouth feels personal and fosters trust in your audience. Last but not least, you may be interested in attending trade shows that are related to your products niche. This gives you increased exposure to your potential customers.
Launch Your Product Online
Introducing a new product to the market involves a lot of work as seen above. However, this does not mean that the task comes to an end after launching your product in the market. The most important day of this entire product launch process is during the launching event.
You cannot afford to make a mistake during the launch day. It is essential that you get everything right. Before exposing your new product to the world entirely, you should first hold a soft launch with family members and friends.
This enables you to get valuable feedback about the product before giving it to your consumers. This way, you will minimize the number of hitches during the actual launch day.
The Actual Launch Day
Once everything is set, you want to launch your product to the market online finally. How better can you make the launch successful than turning it into an event where your product takes center stage. Make the event thrilling by having giveaways, and free products contests.
Your social platforms such as Facebook, Twitter, LinkedIn, Pinterest and Instagram should act like the events billboards to advertise the product to the target audience. The higher percentage of Singaporeans are active on social media and uses it to search for products to purchase.
You are hence assured of an open opportunity to meet your target audience through social media. You can also use paid ads to promote the launch event. Instagram influencers are useful and cannot be ignored. Use them to promote your product to their followers in exchange for free products.
All these ideas will help improve your product and brand awareness in the digital market in the aim for the long term and future success.
Top 8 Mistakes to Avoid When Launching a New Product Online
According to nielseniq.com, 30,000 products are launched yearly. That’s a lot of items resulting in heavy competition in the market.
When you decide to launch a new product, you require extensive effort and work. Things like development, strategizing, marketing, and more aspects of the launch delivery. These aspects are essential for a successful result, whether for a first-timer or a seasoned business person.
Some of the questions that come to mind include:
- Will my product succeed in this competitive world?
- How much time will I use for a successful launch?
- What are the requirements for an online launch?
These queries plus more are important to ask yourself before giving your audience your product. Let’s help you explore 8 mistakes when launching a new product online.
1. Ignoring Your Competition
If you have an excellent launch strategy but lack any competitive analysis, you need to reevaluate. Circle back and see which areas to improve when learning about your competition.
It’s always an excellent idea to respond to the happenings of the growing market, especially in online retail businesses. For instance, your competitors focus on similar customers, will give you a higher advantage when planning your product launch.
Also, analyzing the business rival before and during the launch process is essential. If you fail to do so, you just might miss out on vital points that might lead to a successful launch.
You can use tools like RSS feeds, Google alerts, and more to know the activities of a particular competitor. They include things like:
- Posting a blog entry
- Targeting another keyword
- Launching a product
Remember that e-commerce is transparent enough to appeal to customers.
Setting prices based on a reasonable profit margin and costs can get hard to tap the market. More than that, knowing what your business rival is charging, the giveaways, and deals can give you a relative fair advantage.
2. Allowing Competitors to Distract you
Still, on your competitors, you should have enough ethics and discipline to ignore their antics. It’s good to know what they are up to but not follow their every move blindly. Never tag along while copying everything your business rival is doing without first doing your proper research.
Note that your competition works hard to hide their plans from their competitors and might offer false information to mislead you. Plus, you don’t know their costs, conversion rates, marketing strategies, and even analytics.
3) Poor Planning and Processes Execution
The other mistake is a poor marketing plan. You need to develop a strategy that will meet your needs as well as the consumers’. Even if it’s in the first stages of implementation, all details are necessary, however minimal they may seem to be.
A sure way that can help improve the success of your product launch is a robust market framework. It includes a comprehensive launch plan with a straightforward progress overview.
What’s more, a proper marketing plan involves many factors such as SEO optimization, links, social media, feedback, business plan layout, and much more. Let’s dive in and review each aspect individually as follows:
Using Unfriendly CRO and SEO Website Content
Most online eCommerce businesses use organic traffic to improve site traffic. Not only will this strategy attract more customers, but it also keeps your website activity active. Making sure the content is of high quality and truthful is a bonus when targeting a specific audience.
When you treat the website’s content as a by-the-way option, some customers will focus on websites with authentic information. This results in missed opportunities either on sales, marketing, or revenue generation on your part.
In addition, your Homepage, flow of information, and product descriptions should offer precise details about the items you want to launch. And a well-optimized page usually ranks well in most common search engines such as Google.
Remember that a CRO and SEO-friendly site uses quality keywords for a specific writing copy and niche.
Relying Solely on Backlinks
Backlinks are essential, but quality content is more critical. These URLs are part of good Search Engine Optimization but need other elements to make them work. Unfortunately, when planning to launch a product, some businesses mistake using too many backlinks on their site to bring higher traffic.
This is a mistake because an effective SEO contains different components, including:
- Keyword placement
- Linking to authoritative websites
- Social signals
- Onsite optimization like Site’s UI and speed
Not Using Social Media as a Marketing Tool
Another marketing strategy that most businesses fail to utilize is social media. When planning to bring a product into a competitive market, it’s ideal to test out at least two social media audiences. This includes Facebook, Instagram, Twitter, and even YouTube, where most of your following is based.
Moreover, a niche client base can help you create a customized audience platform with a minimal budget. Later after identifying the social media area that suits your business, you can focus your advertising budget there instead of spreading it out to multiple regions.
According to later.com, you can use social media to launch your products effectively.
Dismissing Negative Feedback
The following online launching fail is constantly dismissing negative feedback. We understand it can get tempting to focus more on loyal fans’ positive reviews, but checking out the critical ones is essential. Some of the benefits negative criticisms brings to your business are:
- Understanding your customers better
- You can improve your overall customer service
- It lets you tweak your product
Remember that most customers use online reviews to make a purchase. Entrepreneur.com clearly explains how 90% of clients rely on previous customers’ reviews to buy an item. Simply address the negative feedback diligently if you care about a client’s experience regarding your service.
Bonus Tip: Using avenues that allow customer feedback is essential. You can implement a rating system that includes surveys, reviews, and much more. Some of these tools include HubSpot, Qualaroo, GetFeedback, and others.
The last point we have when it comes to marketing strategy is a poor layout.
- How does your website look when on mobile or desktop?
- Do the icons blend well with the overall content and icons?
- How does the color scheme affect the overall readability?
The above factors and more affect how a user’s eyes see your entire webpage. For instance, if using an unqualified designer, he/she might do shoddy work by just dumping content and graphics all over. Also, failing to split up materials into subsections, including headings, leaves your site looking like a cluttered mess.
A rule of thumb for a great webpage is an easy-to-follow layout. The text should be readable and friendly to the eyes. What’s more, navigating to different places on the site, whether on mobile or desktop, should be seamless.
4) It Doesn’t Solve a Problem
Does your new product solve a problem? What value is it adding to your specific audience? There’s no need to launch a service that does not improve a consumer’s value. Not only will it cost you lots of money but also effort and time.
Let’s look at the following scenario.
After releasing the product into the market, you notice no sales, signups, or even purchases. The most common reason for this failure is customers don’t have an interest in the item or service.
To avoid a failed product launch because of poor scope of the market, follow these steps below:
Analyse your Market
Research the market and customize the information to a specific audience when planning to launch a product. In today’s world, technology is used in almost every area, especially in an online business. A popular tool that can help you analyse your customer base includes Context Canvas.
Categorise your Market
Segment your target market after you gather all the necessary information about your audience. This method will help you reach potential customers more quickly than other traditional ways. What’s more, market segmentation increases clarity on a target audience, improves brand loyalty, develops consumer insights, and even lets you stay focused on main goals.
Create your Customer Persona
The last step that will help you prevent launching an invalid product is creating a customer persona. This enables you to see who will purchase your service, especially if the target customer is personalized and narrowed.
5. Poor Matching to Target Demographic
Always consider your target audience before launching a product. If your focus is on the older customer base, make sure you use a more straightforward website design. The features typically include larger fonts, straightforward content, and easy to navigate toolbar.
On the other hand, designing a website with friendly mobile support is ideal for a business focusing on a younger customer group. The main reason being the youths use their phones many hours of the day doing research, buying products, and even for work.
6. Announcing Too Early
There’s excitement and eagerness when launching a new product. You are hyped too much to the extent of announcing your service at the wrong time. You can delay the process of advertising your item to focus on fine-tuning the nitty-gritty details of your launch.
For instance, if you encounter problems during the launching development, you might save yourself some embarrassment. Also, if interested consumers have already prepaid and pre-ordered, it can lead to difficulties along the way.
Always announce your product launch when you have completed all necessary plans and implementations, plus the item is approved.
Pro Tip: Try avoiding launching your item during the holidays to maximize the launch’s impact.
7) Under-Delivered After Hype
You have been promoting your business for a while now and promising your audience an exciting launch day. When the day finally arrives, you fail to meet your consumers’ expectations, and they start wondering what the hype was all about.
As a rule of advertising, always make sure what you promise, you deliver. If you plan to launch a product in a conference room, park, or even via press media, ensure to live up to the excitement. In the worst-case scenario, an advertising manager might lose their job if the launch fails.
8. Poor Structure of Launch Marketing Plan
A detailed launch marketing model can help prevent losses and misused time. When using the popular methodology, Smarts Insights Race, you can cover five areas of digital marketing. This includes:
These points can help you reach your audience through various activities such as surveys, participation, and feedback. Also, the framework converts potential consumers into reliable customers. Remember to have a launch checklist to help you reach your goals as it has added advantages as follows:
Benefits of Using a Product Launch Checklist
When you have a lot of things to implement in your product launch, you need a checklist. Not only to tick-off what’s been done but also to give you clarity of the project. Apart from helping you to visualize the process and result, a proper launch checklist can:
- Break a complex end goal into workable parts
- Help you see small and big details clearly
- Make your goal available to team members and keep them on track
- Help you better prepare for different situations, even mistakes
There you have it, the steps that will get you new product idea to flourish in the brutal online market. Launching a product requires a lot of resources, it is stressful and has a lot of uncertainties.
However, creating an excellent product and putting it out in the market is a reason for celebration. With the high level of marketing digitalization, it offers you great opportunities for your product launch. You need to be creative enough and choose the best strategy for launching your new product.
When launching a service, some of the failures you can avoid include poor planning, especially during the development stage. You should have all the details such as budget, customized audience, demographic, and a reliable team.
Though product launches are large tasks, following the above-listed steps will give you the best shot of launching your products online and having them thrive in the market. If you want to launch a new product, there are many Singapore company stores available to help you set up and promote your product.