Why do you think understanding the product launch life cycle is important and why do big companies put big efforts into it?
When it comes to product launching, businesses like to give prospects a sneak peek at a product that they’re working on or are still waiting for the right time to introduce it to the market.
Think about Apple Inc., the company likes to host an event to introduce their product to the market before actually selling it.
Another example is an upcoming movie that will hit the theatres in just a few months.
They do product launching through uploading movie trailers on social networks, hosting a fan event, and many more for the sole purpose of having people become aware of the new movie.
Although product launching is a costly marketing strategy, it is actually a very effective one especially when it’s done the right way.
So what exactly does product launching mean and how does it all start?
Let’s find out in this article!
What is the Product Life Cycle?
Product Life Cycle, AKA, Product Development Process is basically the different stages of a product from development until it loses its value due to competition.
The development stage is when a product undergoes thorough research for development before it is introduced to the market.
Sometimes it can last for a very long time to ensure that the product works well by testing, evaluating, and many more.
Market research and competitor analysis are also conducted in this stage to determine if it is a good product or not.
Stage 1: Introduction
The Introduction stage is when a product is introduced or launched in a marketplace to encourage awareness and attracting prospects.
Stage 2: Growth
During this stage, prospects get interested and buy your new product after it is successfully launched.
Let’s make a bread toaster as our example.
It has smart features that send alerts to your mobile phone if your food is ready.
(Okay, I know this isn’t a big deal but I actually prefer warm toasted bread than cold ones)
This product has been in the market for a few years and your competitors are also offering a similar product but at a lower or higher price.
And since more and more companies are making one like this product, it also becomes even more interesting.
Stage 3: Maturity
Generally, this stage is when sales reach maturity and everything starts to stabilize so the company analyzes their performance to determine which parts need to be improved.
Usually, prices start to fall within this stage because of competition especially when patented products expire.
Stage 4: Decline
This is the last stage of your product’s life cycle where your sales performance starts to decline and loses value over time due to newer products being launched.
One excellent example of this is the classic and bulky TVs that have been replaced with slimmer flat-screen TVs.
What is Product Launching?
Launching a product is a marketing strategy in which a company prepares to introduce a new product to the market before it is available for purchase.
This is an essential strategy for businesses who want to get prospects in the awareness stage so they’ll have an impression of your product despite being in the development process.
You can think of it as a warm-up for your prospects and it is actually very attractive to warm and hot traffic since these people already have an idea of what your company does.
Although it also works with cold traffic, you still need to do more marketing efforts to turn them into warm or hot traffic that’s why you should take note of the product launch life cycle.
Three Types of Product Launching
There are three different types of product launches that you might be interested to try someday which are:
Soft Launch – This is when your product is introduced to a small number of people typically through your business connections.
Minimal Launch – This is for companies that are still testing the market with their products to make a few tweaks before it’s ready for a wider audience.
Full-scale Launch – This is when you’re ready to tell your target market about your product and double your marketing efforts.
No matter how big or small your product launch is, product launching increases the possibility of it becoming a huge success.
So if you think you’re still not confident with your product but want to have other people take a look at it, you can do a soft and minimal launch.
Launching a New Product with Sales Funnels
A product launch funnel is a very effective method in getting leads and introducing a new product at the same time.
It usually includes three different types of pages that provide your customers valuable information to tease and hype them up before being presented with an offer.
This is also quite similar to a sales letter except that it includes a video series or a sales presentation that’s dissected into three parts.
First Page: Squeeze Page
The first page of your product launch funnel is just like any regular sales page, where you need to have an attractive headline that makes them curious enough to join.
Unlike the traditional sales page, the lead magnet can be found on the succeeding pages.
Second to Fourth Pages: Video Pages
This is where you start presenting videos that may serve as teasers for your product to create excitement and interest every time they finish watching a video on each page.
Your first video plays a very important role since it needs to impress and give them a hint on how it works for you and other people.
For example, you’re introducing a cutting machine that can print and cut at the same time.
Your video needs to have that WOW factor that makes them interested in your product by also showing them how it saves them time printing and cutting stickers for their printing business.
The next video has to provide educational value for them and you can easily do it by providing a quick demonstration of how it works.
This is actually very effective since you’re also giving them a visualization of how they can use it once they get their hands on it.
The third video has to debunk myths about the product to make it more convincing since it also gets rid of factors that stop them from buying it.
Based on our previous example, we can simply tell them how it saves them more money from buying a printer and cutter plotter separately.
And since product launch funnels are lead generation tools, always have a lead magnet at the bottom of your videos.
Fifth Page: Offer Page and Order Form
The last page of your product launch funnel is actually a very simple one since it is where you will tell them when it will be released by sending them an email.
This is also the page where you add a link to your order form at the bottom of your video where you present your offer.
Want to know more tips and strategies that can help grow your business?
Check out our DotCom Secrets Book Review by clicking here to learn more ways to grow your business through sales funnels.