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How to Launch a Product Online

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how to launch a product

Building a great product is as important as making a stellar product launch video. If your product videos aren't well planned and executed, customers will write your new product and business off, not giving you a second look.

But if your product launch video is done correctly, your company can easily see increased revenue and demand for their new product.

This blog looks at how to launch a product, some of the benefits of product launch videos, and how Animoto can help you be one of the success stories for an incredible product video.

What is a product launch?

A product launch is an organized marketing event focused on promoting a new product that's about to enter the market. Whenever a company plans to release a new product, it's essential to make a thorough plan a few months in advance.

Here's a list of some statistics on product launches and their success rates:

  • The Harvard Business School has found that of the 300,000 new products launched every year, over 95% completely fail
  • On average, about only 40% of developed products make it to market, and from that same 40%, only 60% will ever make any money
  • 63% of Nielsen's survey respondents said they liked it when companies came up with new innovative products
  • On average, only 11% of customers were still engaged with a new product after one year
  • The University of Toronto found that 70 to 80% of new product launches in grocery stores were failures

When it comes to launching a product, it's essential to make sure that the company is on board and understands how to execute the product launch marketing plan. A successful product launch can set your company up for future success.

The benefits of a new product launch

Gain more attention

Product launches help create attention for your new product release. You can also leverage the new buzz around your product launch to increase exposure to your existing products. Cross-promotion is a great way to generate even more revenue from your product launch.

Increase profits

If done well and planned out, a product launch can significantly boost the company's bottom line. Try using data from your previous product launch initiatives to forecast potential revenue from this new product launch.

Increase brand recognition

One of the most significant benefits of a successful product launch is increasing your company’s brand recognition. If you're able to solve a customer problem that the competition has ignored, you'll be a true success.

Create new opportunities

Product launches introduce your product to new customers, new investors, and companies that might want to partner with you. Taking advantage of a product launch can lead to new business ventures and allow you to scale your business to new heights.

8 tips to successfully launch a new product

1. Facts tell, but stories sell

Everyone loves a good story. The companies that can craft the best stories will often dominate their industry. Share success stories from existing customers to showcase the value of your new product. Discuss the reasons why you developed this product and the journey you took to get it to market. Begin your product launch strategy by identifying the stories that you can tell with your new product.

2. Know your target market

When it comes to launching a product, knowing your audience is crucial. Clearly defining who you're selling to will set the tone on what kind of language to use, which social media platforms to focus on, and what message you share with your target market.

3. Be the hero your customer needs

Identify your customer’s pain points and position your company and your new product as the solution. By staying focused, you'll be able to support your customers’ needs very well in a specific area, instead of spreading yourself too thin across multiple customer pain points.

4. Understand why and when customers choose to buy

The customer buying journey isn't exactly a straightforward path. That’s why it's essential to develop a product launch strategy that nurtures customers during every stage of their journey. When they are finally ready to purchase, your company should be the first one that comes to mind.

5. Develop a strong online presence

When it comes to launching a new product, creating its online presence can be one of the best paths to take. Identify the social media platforms that work best for you, and create relevant content tailored to each platform. While the content should be different enough to fit each platform, they should also maintain similarities that create brand consistency.

6. Offer a sample or free trial

By offering a sample or free trial, your customers get the chance to experience your product with no commitment. Additionally, you get early feedback that can quickly improve future iterations of your product. For example, you could include a small free sample of your new product in certain customer orders. If you’re offering an online tool or subscription, you could entice your customers to sign up with a free trial.

7. Keep your eye on the competition

During any product launch, it's wise to keep your eye on the competition and see what they're doing. Paying attention to competitive strategies can help you stay ahead of the curve and avoid making mistakes they have already made. Competitive analysis can also help with product differentiation. Having a clear understanding of why you’re different from your competitors will help you stand out in a crowded market.

8. Keep on testing and improving

Launching a product isn’t easy. It's essential to keep testing and refining your product through feedback and insights gained from customers. Making consistent improvements will also ensure that your product stays up-to-date in an evolving market.

How to make a product launch video with Animoto

1. Choose a product promotion template

Animoto has a wide variety of video templates to choose from, including product promotion templates. Use this template to let your customers know that a new product is now available.

2. Upload your media

Upload your video clips and photos of your new product. With Animoto, you can easily drag and drop them into your template. If you need more footage, Animoto has you covered with an extensive stock library.

3. Edit your product video

Add music, text, and transitions to your product video. Use text and video styles to add a level of professionalism. Users on a Professional or Professional Plus plan can use the Saved Brands feature to incorporate custom fonts, colors, and logos.

4. Preview and export your product launch video

After reviewing your video and adding any final touches, export your finished video. You can share your product video right from Animoto. Keep in mind that all videos are saved in your account forever.

Launch your product video today

With Animoto's online video editor, you can quickly create and share product videos. Start creating some amazing product launch videos today!