Entrepreneurial Excellence: Launching Your Company from the Ground Up – Tips To Going Public
When launching a new company, there are many different ways you can first get your product or service out to the public. While going to market isn’t a hard science, there are a number of tips or strategies you can implement to make your launch as effective as possible.
So, to start with, why is it important that you have a clear-cut plan for launching your new product or service? Consider these points:
- Do you want to give your customers the best possible product or service?
- Do you want to launch your products as quickly as possible?
- Do you want to reduce the amount of money it costs to effectively market your business?
- Do you want a successful launch each and every time you take something to market?
- Do you want to avoid needing to recoup your losses after you have a launch not go as plans?
Chances are, you answered in the affirmative to every one of those questions. The way to achieve those goals is to put the advice we’re going to offer you into practice each and every time you take something to market. The complexity of marketing in the modern world makes it more important than it has ever been in the past to have a clear-cut strategy for navigating the muddy waters of your industry. With these points kept in mind, you should be able to develop a strategy that will help you achieve all of your launch goals.
Focus on the Customer
The number one rule of a successful launch is to exceed your customer’s expectations. Whatever notions you have built in their imaginations before you launch, you need to go further. Provide a better product that offers inspiring performance, and your launch will be instantly memorable, creating buzz amongst your client’s networks. By always surpassing expectations, you create a launch that will be self-sustaining long after your initial push to market.
There is a common problem among new entrepreneurs. Being vague, unfocused or confusing in the definition of your product or service will only lead to an unsatisfying launch and lackluster performance. You need to know:
- Exactly what you are offering
- What makes your product or service different from anything similar on the market
- What needs does your product or service meet
- What wants does it fulfill
- How is it creating value for your clients
The most common marketing blunder is to claim that a given product or service will be “great”, no matter what language used to communicate that idea, without actually outlining how it will be great. The more clarity you can bring to every aspect of your marketing, the more your customers will be able to clearly imagine how your product or service will make an impact in their lives or businesses should they invest their hard earned money in your offering.
Define Your Brand Values
Merely understanding your product or service isn’t enough total clarity to make a large impact once you hit the market. You also need to bring the same type of clarity to your company. When you think of the truly great brands, like Apple, or Disney, you immediately have an image in your mind of what they represent, such as innovation or family values. You need to decide what role you want your company to play in the public consciousness, and be sure that is very clearly communicated in every aspect of your product development and marketing strategy.
Who Will Buy Your Product?
You might be noticing a theme in the last few points, and there is good reason for it. Marketing costs time and money, and the more specific you are, the more effective your investment of those resources will be. So once you know who you are, and what you’re selling, you need to know who you are selling it to.
- How old are my customers?
- Where do they live?
- What do they do for a living?
- How and when do they spend their money?
- What makes them different from other segments of the general public?
Only when you know the answers to these questions can you effectively market your products. Think of how Tesla created a new type of car dealership – instead of only having typical car lots sequestered in parts of town squeezed between dozens of other car dealers, they have highly specialized installations in high-end shopping malls in addition to more traditional car marketing. They know where their customers are, and take their marketing to the customers.
Create Your Marketing Strategy
The first four points give you everything you need to know to create a strong launch strategy for your product. By getting specific about every aspect of your launch while also aiming to exceed expectations with your product, you can create a memorable moment in your company’s history when you go to market. These are the elements that are required to stand out from the ocean of competitors also launching into the shared space in your industry. However, once your basic strategy is created, there are things you can do to ensure it is as effective as possible.
First, you must monitor the success of your launch strategy as you are implementing it. Marketing is fluid, and what may have worked even days ago can change in the light of current events or industry fluctuations. Apply analytics anywhere you can in order to monitor the success of your campaign as you roll it out. If your target benchmarks aren’t being met, you need to consider how you can tweak your strategy in order to make it more effective.
Next, you need to communicate clearly to your customers. Let them know what you’re offering them, but also listen to them. If there is feedback about your products or services, make sure you hear it and understand what you are doing right or wrong through the eyes of your customers. This will help you keep your clients satisfied and learn what you need to in order to have an even more memorable launch when your next offering is ready for market.
Related: Telling Your Business Story