market research to launch a new product

Market research for new product development in 6 steps

Market research for new product development will help you understand your users' needs, as well as potential risks and market opportunities.

What is market research in new product development?

Why do market research for new product development, the importance of market research in product development, choose the correct type of market research, how to conduct market research for a new product , examples of market research for new products, what product development idea have you been dallying off.

Picture this: you’ve got a great idea for a new product, or for improving your current product or service. At least, you think it’s great. When you explain it to others, they raise their eyebrows.

While you are incredibly enthusiastic about the product, they have critical questions about consumer trends , the market , and those latest developments in the world. Ouch.

‘My gut told me to go for’ won’t convince a lot of investors to invest in your idea. Plus, your designers, marketers and engineers will work in a much more confident way if they know that what they’re working on has a chance to succeed. The only way to give them that confidence, is through market research. And one of the most valuable types of research is that which you’ve carried out among your target consumers. This research provides you with proprietary data (also known as zero-party data ).

In this article, we’ll explore why consumer research is so important when you’re developing a new product or want to change something you’re currently already selling. We’ll take you through five crucial steps and give you some valuable tips along the way.

Market research for new product development can focus on different areas. You can research market viability, the demand for the product you have in mind, the features your target group is looking for, or the best way to position, price, communicate and market your product to your target audience. You take into account your competitors, market developments, and important trends. And whether you’re running market research for a startup or a massive brand, it’s an essential step to make sure your new products hit the mark. This can be a difficult task, leading many to consult US market research companies .

Market research for new product development is all about identifying opportunities and finding out if it’s worth bringing your product idea to life. And if so, how to do that in the best way.

It’s about more than what the competition is doing, and if your target audience would be willing to spend money on you. You can also dive into market trends to identify the best ways to market your product.

You can use market research to fine-tune your product development and the relevant aspects around it. Based on how your audience is developing, what price and type of message would grab their attention? What kind of marketing tactics are likely to work, and what channels dominate your market?

Consumer research is about understanding all the aspects of your market. You can approach it as a big puzzle, and once you have all the pieces in place, you can proudly present a solid plan or research to your investors and team, to help them understand why your product development idea is worth working on.

To get the best consumer insights, send a survey with our concept testing template . And for a sector-specific lowdown, find out all about the food product development process .

Market research for your new product development strategy helps you minimise risks and prepares you for a successful product launch. You get to know your market and audience in a way that helps you create not just the perfect product concept, but also the right messaging and marketing around it—something that will actually resonate with your audience.

Market research is used to base your decisions on facts, not just ideas and hunches – however good you might be at guessing games. Before spending time and money on a product idea, you get a good idea of how likely it is to be a success. This will also help you plan how much time and money you’ll actually need.

Investors and stakeholders will also want to see market research if you want to launch a new idea: they want some kind of security that the product will actually sell. Even though market research isn’t a crystal ball and doesn’t exactly predict the future, when it’s done right it can definitely give you a clear picture of how your product concept will be welcomed into the market.

Market research is not only important to verify if your completely new product idea is worth the work. You can also use it to optimise existing products, by keeping a close eye on how competitors are changing their products. You might even read online reviews on products similar to yours and see that customers are asking for specific features. This is also market research.

This also goes for adding new products to a line to supplement your current assortment, or if you want to start an entirely new adventure with your breakthrough product idea.

Market research for product development, whether new or existing, is all about listening to what is happening in the market. Step outside of your organisation and ask the people who pay for your products how you would make them even happier, or find out what trends you can jump onto now, so you can become a frontrunner in the future.

Product development shouldn’t just be done in-house, with your designers and developers closely looking at the product. It’s easy to get tunnel vision and build a product that’s more focused on what you can and want to deliver, and less on what the customer wants.

Market research done right forces you to step out of that bubble and not just look at how you can make the product shinier, faster and stronger, but how you can give it the right place in the market . Because product development is also developing a marketing and sales strategy . It’s having a customer journey and experience ready to put the product in and turn your customers into fans. All you need to do, is go talk to them!

Moreover, market research helps you determine what the marketing mix should look like, since developing a new product is never just about a product.

Turn customers into fans with market research tools

Compare the top market research tools of 2022, including details on their features and the best ways to use each tool.

Let’s get back to basics: what types of market research are there? We often lose ourselves in the wide variety of tools out there that give you data – but what kind of data is available, and how relevant is it to you?

It’s important to understand where data is coming from and how complete it is. How can you supplement it with additional research to get the full picture? Let’s look at the types of research you can – and should! – combine.

Quantitative market research

Don’t let the saying ‘quality over quantity’ fool you for this one—if you’re trying to make money, quantity certainly does matter. Quantitative research focuses on things you can measure .

How many people are interested in your type of product? What are they willing to spend, on average? Has that number been growing, been steady or are they willing to pay less and less? And if the latter is the case, is the group growing in size at least?

You can also gather information on how happy people are about a product or service. What’s lacking in this type of information is the motives behind it. For that, you need qualitative market research .

Qualitative market research

Qualitative research gives context to the numbers . Yes, people are increasingly interested in product X – but why is that? What were they looking at before, and what made them make the switch? Was it a change in price, a recommendation from a friend, something they saw in the news?

Now, it’s nearly impossible to gather qualitative data for all the quantitative data you measure. That’s why it’s incredibly important that you get that qualitative data from a hyper-relevant part of your target group. Don’t send out surveys to gather quantitative data from a specific part of your target group, and then ask another part to explain those numbers. That wouldn’t be helpful at all.

Qualitative data often comes from focus groups . You could find a focus group in the people that you survey, or by interviewing existing customers that fit the profile you’re studying. This will help you get a real-life picture of consumer needs and consumer problems. The best person to ask is the one you’re trying to fit into a buyer’s persona.

How is qualitative market research important for your product development process? It’ll help you understand the needs of your target market better. You conduct research that will steer your product idea generation in the right direction, gathered by real consumer insights and consumer feedback.

Of course, you can’t come to your market consumer in the initial stages of the process and ask them to design the product for you. You’ll gather the base information you have through quantitative methods and online new product development surveys , so you can ask focused concept testing questions to your focus group.

Primary market research

Primary market research is collecting raw data directly from your target customers or market by doing your own research. It simply means you only use data you yourself have collected,  from things like surveys and focus groups – no trend reports from third parties.

This is important for product development research , because you can’t base your decisions and product development process on someone else’s findings for different product and target group entirely.

Anything you directly collect from your market, whether it’s through focus groups, surveys, interviews or product research is primary data.

Inform your product development with our JTBD template

Get up and running with your next product development project and learn what customers really need with our jobs-to-be-done (JTBD) template.

Secondary market research

Secondary research can be done using existing data . The fact that it’s not brand-new information, doesn’t mean that it doesn’t hold valuable insights. You just need to collect the right information and connect that to information that’s relevant for your case specifically.

Secondary research can be done to identify business risks, for instance by looking at market developments. Competitor research is also a valuable form of secondary research. Through competitor research you’ll get a real understanding of the other options your potential customers have – a good starting point for any new product development strategy.

What parts of market research can you not skip over when your goal is using it for product development research? We’ve divided it up into five bite-sized steps that will give you a solid framework to work within.

Step 1. Exploratory research

Basically, this is researching what you specifically want to research. It’s completely normal not to immediately know what your research goal is, or how you’ll get there. That’s where exploratory research comes in.

You start by gathering secondary data on all kinds of aspects. Find things that stand out, developments that you hadn’t thought about and things you want to know more about.

With that information, you can start defining what’s most relevant for you in this stage. Where are your knowledge gaps, and how do you make sure you get the relevant data to make wise business decisions?

This is not necessarily about gathering as much data as you can – you want to keep it manageable and relevant. Find out what questions you can’t answer straight away, and focus your exploratory research on that.

Step 3. Define research objectives

After your exploratory research, you can start pinpointing what you really need to know to move forward in your product development process.

Will you be focussing on customer needs, or how to get a competitive advantage? Will the market analysis focus on product demand and pricing, or is there still a lot of ground to cover in the physical product and usage habits?

It’s important to have a clear idea of what you’ll be researching. Ask yourself: what actionable insights do I need to win in this market segment? Make your objectives as concrete as you can, so your answers will be focused and you can confidently use them to base your next step on.

Step 4. Define the scope of the research

Of course, market research is a way to minimise risk. But there’s always a risk if you’re venturing out with a new product. You can never get a 100 percent guarantee of what will happen, until you launch your product.

That’s why it’s important to define a scope around your objectives. It can also help you to decide where you can use secondary data, and where you definitely need primary data.

Step 5. Decide on market research tools or partners

Are you going to focus on the product or business as usual while a research agency does the heavy lifting? Or do you want to keep everything in-house? In that case, you’re going to be in charge of deciding what market research tools you use. And the possibilities are nearly endless…

There’s a tool for every part of research, but it’s important that you use tools that are easy to work with, and collect all the data you want, so you don’t need to glue it all together from different tools. Especially if you’re going to talk directly to your consumers, you want to use a tool that’s as easy and pleasant to use for them as it is for you.

Of course, we have some suggestions. Check out our article on the 6 best—tried and tested—market research tools out there. And if you’re leaning towards agencies in the UK, here’s our rundown of the top market research agencies in London . And here are the top market research companies in the US .

Or, if you’d prefer to focus on sending out insightful customer insights surveys, see our list of the top 11 Qualtrics alternatives .

Step 6. Concept testing

As interesting as the market itself may be, this specific research is still about your product development idea. Is the idea you have in mind good enough to enter the market, or do you need input to fine-tune it?

That’s where concept testing comes in. With concept testing, you create an MVP that you can show to your focus groups. You find out what they think about it. What features do they miss and love? What would they pay for this? How easy is it to use?

But, like we said, you’re not just developing a product. You are also developing the marketing and communication around it, and that also needs to be tested thoroughly. That’s why you can also target your market research at your marketing for the new or improved product, by creating mock-ups and testing messaging with your focus group. 

How are brands you love using Attest to do market research around product development? Let’s tale a look at US farming cooperative,  Organic Valley . They save time and money by using quantitive analysis for new product development.

‘For a lot of our day-to-day work we had been using other tools that weren’t necessarily user-friendly, easy to use or intuitive. We were looking for a tool with a fairly rapid turnaround and I wanted my team to be able to use it themselves, I didn’t want to have to go out and hire somebody else,’ says Tripp Hughes, Organic Valley’s Senior Director of Consumer Strategy. He saw a need for a tool that his team could use, without having to go through excessive training.

After seeing Attest demoed at a conference, Hughes brought in some of his peers to take a look. They now use it for market analysis, concept ideation and testing, creative testing, and messaging testing.

Hughes estimates that being able to make quick initial learnings through Attest saves Organic Valley between 10 to 20 times what it would cost to make the discoveries later down the line.

‘The impact is coming in reduced time and improved next-round thinking that we’re taking into focus groups where we’ve got a high-cost factor. If we don’t go in with the right materials and the right framework, we’re wasting money. And so Attest has helped us do a lot of the front-end work that then we’re able to go and build on.’

Read more about how Organic Valley is developing awesome products with insights from Attest in this case study.

We get it – taking risks is scary. But developing new products is exciting, and could lift your business to the next level. And while doing product development research, you could find a lot more inspiration about other improvements you can make in your business.

If you’re looking for a tool that brings you closer to your target audience and helps you find hyper relevant results, try Attest.

Ask the right questions for NPD

Learn which product development survey questions you should ask to discover what customers value most, from pricing to features.

Customer Research Lead 

Nick joined Attest in 2021, with more than 10 years' experience in market research and consumer insights on both agency and brand sides. As part of the Customer Research Team team, Nick takes a hands-on role supporting customers uncover insights and opportunities for growth.

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Market Research for Launching New Products: A Step-by-Step Guide

• Posted on March 6, 2024
• |     Modified on March 13, 2024
• |     Starting Your Business
• March 6, 2024

Key Points:

• Understand FMCG vs CPG Differences
• Methods: Primary, Secondary Research
• Critical Steps in the Pre-launch Process
• Cost-Conscious Market Research Methods

Key Steps After Gathering Market Insights

Article summary.

• Business owners must know the difference between FMCG and CPG.
• Doing thorough research is vital for a successful product launch.
• Research helps owners understand what customers need and who they’re up against.
• Use both primary and secondary methods to research well.
• Key steps: know the market, target customers, create a unique product, plan marketing, test, launch, and track.
• Use surveys, social media, and interviews for affordable research.
• After research, work with a CPG branding agency for clear strategies.

Market Research Can Make or Break Your Business

If you’re launching a new food , beauty, or supplement product, making your product stand out amidst intense competition is likely top of mind. Going up against industry giants and established FMCG (fast-moving consumer goods) and CPG (consumer packaged goods) brands can seem daunting. To effectively launch a FMCG or CPG brand and compete against established products, new brands must undergo methodical branding and packaging development and conduct thorough market research to define their niche and find opportunities. Our step-by-step guide on market research for launching new products will help you get started on the right path to a profitable business.

Before we explore the specific steps for market research tailored to new product businesses, let’s first define what is CPG vs FMCG.

What is CPG vs FMCG?

What is CPG?

CPG is a broader category that includes FMCG but also includes other consumer products for personal or household use beyond just consumables. In addition to foods and beverages, CPG spans apparel, cosmetics, cleaning products, pet supplies, and consumer electronics – essentially any product designed for frequent replenishment or personal consumption from traditional retail channels.

What are the 5 main categories of CPGs?

• Food and beverages:  This includes items like bread, juice , soups , cookies , and sauces .
• Household products:  This includes items like laundry detergent, paper towels, trash bags, and cleaning supplies.
• Personal care products:  This includes items like shampoo, soap, toothpaste, and deodorant.
• Beauty products:  This includes items like makeup , skincare products , and hair care products .
• Over-the-counter drugs:  This includes items like pain relievers, allergy medication, and cold medicine.

Examples of well-known CPG companies

• Food and beverages:  Nestle, Unilever, PepsiCo, Coca-Cola, Kraft Heinz
• Household products:  Procter & Gamble, Clorox, Kimberly-Clark, SC Johnson & Son
• Personal care products:  L’Oreal, Johnson & Johnson, Colgate-Palmolive, Unilever
• Beauty products:  Estee Lauder, L’Oreal, Avon , Shiseido

What is FMCG?

FMCG refers to affordable consumer products that are purchased frequently and consumed rapidly. These fast-moving goods include food items, beverages, toiletries, over-the-counter medicines, and other consumables found in grocery, convenience, and drugstore settings. Key attributes of FMCG products are their low cost, high volume, and short shelf life.

FMCG Key Market Segments:

• Food and Beverages : Juice, Soda, Snacks, Tea, Coffee , Chocolate .
• Personal care products: Skincare, Cosmetics, Hair care
• Health care products: Over-the-counter Drugs, Vitamins & Dietary Supplements , Oral Care, Feminine Care

Examples of top FMCG companies

• Procter & Gamble (P&G): Including Pampers, Tide, Gillette, and Crest.
• Nestlé: Popular brands under Nestlé’s umbrella include KitKat, Nescafé, Maggi, and Purina.
• Unilever: Some of its famous brands are Dove, Knorr, Lipton, and Axe.
• The Coca-Cola Company: Including Coca-Cola, Sprite, Fanta, and Minute Maid.
• PepsiCo: Including soft drinks (Pepsi, Mountain Dew), snacks (Lays, Doritos), and beverages (Gatorade, Tropicana).

Here are the key differences:

Cpg – consumer packaged goods.

• A broader category that includes FMCG as well as other consumer products
• Encompasses both durable and non-durable goods used for personal/household purposes
• Examples: food, beverages, cosmetics, cleaning products, apparel, electronics
• Sold through various channels – retail, wholesale, online etc.

FMCG – Fast Moving Consumer Goods

• Refers to low-cost, non-durable products that are frequently purchased and rapidly consumed
• Examples: food, beverages, toiletries, over-the-counter drugs
• High volume and high turnover products
• Typically sold at retail stores, supermarkets, convenience stores

So in essence:

• CPG is the overall umbrella term for most consumer products packaged for purchase
• FMCG is a sub-category focused on faster turnover consumer items

Some other key differences:

• FMCGs generally have lower price points than other CPGs
• FMCG marketing emphasizes volume, impulse purchases, constant promotions
• CPG marketing varies based on product category and purchase cycles

While there is overlap, FMCG goods are consumed rapidly and purchased frequently, while the CPG category also includes more durable, higher-priced goods meant for longer-term consumption. 

While FMCG places more emphasis on value pricing and rapid turnover, CPG products can span a wider range in terms of price point, purchase cycles, and shopping experiences. However, both categories are consumer-driven and highly competitive when it comes to earning enduring brand loyalty and market share.

Understanding where your new product offering fits within the CPG or FMCG landscape is critical before undertaking market research. 

What is market research and why is it done?

Market research is about figuring out if new opportunities are worth pursuing by looking at how much they can grow, who else is competing, and if customers are interested.

The primary purpose of market research is to tackle complex issues related to new product development, technology innovation, market exploration, strategic planning, and competitive analysis . Market research provides a crucial customer-centric foundation for businesses by deeply understanding their target audience . 

Why do you do market research before starting a business?

Conducting market research before launching a product business is crucial for laying a strong brand foundation . It provides essential insights and foresight necessary for estimating, refining, and precisely planning various aspects of the business. 

Two main benefits are:

Maintaining a customer-centric approach.

• Market research reveals customer needs, desires, pain points
• This allows companies to truly prioritize the customer experience
• Customer-centric businesses are 60% more profitable
• The STP (segmentation-targeting-positioning) process enables laser-focused customer-centricity

Making More Effective Connections with the Audience

• Research identifies the right marketing channels for reaching the target market
• It prevents wasting resources on ill-fitted platforms
• Content and messaging can be tailored to “speak the language” of the audience
• This resonates better and drives higher engagement

Investing in market research upfront highlights specific characteristics and preferences of the intended customer base. This insight allows businesses to align their entire product, positioning, and promotion strategy around those customers which leads to a more profitable business.

Types of Market Research:

Market research typically involves two main types: primary and secondary. Each serves distinct purposes and offers unique advantages.

What is Primary Market Research?

Primary market research for a new product involves conducting a specialized study by yourself to uncover the wants and needs of individuals who match the profile of your target market, typically by directly engaging with them and asking them questions about your product. You can achieve this using various interviewing techniques: face-to-face, phone calls, focus groups, and online surveys and competitor visits, to gather information directly from customers or potential customers.This method aims to delve into individual preferences, behaviors, and experiences.

What is Secondary Market Research?

Secondary research involves accessing pre-existing data, reports, and studies compiled by others, such as government agencies, trade associations, or industry publications, which can be obtained faster and more affordably, primarily through online sources, articles, reference libraries, or industry associations. Yet it also comes with constraints. The information gathered from a different audience may not align with your target audience, leading to biased data. Simply put, if you didn’t gather the data firsthand, it’s secondhand information that may not be as trustworthy as primary research data. It provides insights into market size, trends, competitors, and industry dynamics. 

Differences between primary and secondary research:

Primary research offers firsthand product insights into individual consumer behavior, while secondary research provides a broader understanding of market dynamics and trends. Both types of research play crucial roles in informing strategic business decisions for new product businesses.

Primary research typically requires more time as it involves conducting surveys, interviews, or focus groups. Secondary research, on the other hand, is quicker as it relies on existing data sources.

Data Collection Methods

Primary research utilizes techniques like surveys and focus group discussions, while secondary research relies on online sources and published materials.

Presentation of Insights

Primary research often presents findings through charts, tables, and participant quotes. Secondary research uses decision-making models such as Porters 5 Forces , SWOT analysis , and value proposition canvases to organize and present information effectively.

Why do CPG & FMCG Companies use Market Research?

Companies use market research for several key reasons:

Understanding customer needs.

Market research for new and existing products help companies grasp what their customers want, their preferences, and behaviors. This knowledge is vital for tailoring products and services to meet customer demands effectively.

Gaining competitive insight

Market research offers valuable information about competitors, their strengths, weaknesses, and strategies. This allows companies to identify opportunities, stay ahead of rivals, and make strategic decisions.

Developing new products

Market research enables companies to test new product ideas and gather feedback from potential customers before launching. This minimizes the risk of product failure and ensures that products align with customer needs.

Analyzing markets

Product market research helps companies determine the size of their target market and segment it into different customer groups with distinct needs and behaviors. This segmentation aids in targeting and positioning new products effectively.

Setting prices

Product market research assists companies in determining optimal product pricing strategies by considering factors like customer willingness to pay, market conditions, and competition.

Overall, market research equips companies with crucial insights to make informed decisions, spot new product opportunities, and enhance their operations.

How is consumer research conducted in FMCG & CPG companies?

Major FMCG and CPG companies conduct a variety of market research methods and techniques to gain insights into consumer behavior, preferences, and trends. 

Here are some common ways CPG & FMCG companies conduct market research:

Consumer surveys and polls.

Companies use online surveys, phone interviews, focus groups, and in-person polls to gather data directly from consumers about their purchasing habits, brand perceptions, product usage, and feedback.

Retail Data Analysis

CPG and FMCG companies closely analyze point-of-sale (POS) data from retailers to track sales volumes, market shares, pricing dynamics, and distribution metrics across product categories and geographic regions.

Ethnographic Research

Companies send researchers to observe consumers in their natural environments (homes, workplaces, etc.) to understand how existing products are used, shopped for, and consumed in real life.

Online Behavior Tracking

With consumer permissions, companies can track online activity like website visits, social media engagement, search queries, and ecommerce purchases to map the digital consumer journey.

Product Testing and Sampling

New products, packaging , and marketing campaigns are tested amongst consumer panels to measure product appeal, buying intent, and feedback before launching.

Ad Tracking and Testing

Advertising concepts, campaigns and media placements are continuously tested and optimized based on ongoing measurement of their impact on consumer perception and behavior.

Leading Indicator Monitoring 

Economic and demographic data as well as cultural/lifestyle trend reports are analyzed to forecast emerging consumer needs and sentiments.

Market Intelligence

Companies subscribe to market research firms and industry reports to access detailed consumer insights, sales data, competitor analysis, and macro market trends. Market research firms help companies understand audience behavior across media platforms by providing valuable data and insights for informed decision-making.

FMCG & CPG giants are data-driven

Successful FMCG & CPG giants are heavily data-driven, constantly gathering intelligence from multiple sources to fine-tune products, promotions and positioning in an intensely competitive landscape. 

For industry giants like Coca-Cola and Starbucks, product market research is an extremely detailed and multi-pronged exercise. Focus groups provide a broad understanding, complemented by surveys, questionnaires, social media monitoring and other techniques to uncover deeper consumer motivations, unmet needs, and emotional connections with products.

This comprehensive market analysis identifies potential threats and opportunities, tracks evolving tastes, informs improvements to existing products, and ultimately aims to boost sales by giving customers more of what they truly want.

While focus groups are powerful, companies leverage a diverse toolkit for research – from surveys to digital tracking to observational studies – to assemble a 360° view of the market landscape. Investing in rigorous, professional market research is critical for large enterprises to stay ahead of customer needs and make smart, data-backed decisions. 

Major market research firms like Nielsen , Euromonitor , and Mintel are well-known for conducting syndicated research studies spanning consumer insights, product categories, geographies and more. Their off-the-shelf reports provide ready market intelligence.

What is syndicated market research?

The key difference between syndicated and custom market research is that custom studies are proprietary, conducted for and funded by a single client company. Syndicated research follows a standardized methodology with broader scope, with the findings packaged into reports sold across multiple clients in that industry.

Many companies utilize both syndicated and custom market research, because syndicated provides shared comprehensive market intelligence more economically, while custom offers narrow but personalized insights.

For new businesses in CPG and FMCG categories, syndicated research offers a cost-efficient way to gain comprehensive understanding of market dynamics, unmet consumer needs, white spaces and the competitive landscape. This can be invaluable for guiding product development and marketing strategies.

What is the first step in marketing research?

For new businesses launching products in the CPG space, the first step in marketing research is clearly identifying the specific consumer need or problem you are trying to solve.

• For a new food product line, your goal may be to understand what flavors or nutritional aspects consumers are lacking in current offerings.
• For a beauty brand, you may want to research what skincare concerns are not being adequately addressed by existing products.
• For a supplement company, you need to identify gaps in the market for certain vitamin formulations or health focus areas.

In simple terms, this boils down to asking yourself – “What consumer pain point or desire is my new product fulfilling that competitors are not adequately serving?”

Conducting research at this initial stage aims to validate that you have pinpointed a genuine unmet consumer need before investing further into product development.

This step involves:

• Clearly defining the consumer segment/target audience you want to serve.
• Exploring their current frustrations, challenges or desires related to your product category through surveys, social listening, focus groups etc.
• Assessing how well existing CPG/FMCG brands are solving those consumer problems based on their product portfolios.
• Identifying the specific whitespace opportunity for your new product to fill that unmet need better than incumbents.

Without this crucial upfront validation, you risk developing a product that lacks a meaningful point of differentiation or consumer rationale for purchasing it over established brands.

Getting clarity on the core consumer insight problem you are solving lays the strategic foundation to then build out the rest of your marketing research, product development, branding and go-to-market planning. We will dive further into this topic in the next section.

How do you conduct market research for a new business? 

When thinking about market research for launching new products, new CPG or FMCG businesses need to first start with researching their market and understanding what gaps are in the market and where their is a need for a new product. Most new businesses do their own market research for launching new products versus hiring expensive market research firms.

There are seven critical steps in the pre-launch market research process:

Understand the market and competition.

Uncover surprising insights about the market. For instance, successful snack products often incorporate food-like ingredients such as cereal, nuts, or fruit to appeal to customers.

Analyze competitors’ offerings and marketing materials to identify your product’s unique selling points and potential threats to success. You’ll want to make notes about their packaging, website and social media. How are they talking to their customers? Is there anything your competitors are doing well? That may be a niche for you to explore. Download the competitive analysis worksheet .

Analyze pricing to understand how to price your product. Use the product pricing sheet .

Target Your Customer

Focus on prospects most likely to purchase your product. Consider customers currently buying similar products and how your offering adds value to their experience. Create a buyer persona for your brand.

Define Your Unique Value Proposition

Determine what sets your product apart from competitors and why customers should choose it. Communicate your unique value proposition effectively to attract buyers.

Determine Your Marketing Strategy

Utilize market insights to craft an effective marketing plan. Consider various channels such as retailers, online platforms, and email marketing for high ROI .

Test the Product and Approach

Conduct thorough testing of the product and marketing approach before the launch. Gather feedback from potential customers to identify areas for improvement and ensure alignment with their needs and preferences. For example if you have a food product, test at your local farmers market to get feedback on your product.

Roll Out Your Campaign

Implement your marketing strategy across chosen channels, keeping consistency in messaging and branding . Monitor the performance closely and make adjustments as needed to optimize results.

Track the Overall Customer Lifecycle

Continuously monitor the product’s performance in the market and gather feedback from customers. Stay adaptable and be prepared to make changes to the product or marketing strategy to maintain competitiveness and meet evolving consumer demands.

How to do cost-effective market research for a new product?

If hiring a market research is not within your budget don’t worry. It is absolutely possible to conduct market research for launching new products on a budget.

Here are some cost-effective strategies:

Leverage online surveys.

• Use free survey tools like Google Forms, SurveyMonkey, Typeform
• Share surveys through your website, email lists, social media
• Offer incentives like discounts or giveaways to increase participation
• Keep surveys short and focused

Social Media Listening

• Monitor relevant hashtags, topics on Twitter, Instagram, Reddit etc.
• Join Facebook groups in your niche to understand pain points
• Analyze sentiment around your product category and competitors

Interview Your Current Customers

• Ask for feedback calls/emails with loyal customers
• Incentivize with samples/discounts for their time
• Discuss what they like, what’s missing and suggestions

Low-Cost Focus Groups

• Recruit friends, family or offer cash incentives
• Use free conference call/screen sharing tools
• Facilitate taste tests or product demonstrations

Observe Consumer Behavior

• Visit stores/locations where your target customers shop
• Watch how they evaluate and buy similar products

Free Market Reports

• Check resources like government databases, research journals
• Look for generalized industry reports even if not product-specific

Competitive Price and Product Analysis

• Examine competitors’ offerings, pricing, marketing messaging
• Identify potential gaps or areas to differentiate

Start Small and Economical

• Test concepts/prototypes in one area before scaling
• Validate interest and refine based on early feedback

Leverage Your Network

• Discuss with distributors, retailers, influencers in your space
• Get insider insights about market demands and white spaces

Get Creative with Your Market Research

The key is getting creative, taking advantage of free or low-cost tools, and directly engaging with your target audience as much as possible on a limited budget. Start lean but make research an ongoing priority. 

Remember your brand is always evolving. As you learn more about your customers, you will continue to refine and tailor everything from your packaging design , to your messaging, to your social media marketing.

If you are just starting your brand you may be wondering how you do market research if you don’t have customers yet. Think about your family, friends, anyone who might be in your target market that will give you honest feedback. Think about who you know in your community, can you set up a table at your local gym to test out your new supplement brand , or maybe you know a the owner of the local spa and you can test your new skincare product there. If you have a food or beverage, a farmer’s market is a great way to test and gain market insights.

Steps to follow if you want to conduct market research:

• Develop a plan
• Understand the nature of the marketing problem
• Define the sampling method and sample size.
• Develop the survey tool and gather data.
• Analyze the findings and present them in a customer-centric manner.
• Extract the key insights from the data.

Segmentation, targeting, and positioning are pivotal in understanding the buyer’s journey and consumer behavior throughout this process. However, it’s important to note that market research cannot fully explain consumer behavior. 

What is one of the significant challenges for marketing research?

One thing to keep in mind is what legendary ad man David Ogilvy said:

“The trouble with market research is that people do not think how they feel, don’t say what they think, and don’t do what they say.” 

So before you base all your decisions on what people say you’ll want to consider observing their actions, analyzing their behavior, and validating their responses through various research methods. 

Another challenge for marketing research is the lack of time and resources. Gathering relevant data without falling behind the competition can be a challenge as well as conducting comprehensive marketing research can be costly and time-consuming.

Market Research Questions for a New Product

Examples of Market Research Questions

• Demographic questions e.g. How old are you? Where do you live?
• How likely are you to recommend us to a friend?
• Did you consider any of our competitors? Who and why?
• What do you wish our product could do?
• How would you rate your most recent experience with us?
• How long have you been a customer?
• How much money do you usually spend on X products?
• What’s the maximum you’d pay for X?

What to Consider When Creating Market Research Questions

Consider the following as you create your questions. Be mindful not to create biased questions .

Set SMART Goals:

• Specific, Measurable, Attainable, Relevant, Timely.
• Keep focus on end goals throughout the process.

Understand Your Customer:

• Identify ideal customer personas.
• Address their struggles, desires, and preferences.
• Different perspectives from various departments enhance understanding.

Organize Questions into Topics:

• Prioritize essential information.
• Group questions by relevance and similarity.

Start Broad, Then Refine:

• Begin with general inquiries.
• Progress to more specific questions.
• Consider multiple surveys for detailed insights.

Use Conversational Language:

• Ensure questions are clear and unbiased.
• Read aloud for tone and clarity.
• Strive for a balance between engagement and neutrality.

Target Audience Selection:

• Focus on key stakeholders.
• Avoid surveying irrelevant or inactive customers.
• Consider diverse perspectives for comprehensive insights

Once you have gathered your market research for launching your new products or existing ones, what are your next steps? 

Whether you are looking to rebrand with your new market insights or start a new brand (check out our food packaging design guide ), working with a CPG branding agency to identify actionable insights from your market research is worth the investment. They can help you take the information you gather and design products with your target audience in mind. They possess deep industry knowledge and expertise, ensuring that CPG packaging designs not only catch consumers’ attention but also effectively communicate brand identity and product benefits. 

How To Do Market Research For New Product Development

Market research for new product development can be overwhelming.

It’s easy to get lost in a mountain of market reports with thousands of data points…. yet get no clear insights on which product is best for your brand.

Instead of aimlessly searching for new product ideas and sifting through endless market reports, this post will walk you through a simple step-by-step process that outlines:

• How to quickly find relevant new product ideas.
• Specific data and metrics you need to analyze each product opportunity (and how to find these metrics).
• How to use market research data to assess a product opportunity.

What Is Market Research For New Product Development?

Market research for new product development is the process of evaluating the demand, growth, and gaps in a market for a particular product (typically a physical product sold in a retail setting or direct to consumer).

These insights help you understand which products your target market wants, which ones are most profitable, and the key characteristics customers like and dislike about competitors' products.

With this data, you can more accurately predict which product will perform best for your business.

Types Of Market Research For New Product Development

There are four types of market research typically used for researching and developing products: 

• Qualitative research
• Quantitative research
• Primary research
• Secondary research

Quantitative Research

Examples of quantitative data you might collect during the product market research process include:

• Market size and growth rates
• Pricing data
• Sales forecasts
• Website traffic data
• Market share of the top competitors

Quantitative data is helpful for benchmarking and is often the main type of research used to quickly gauge the potential of market opportunities.

Quantitative data can be fact-checked, but accuracy still varies depending on factors like sample size and data collection methods.

Qualitative Research

Qualitative research is data based on subjective opinions.

An example of qualitative data is customer feedback.

This data is helpful for product market research, as you can better understand customer pain points and what they like and dislike about what's already out there.

Some examples of qualitative research methods include:

• Interviews with potential customers
• Customer reviews
• Questionnaires and surveys
• Discussion analysis (monitoring conversations on social media, in forums, etc.)
• Feedback from focus groups

Primary Research

Primary research is data collected by you or your company.

Here are some examples of primary research:

• Results from a survey you conducted
• A report from sales data your team analyzed
• Customer interviews conducted by your team

The advantage of primary market research is that it's proprietary data your company owns. So your competitors won't have access to it. You can also tailor the data to answer your specific questions about the market.

The downside of primary research is that it’s expensive and time-consuming. You'll have to conduct the research, clean the data, and analyze it yourself.

You can hire a market research firm to help, but this will make it even more costly.

Secondary Research

Secondary research is data collected and published by other third-party sources, like an industry publication or government agency.

Here are some examples of secondary research:

• Free and paid market reports published by a source like Grand View Research or MarketResearch.com .
• Statistics published by a source like The U.S. Bureau of Labor Statistics or the U.S. Energy Information Administration .
• Data in the Census Business Builder .

Secondary research is usually cheaper than primary research, so it's great for the early stages of product market research when you're narrowing down your list of product ideas.

For example, if you're interested in the padel market, search "padel market forecast" to find free industry reports. You can look at statistics like compounding annual growth rate and market size to quickly gauge if the padel market is worth exploring in more detail.

The drawback of secondary research is that the data quality may vary as you can't control data quality.

So research how each provider collects and cleans the data they publish.

Step By Step Process To Conduct Market Research For Product Development

​​In this step-by-step market research process for new product development, you'll learn how to find, validate, and develop a great product.

Step 1: Research And Identify Trending Products

Many people browse social media and Amazon to find trending product ideas.

But emerging products, by definition, aren't easy to find.

You might spend hours browsing these platforms to find a few promising product ideas. And even the most diligent product researchers might still overlook the best emerging product ideas.

One solution to find great product ideas faster is to use a product research tool.

However, each tool contains different product ideas.

So the tool you choose significantly impacts the product ideas you find.

For example, many product research tools only show products that have grown significantly in the past few weeks. These are often fads, and demand may die out when you’re ready to launch your product.

Other product research tools show you products that are currently trending. Yet this isn't helpful if you want to launch a product before demand peaks.

Or, the product research tool might simply overlook the best product ideas. This is common with product research tools relying on human analysts to find product ideas, as even the best analysts may overlook a great product idea.

To solve these problems, we built our own product research tool, Exploding Topics.

It has a unique trend identification and qualification method that uses AI and ML to scan millions of data points across sources like YouTube, Amazon, Spotify, Google Search, and Reddit. This ensures it consistently spots emerging product ideas. Then, we use Google Search volume data to ensure the topic has a steady compounding growth trajectory.

This process allows Exploding Topics to consistently identify emerging products with long-term growth potential.

It's also easy to use.

When you open the Trending Products dashboard, you'll see a list of trending products. You can filter the database by category (fitness, fashion, beauty, gaming, pets, etc.), BSR, monthly sales, price, revenue, and reviews.

The graph next to the product information also represents the keyword's Google Search volume trend so that you can gauge its growth trajectory:

When you see a product that interests you, click on it for more details, like a forecast of its growth trend for the coming year.

Further down the product page is a list of the Top Sellers for that product on Amazon.

You’ll also see related trending products and topics. You can also click on any of those products for more detailed information.

To track a product, click "Track Topic" and add it to a Project.

Projects are folders that live inside the Trend Tracking dashboard, and Exploding Topics updates each topic's growth trend in real time.

This makes it easy to gauge product growth at a glance so that you never have to worry about managing a product idea spreadsheet.

You can try Exploding Topics Pro for $1 to start researching product ideas.

Step 2: Analyze The Market For Each Product Idea

Your product is much more likely to succeed if it’s part of a growing market.

An easy way to quickly analyze a market’s general growth trajectory is to look at a market forecast.

Sources like Grand View Research , Globe Newswire , and Market.us usually offer free market reports with forecast data.

To find these reports, Google the product keyword and "market report:"

Next, identify the brands with the largest market share and analyze their growth trajectory.

If the market leaders are growing rapidly, the market is probably also expanding.

There are two ways to easily gauge a brand's growth.

1. Check the brand’s Google Search volume trend .

You can find a brand's Google Search volume trend by typing the brand name into Google Trends or the Trends Search feature in Exploding Topics.

You can also click "Track Topic" and add it to a Project to monitor growth.

2. Employee headcount

A company is probably growing if it has steadily increased employee headcount over the past few years.

You can find employee headcount data by typing the brand name into LinkedIn and scrolling down to the bottom of the company page:

Funding data is also a great indicator of a market's growth trajectory.

Investors spend a lot of time and resources assessing market growth, so a lot of funding activity is a good sign the market is growing.

Paid tools like CB Insights and Pitchbook offer detailed funding data for most industries. You can also search "funding" and the industry name to find press releases, funding reports, and other relevant investment news.

Step 3: Conduct Customer Research

Once you find a trending product in a growing market, the next step is figuring out how to create the best product possible.

First, identify what customers like and dislike about existing products. Then, create a product that incorporates the elements customers like about existing products and solves the pain points they experience.

The easiest way to conduct customer research is to analyze customer reviews.

Amazon is the best resource to find verified reviews. As you're reading through the reviews, make notes on:

• Target Audience Demographics : Who is buying the product? (gender, age, location, etc.).
• Use Case : What problem did they purchase the product to solve?
• Praise : What do they like about the product?
• Pain Points : What do they like about the product?

For example, from the review below, you can tell that customers value soft material, accurate color descriptions, and expensive aesthetics. You can also see that customers want a more durable product.

Reading through reviews can help you better understand your target customers, but most people don't have time to read thousands of customer reviews.

So you can also copy and paste customer reviews into ChatGPT and ask it to extract insights on audience demographics, product use cases, likes, and dislikes.

Here's a prompt you can use to analyze the reviews. (In this screenshot, all of the reviews are pasted in quotes following the prompt):

Here’s a snippet of the response it generated:

You can also find Reddit or Facebook groups of your target audience.

For example, if you're considering selling infant vitamins, you could join these Facebook groups for moms:

After joining the group, you can ask members about the product you're researching. Here are some specific questions you can ask:

• Why did they purchase the product?
• How did they select the brand they purchased from?
• What do they like/dislike about the product?

You can also ask respondents if they would consider getting on a quick call. One-on-one interviews let you ask more follow-up questions to better understand the audience.

Talking to prospects is also a great way to build up some demand for your product and even recruit a group of beta testers.

If you already have an audience, ask them about your new product idea.

For example, this creator asked her TikTok followers what they thought of her sleepwear product idea.

Then, she documented the product development process and gathered feedback from her followers to craft a product they want.

For example, after designing a few concepts with the manufacturer, she created another video of the initial product designs and asked her audience for feedback.

Her product launch went on to be a major success and she sold out in a matter of hours.

Step 4: Pre-Sell Your Product And Gather Initial Feedback

The best way to validate market demand for your product concept is to see if people will buy it.

So design a few product samples and then run a pre-order sale.

If nobody buys the product, you'll avoid wasting thousands of dollars developing tens or hundreds of products that nobody wants.

And if your pre-order sale is successful, you can use that revenue to fund product development.

For example, Nebia ran a pre-order sale for its bidets to validate the product concept.

There are a few different ways you can generate pre-orders.

If you already have an audience, you can create a social media post or email your list and announce the pre-order sale.

This post is a great example of a pre-order sale video. The influencer explains how the product works, its benefits, and how it solves common pain points.

If you don't have an audience, you can work with an influencer to create a pre-order video for you.

You can also run Facebook or Instagram ads to a landing page to generate pre-orders. Facebook has a step-by-step guide explaining how to set up and run ads for pre-order sales.

Another option is to run a pre-order sale on Kickstarter.

Nebia is a great example of an ecommerce brand that validated its product idea on Kickstarter.

The Kickstarter community will also give you initial feedback on the product before you launch it to the public. Kickstarter users also know they're beta testers, so they tend to be more forgiving if the initial product concept isn't perfect.

You can also ask some Kickstarter buyers to record video reviews of the product for your public product launch.

Step 5: Launch Your New Product And Gather Feedback

After launching your product, gather feedback from your audience to continue iterating on the original product.

If you have a social media following, you can ask your audience what they like and dislike about the product.

You can also email your list offering a discount or coupon to complete a product survey.

Survey tools like Pollfish and SurveyMonkey make it easy to create and send a product survey.

In the survey, ask specific questions about the product. For example, if you’re selling athletic clothing, you could ask them to rate the product fit, material quality, durability, style, color, and other specific factors.

If you leave the questions too open ended, people will give you generic feedback that might not be very helpful for improving the product.

Start The New Product Market Research Process Today

A solid product market research process takes the guesswork out of product launches by giving you the data you need to identify and design the best product for your audience.

It will also give you more confidence on launch day, as you'll have solid evidence of strong demand for your product.

To get started with the first step of the product market research process, use Exploding Topics to browse thousands of emerging trending products today.

Find Thousands of Trending Topics With Our Platform

8 Tips to Optimize Your New Product Launch in a New Market

Are you running a startup or getting ready for a new product launch and feeling afraid to fail? You have good reason to be concerned. According to Harvard Business Review, 75% of product launches fail to entice consumers .

Visibility into potential profits and revenues and the ability to perform market research for your business plan with data analysis can be crucial for securing additional funding or scaling your business. To help, we’ve come up with eight tips for you to maximize your odds of successfully launching a new product in a new market. These same tips can be used when launching a new service or brand.

How to launch a new product in a new market

When you work to expand your market size, you should keep in mind that there are always risks involved, including the possibility of incurring heavy losses and even layoffs.

Data-driven decision-making is the number one way to avoid the pitfalls of launching in a new market and improving your brand’s online visibility.

1. Define your target market

Entering a new market requires creating a long-term strategy that clearly defines goals and outlines milestones for your new product launch. What are the main user demographics of your target market ? Are they mobile-first or social-savvy? When and where do they shop online? What is their age distribution?

Answering these questions about demographics and potential customers is a vital step in order for you to present your product in a way that makes sense to your target market whether it’s in your marketing plan or in your design.

Your starting point is to calculate your serviceable obtainable market (SOM) and, based on that, prepare a list of primary user personas. A user persona is a fictional character created to represent a customer type that might use a product or service based on their use case and how it can solve an existing problem. For more on how to create user personas, check out this blog post by Hotjar.

Target market example: Young adults aged 20- 30, who live in the United Kingdom and are potential students or new parents. They’re very keen on online shopping and, on average, spend 1,000 hours and 2,500 British pounds a year online.

Questions to ask about your target audience before your new product launch

Defining your market is one thing, getting the right people to act is another ball game. These questions will help you focus and refine your strategy.

• Which action do you want your target audience to take?
• Who are the people most likely to take the specific action and use your new product? (get specific about demographics: age, gender, location, device, etc.)
• What are their pain points that you can address with your product?
• What is the solution your product offers for these issues?
• Which comparable products does your target audience currently use?
• How much does it cost them to use the competitor’s product?
• Which communication channels do they use most frequently?
• How and when are they most likely to purchase your product (is it seasonal, time-sensitive, one-time, or recurring; will they purchase online or offline, cash or card, etc.)?
• Which communication channels would they prefer for feedback and support?
• What can you offer as an incentive? What would be most attractive for your target audience in relation to your product (a discount, demo, free trial)?

The next critical step is to figure out the best way to reach the specific audience you are targeting.

Ways to reach your audience

Answering the ten questions above puts you on the right track. You’ve assessed which channels your audience uses and how they prefer to communicate.

If you are already marketing to a similar audience, identify your most effective channels by analyzing your existing audience’s behavior . Check performance metrics, such as top referring domains, social media networks and affiliates, views and conversions, email open and click-through rates, and engagement metrics .

Next, you need to determine how to leverage what you know about your target audience’s behavior for your new product launch.

Imagine the purchasing funnel and how you will gently guide your potential customers through. You will need to prepare different content types for different funnel stages and distribute them on various channels.

Consider the funnel

Typically, your initial effort will focus on raising awareness for something new. You want to determine the best tactics that let you create a buzz. Social Media, blogs, native advertising , infographics, other visual content, and video clips are handy for the top of the funnel (TOFU). Large brands often start building up the anticipation level before the launch date.

In the middle of the funnel (MOFU), which is the consideration stage, you need to start engaging and presenting your product features more clearly. When people evaluate your product and consider a purchase, useful channels are podcasts, webinars, free guides, e-books, reports, and reviews. You can use PPC and display ads to promote some of your high-value content.

The final step towards deciding is usually the hardest for the prospect. At the bottom of the funnel (BOFU) you want to help them take the final step by finding ways to engage so you can address individual pain points. Use email marketing to distribute gated content that lets you collect leads. White Papers, comparisons, reports, and product presentations can provide the audience with the needed input.

Another approach could be to offer live events, workshops, and conferences, or you could do a raffle, a contest, or another challenge on social media. Get more ideas about how to get started with your content marketing and which content is best for each funnel stage.

2. Define your goals

Goal setting adds clarity and is an essential part of any successful product launch strategy. There are a number of goals that are commonly found in relation to launching in a new market:

Financial goals

If you want to set revenue goals, ask yourself: how many product units will I need to sell in order to cover my production and marketing costs? When do I expect to reach profitability? How much income can I generate in a month/quarter/year?

Financial goal examples: Add $1 million in incremental revenue over a year; increase profit margins by 10%; boost customer retention or renewals rates; increase profit margins by 10%.

Customer goals

Are you releasing a new product in the market (even an add-on or premium feature) to an existing customer base or a tried-and-tested product to a new market? You need to understand who your customers are in order to anticipate the likelihood they’ll purchase the product – and determine your customer goals accordingly.

Customer goal examples: Sell a premium product to 1,000 highly engaged new customers; release and sell 100 units of a top-performing product in a new country.

Brand awareness goals

Creating a branding strategy is an important step in creating hype around any new product launch. Make sure you understand the various stages of your product’s positioning and then translate that into clear marketing objectives within your marketing strategy. It’s also vital to measure your brand awareness and track progress over time so you can evaluate and optimize your strategy on a regular basis.

Brand awareness goal examples: Increase organic website traffic by 20%; become a go-to resource for information about the topic your product is addressing by doubling the share of traffic for high-intent keywords; add 2,000 social media followers through relevant influencers and online communities.

3. Track and measure your progress over time

From the very beginning of your new product launch, make it a routine to track and review your key performance metrics. Use that information to tailor your offering to both your prospects’ and your customers’ needs. You can use an online tracking tool such as Google Analytics to gain an overall understanding of traffic behavior on your site. Metrics to look out for include: Sessions, Bounce Rate , Average Session Duration , Traffic Channels, and Conversion Rate .

4. Increase customer engagement

Whether big or small, all companies should seek out and implement ideas for increasing customer engagement. Engaged customers deliver 23% more revenue than average and are generally more loyal, making them less likely to switch to rival brands.

Here are a few things that can help you increase your customer engagement:

• Live chat : Adding a human factor (or bot) to your website, which offers real-time support, helps your visitors when they need you the most. Intercom is a live chat software that lets you easily connect with prospects and clients, improving their customer experience.
• Free trial : Sites that offer a time-limited free trial (giving users a taste of the product or service) are more likely to convert those users into paying customers.
• In-app and push messaging : With in-app and push messaging, you can deliver customized information to customers when they’re active. OneSignal and Google’s Firebase are two popular services that offer in-app notifications.
• Customer feedback: Proactively collect information shared by your community about their overall experiences with your company, product, or services. You can do this by using customer satisfaction surveys or market research questionnaires .

5. Conduct market research and analysis

Market research is never easy to do. There are plenty of factors and considerations to keep in mind when looking at your target market. Everything from customers’ wants and needs and your product’s unique value proposition to your competitors’ strengths and weaknesses. Capabilities relevant for market research include:

• Competitor Analysis : Uncovering your competitors’ online performance and market strategies.
• Keyword Research : Revealing organic and paid keywords that are prominent in your target market, as well as their traffic share and level of competition, in order to develop an international SEO strategy .
• Competitive Benchmarking : Understanding the target market’s attractiveness by comparing your website against a number of key competitors.

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6. Develop your marketing strategy

How you want to approach launching a new product in a new market depends on your long-term marketing strategy. To develop an effective launch strategy that is synchronized with your long-term objectives, identify your strategic challenges and opportunities so that you can define a set of marketing objectives to scale your business. Your marketing strategy should include a combination of multiple marketing channels – ranging from paid search to referrals and social media – based on your product, target audience, and competitors’ marketing strategies.

Your starting point here is to evaluate your direct competitors’ websites and the digital benchmarks in your industry . How is their email marketing working? Have they made any changes lately that have resulted in a higher conversion rate?

Then you can identify which marketing channels are underused by competitors and devise a plan to take advantage of the holes in their digital strategies .

For example, say you notice your competitors are not spending any money on referrals. You might decide to create an affiliate marketing program by reaching out to the most visited websites in several categories – review sites, bloggers, and influencers in the market you want to enter and create exclusive referral contracts in which these sites send traffic to your website based on monthly commission payouts.

7. Grow a niche

Having a product that has a unique benefit is just one way to differentiate yourself from others. Another great way is to tap into a niche market within a larger market that is being overlooked or unchallenged — for instance, selling electric toothbrushes that are designed especially for elderly people or offering an online delivery service for the deaf. The key here is to pinpoint your target audience and seek out as many ways as possible to let them know why your service is a fit for their specific pain points .

You can use Similarweb to do this as well. Simply look for similar websites or ideas using the Keyword Generator Tool , which provides hundreds of keyword suggestions that let you uncover the traffic volume and search intent for any topic or search query.

8. Test run your digital strategy

When you ask yourself how to launch a new product in a new market, remember, the only thing worse than not trying is rushing. Start with baby steps by exploring a product’s acceptance in a small segment of your market in order to obtain a measure of its sales performance. You can test everything from landing pages to email campaigns to early-bird discounts. Optimizely and Unbounce offer easy-to-use testing tools that let you run experiments between multiple landing pages and find out where your conversions are coming from.

Getting started

See how Similarweb can help you improve your business strategy, try Similarweb platform for free now.

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Industry Benchmark Analysis 2024: Is Your Marketing Strategy Aligned?

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The Ultimate Guide to a Successful New Product Launch

Picture this: You've been working on your top-secret product for months, maybe even years. You've poured your heart and soul into it, tweaked every knob, and polished every pixel . 

Now, it's finally ready for the spotlight. But what's next? Enter the product launch.

What is a product launch?

In a nutshell, a product launch is like your product's big debut. It's the grand unveiling, the red carpet moment when your product steps out from behind the curtain and struts its stuff for the world to see. 

And just like any great show, it takes careful planning, a dash of pizzazz, and an audience eagerly waiting in anticipation.

A product launch isn't just about popping confetti cannons and toasting with champagne (though that's fun too). 

It's a coordinated extravaganza that includes everything from crafting catchy taglines to rallying your fans on social media . The goal? To create buzz, win hearts, and—drumroll, please—make sales.

The 5 stages of launching a new product

Like any great performance, a successful product launch requires careful choreography, perfect timing, and a little bit of magic. So, without further ado, let's raise the curtain and explore the five acts of a showstopping product launch.

Stage #1 - Planning

Before the curtain rises, let's get our ducks in a row (or dancing chorus line, if you prefer). We'll need a marketing plan that's jazzier than a Broadway musical, complete with all the razzle-dazzle to promote your product and create buzz. 

Let's figure out where to sell it, how to price it, and how to get your sales team tapping to the beat. Trust me, a little planning goes a long way.

Stage #2 - Launch Day

It's showtime! Let's roll out the red carpet and officially release your product to the world. We'll pull out all the stops with a coordinated launch campaign—think promotional activities, glitzy events, and media spotlights. 

We'll shimmy our way onto social media, email inboxes, and influencer feeds to maximize visibility and reach. Lights up, the stage is yours!

Stage #3 - Monitoring and Support

The applause is still ringing in our ears, but the show's not over yet. Let's listen to our audience—monitor customer feedback, reviews, and sales data to see how we're faring in the limelight. 

And hey, if there are any hiccups or questions, we're here to provide top-notch customer support. 

Stage #4 - Analysis and Optimization

Time for a little self-reflection. Let's take a look at the key performance metrics and sales data to see what worked and what could use a little more pizzazz. 

We'll use customer feedback to make updates and enhancements, ensuring your product stays as fresh as opening night. And let's keep our eyes on the market trends, so we're always one step ahead of the competition.

Stage #5 - Ongoing Marketing and Engagement

The launch may be over, but our work is just beginning. Let's keep the marketing magic going to sustain momentum and build customer loyalty . 

Whether it's content marketing, social media, or community-building efforts, we'll keep our audience engaged and coming back for more. 

How to launch your product successfully

Introducing a new product to the market is both an art and a science. At the heart of a successful introduction lies a well-thought-out product launch process—one that combines creativity, analysis, and strategic planning. 

To help you navigate this exciting journey, we've crafted a comprehensive product launch strategy that will guide you step-by-step through the critical phases of bringing your product to life. From initial planning to post-launch analysis, each step is designed to maximize your product's impact and ensure a triumphant debut. 

Step 1) Research and Understand Your Target Audience

Before the curtain rises on your product launch, there's a critical first step that sets the stage for the entire performance: researching and understanding your target audience . 

It's about getting to know the people you're creating your product for—their desires, challenges, and what makes them tick. Here's how to shine the spotlight on your audience and ensure your product hits all the right notes.

Conduct Market Research

Market research is your backstage pass to understanding your customers . It's about gathering valuable insights and data that help you make informed decisions. 

So, roll up your sleeves and start investigating:

• Conduct surveys, interviews, and focus groups to get firsthand feedback from potential customers.
• Analyze market trends, competitors , and industry reports to understand the landscape.
• Identify gaps in the market and opportunities where your product can make a splash.

The goal? To uncover the needs, preferences, and pain points of your audience. This knowledge guides everything from product development to marketing, ensuring your product resonates with the right people.

Create Customer Personas

Meet your cast of characters—your customer personas. These fictional profiles represent different segments of your target market, bringing your audience to life in vivid detail. 

Each persona is a unique character with their own story, motivations, and quirks:

• Craft personas based on your market research, demographics , and behavioral patterns.
• Give each persona a name, background, and defining characteristics.
• Outline their goals, challenges, and how your product can make a difference in their lives.

Customer personas are more than just profiles; they're your guiding stars. They help you tailor your messaging, design user experiences, and ultimately create a product that earns a standing ovation from your audience.

Step 2) Develop and Refine the Product

With the stage set and your audience in focus, it's time for the next act in your product launch journey: developing and refining the star of the show—your product. 

This is all about bringing your vision to life, from concept to creation, and ensuring it's polished to perfection. So, let's take a closer look at how to craft a product that captivates your audience and steals the spotlight.

Collaborate with Product Development Teams

Creating a masterpiece is a collaborative effort, and that's where your product development team comes in. This talented ensemble of designers, engineers, and innovators work in harmony to design and create the product based on customer needs. 

Here's how to hit the right notes:

• Share your market research and customer personas with the team to inform the design process.
• Foster open communication, creativity, and collaboration to explore ideas and solutions.
• Iterate and refine the product based on feedback, testing, and alignment with your value proposition.

With everyone working in sync, you'll transform your vision into a tangible product that resonates with your audience and meets their needs.

Test Beta Versions with Real Users

Before the curtain rises on launch day, it's time for the dress rehearsal. Testing beta versions with real users is your chance to gather feedback and make necessary improvements. So, let's put your product to the test:

• Invite users from your target audience to try out your product and share their experiences.
• Create a structured feedback process to capture insights, suggestions, and any issues encountered.
• Use the feedback to identify areas of improvement, fix bugs, and enhance usability.

Think of this testing phase as the final touches, ensuring your product is primed and ready for its big debut. It's about fine-tuning the details, so your product shines in the spotlight and delivers a showstopping performance .

Step 3) Create a Unique Value Proposition and Messaging

With your product primed and polished, it's time to turn our attention to the script—the compelling narrative that brings your product to life.

A unique value proposition and messaging captures the essence of your product, tells its story, and leaves your audience spellbound. 

So, grab your quill and compose a tale that resonates with your target audience and sets your product apart.

Develop a Unique Value Proposition

The unique value proposition is the heart and soul of your product—the captivating hook that captures your audience's attention. 

It's the promise of value, the reason your product deserves the limelight. Here's how to craft a value proposition that shines:

• Highlight the key benefits of your product and how it addresses the needs and pain points of your audience.
• Articulate what makes your product different and why it stands out from the competition.
• Keep it clear, concise, and compelling—a statement that strikes a chord and evokes emotion.

The right value proposition is like a standing ovation—it resonates, inspires, and leaves a lasting impression.

Craft Compelling Messaging and Positioning Statements

With your value proposition in hand, it's time to craft the messaging and positioning statements that bring your product's story to life. 

This is your chance to engage, persuade, and connect with your audience. Here's how to compose messaging that resonates:

• Tailor your messaging to your customer personas, speaking to their goals, desires, and motivations.
• Create positioning statements that showcase your product's strengths, features, and advantages.
• Use language that's clear, relatable, and evocative, drawing your audience into the narrative.

Think of your messaging as the script for your product launch—a tale that captivates your audience, showcases your product's brilliance, and leaves them eager to experience it for themselves.

Step 4) Plan Your Marketing and Promotion Strategies

As the curtain rises on the next act of your product launch journey, it's time to turn the spotlight on marketing and promotion. 

It's all about creating buzz, building anticipation, and getting your audience on the edge of their seats, eager for the grand debut of your product. 

With the right marketing plan and promotional strategies, your product will take center stage and capture the hearts and minds of your audience. 

Build a Pre-Launch Marketing Plan

Before the big day arrives, set the stage with a pre-launch marketing plan that turns heads and creates a buzz. 

This plan is your roadmap to building excitement and anticipation for your product launch. Here's how to create a pre-launch marketing plan that's pitch-perfect:

• Craft teasers, sneak peeks, and countdowns that spark curiosity and leave your audience wanting more.
• Engage your audience with interactive content, behind-the-scenes insights, and exclusive previews.
• Build an email list of interested subscribers, and keep them in the loop with regular updates and news.

With a well-executed pre-launch marketing plan, you'll create a sense of anticipation that has your audience counting down the days until the product launch.

Utilize Various Marketing Channels

Your audience awaits, and it's time to reach them through the marketing channels they love. From social media to influencer partnerships, each channel is an opportunity to connect, engage, and share your product's story. Here's how to utilize various marketing channels to amplify your message:

• Leverage social media platforms to share engaging content, launch promotions, and interact with your audience.
• Create email campaigns that inform, inspire, and drive action, whether it's pre-orders, sign-ups, or event registrations.
• Produce and share captivating content— blog posts , videos, webinars—that showcases your product's value and benefits.
• Collaborate with influencers, bloggers, and industry experts to reach new audiences and gain credibility.

By utilizing a diverse array of marketing channels, you'll maximize visibility, reach a broader audience, and ensure that your product launch is the talk of the town.

Step 5) Set Up Distribution and Sales Channels

As we move into the next act of your product launch journey, the spotlight shifts to distribution and sales—the essential channels that bring your product to the hands of eager customers. 

Establish partnerships, set up distribution networks, and train sales teams to effectively sell and promote your product. With the right distribution and sales channels in place, your product will take center stage and become a star in the eyes of your audience. 

Establish Partnerships with Distributors, Retailers, and Online Platforms

Distribution is the magic that brings your product to the world. It's about making your product available and accessible to your target audience, wherever they may be. 

Here's how to establish partnerships and distribution channels that deliver:

• Identify and collaborate with distributors and retailers that align with your product and target market.
• Leverage online platforms, including e-commerce websites and digital marketplaces, to expand your reach.
• Build strong relationships with partners, negotiate terms, and ensure smooth supply chain operations.

With the right distribution partnerships, you'll bring your product to market with efficiency and ease, ensuring it's readily available to customers far and wide.

Train Sales Teams 

Your sales team is the face of your product—the ambassadors that introduce your product to customers and showcase its value. 

To ensure they hit all the right notes, it's essential to provide training and support. Here's how to prepare your sales team for a stellar performance:

• Educate sales teams on the product's features, benefits, and unique value proposition .
• Provide training on messaging, positioning, and how to address common customer questions and objections.
• Equip sales teams with access to internal beta tests , marketing materials, product demos, and tools to effectively promote and sell the product.

With a well-trained sales team, you'll create meaningful connections with customers, inspire confidence, and drive sales that contribute to a successful product launch.

Step 6) Prepare for Launch Day

The anticipation is palpable, the excitement is building, and the stage is set for the grand finale—launch day. 

This is the moment when your product takes center stage, dazzling your audience and making its mark on the world. But before the curtain rises on this momentous day, there are final preparations to be made and details to be fine-tuned. 

Finalize your launch timeline, coordinate the moving pieces, and plan a launch event that leaves a lasting impression. 

Finalize the Launch Timeline and Coordinate All Aspects of the Launch

Every great performance relies on timing, precision, and coordination, and your product launch is no exception. As launch day approaches, it's time to ensure everything is perfectly in place. 

Here's how to finalize the launch timeline and coordinate all aspects of the launch:

• Review and confirm the launch timeline, including key milestones, deadlines, and activities.
• Coordinate with marketing, sales, distribution, and customer support teams to align efforts and responsibilities.
• Ensure that marketing materials, promotional campaigns, and product inventory are ready for the launch.
• Conduct a final review of the product, website, and landing pages to ensure quality and readiness.

With careful coordination and a well-defined timeline, you'll create a harmonious launch experience that flows seamlessly from start to finish.

Plan a Launch Event, Either In-Person or Virtual

The launch event is the spotlight moment when your product is unveiled to the world. It's an opportunity to engage with your audience, showcase your product's brilliance, and celebrate this milestone. 

Here's how to plan a launch event that captivates and inspires:

• Determine the format of the event—whether in-person, virtual, or a hybrid approach—and choose a suitable venue or platform.
• Design an engaging agenda that includes product demonstrations, guest speakers, and interactive sessions.
• Promote the event through social media, email campaigns, and influencer partnerships to attract attendees.
• Prepare presentation materials, visuals, and media assets that tell your product's story in a compelling way.

Whether you're hosting an intimate gathering or a virtual event that spans the globe, a well-planned launch event is a perfect way to introduce your product, connect with your audience, and celebrate your achievements.

Step 7) Execute the Product Launch

The moment has arrived—the stage lights are shining, the audience is waiting with bated breath, and it's time for your product to take its rightful place in the spotlight. 

This is the climax of your product launch journey, where meticulous planning gives way to flawless execution, and your vision becomes a reality. 

Execute Your Marketing and Promotion Strategies

The curtain rises, and your marketing and promotion strategies take center stage. This is your chance to generate awareness, capture attention, and drive sales for your product. Here's how to execute a marketing performance that resonates with your audience:

• Launch your promotional campaigns across social media, email, and other marketing channels to reach your target audience.
• Share engaging content, impactful visuals, and compelling stories that showcase the value and benefits of your product.
• Leverage influencer partnerships and media outreach to amplify your message and expand your reach.
• Monitor and respond to customer inquiries, comments, and feedback, fostering a sense of connection and excitement.

With well-executed marketing and promotion strategies, you'll create a buzz that echoes far and wide, drawing your audience into the narrative of your product and its potential to make a difference.

Host the Launch Event

The launch event is the crescendo of your product launch—a moment of celebration, connection, and unveiling. It's the opportunity to engage with customers, media, influencers, and stakeholders in a meaningful way. Here's how to host a launch event that leaves a lasting impression:

• Kick off the event with a captivating introduction that sets the tone and welcomes attendees.
• Conduct product demonstrations, presentations, and interactive sessions that highlight your product's features and capabilities.
• Invite guest speakers, industry experts, and influencers to share their insights and perspectives on your product.
• Actively engage with attendees, answer their questions, and encourage them to share their thoughts and experiences.
• End the event with a heartfelt thank-you to attendees, partners, and team members who contributed to the launch's success.

Whether in-person or virtual, a well-hosted launch event creates a sense of community, showcases your product in its best light, and marks the beginning of a journey that continues to unfold.

Step 8) Monitor and Analyze Post-Launch Performance

As the applause fades and the curtain closes on your product launch, the journey is far from over. 

Monitor and analyze the performance of your product launch, assess its success, and identify areas for improvement. With a keen eye for data and insights, you'll gain valuable knowledge that informs your next steps and shapes the future of your product. 

Take a closer look at how to monitor and analyze post-launch performance with precision and purpose.

Track Sales, Customer Feedback, and Key Performance Metrics

The spotlight is on the data—the numbers, feedback, and metrics that tell the story of your product launch. 

By tracking and monitoring this information, you'll gain a clearer understanding of how your product is received, perceived, and embraced by your audience. Here's how to track the essentials:

• Monitor sales data to measure revenue, units sold, and overall demand for your product.
• Gather customer feedback through surveys, reviews, and testimonials to understand satisfaction levels and customer sentiment.
• Track key performance metrics, such as website traffic, conversion rates, and engagement, to gauge the impact of your marketing efforts.

With data in hand, you'll have a comprehensive view of your product's performance and the factors that contribute to its success.

Analyze the Data to Identify Strengths, Weaknesses, and Opportunities for Improvement

With the spotlight on the data, it's time to analyze, interpret, and glean valuable insights. This analysis is your opportunity to identify strengths, weaknesses, and areas for improvement, shaping your future strategies and decisions. 

Here's how to analyze with intention:

• Evaluate sales trends and patterns to identify best-selling features, peak times, and potential areas for expansion.
• Review customer feedback to uncover common themes, praise, and constructive criticism, informing your product enhancements and updates.
• Analyze key performance metrics to assess the effectiveness of your marketing campaigns and identify successful channels.

The goal is to learn from the data, adapt based on the insights, and continuously improve your product and marketing efforts.

Step 9) Continue Post-Launch Marketing and Engagement

The grand debut may be over, but the performance continues. It's about keeping the spotlight on your product, showcasing its ongoing value, and creating meaningful connections with your audience. 

With strategic marketing activities, attentive customer support, and active engagement, you'll foster loyalty, drive growth, and ensure your product remains a star in the eyes of your customers. 

Continue the journey and discover how to keep your audience captivated, inspired, and eager for more.

Implement Ongoing Marketing Activities

The show must go on, and your marketing efforts play a starring role in keeping your product front and center. 

Through ongoing marketing activities, you'll sustain momentum, build brand awareness, and retain customers. Here's how to keep the spotlight shining bright:

• Create and share engaging content—articles, videos, tutorials—that educates and inspires your audience.
• Launch promotional campaigns, discounts, and incentives that reward loyal customers and attract new ones.
• Leverage email marketing and newsletters to keep subscribers informed about product updates, news, and events.
• Utilize social media to share user-generated content, success stories, and community highlights.

By continuously showcasing the value and benefits of your product, you'll reinforce your brand, deepen customer relationships, and drive repeat business.

Address Customer Inquiries, Gather Feedback, and Provide Excellent Customer Support

Your audience takes center stage, and attentive customer support is key to ensuring they feel heard, valued, and supported. 

By addressing inquiries, gathering feedback, and providing excellent support, you'll enhance the customer experience and earn their trust. Here's how to deliver a standing ovation-worthy performance:

• Monitor customer inquiries and provide prompt, helpful, and personalized responses to their questions and concerns.
• Implement feedback collection methods—surveys, feedback forms, reviews—to gather insights and understand customer needs.
• Address any issues or challenges with solutions, workarounds, and proactive communication.

By actively engaging with customers and providing exceptional support, you'll cultivate loyalty, enhance satisfaction, and create brand advocates who share their positive experiences with others.

Step 10) Iterate and Improve

As the curtain falls on one performance, the next one begins. In this final act, we embrace the dynamic and ever-evolving nature of your product—the process of iteration and improvement. 

It's about refining, enhancing, and expanding your product based on customer feedback, insights, and market demand. 

Embrace the possibilities, explore new horizons, and discover how to make your product even better, brighter, and more captivating to your audience.

Use Customer Feedback and Insights

The voice of your audience takes center stage, guiding you on the path to improvement. By listening to customer feedback and gathering insights, you'll uncover opportunities to elevate your product and deliver even greater value. 

Here's how to turn feedback into action:

• Analyze customer feedback to identify trends, patterns, and areas where your product excels or falls short.
• Pay attention to specific requests, suggestions, and constructive criticism, and prioritize improvements based on impact.
• Implement changes, enhancements, and updates that address customer needs and enhance the user experience.

Plan for Future Updates, Enhancements, or Expansions Based on Market Demand

The spotlight shifts to the future, where new possibilities, ideas, and opportunities await. As you plan for future updates, enhancements, or expansions, you'll ensure your product stays relevant, competitive, and aligned with market demand. 

Here's how to plan for a future that shines bright:

• Conduct ongoing market research and stay attuned to industry trends, emerging technologies, and competitors' offerings.
• Explore opportunities for expansion, such as new features, integrations, or extensions of your product line.
• Develop a product roadmap that outlines the vision, objectives, and key milestones for your product's future development.

As we take our final bow, your product launch journey continues—a never-ending performance that's driven by innovation, dedication, and a passion for delivering value. With each iteration and improvement, you'll create a product that captivates your audience, earns rave reviews, and leaves a lasting impact. So, embrace the journey, celebrate your achievements, and continue to make your product a masterpiece that inspires, delights, and stands the test of time.

Tools that help successfully launch a new product

When it comes to launching a new product, having the right tools at your disposal can streamline the process, enhance your marketing efforts, and ultimately contribute to a successful launch. Here are some tools that can help you successfully launch a new product:

• Project Management Tools: Tools such as Trello, Asana, and Jira can help you plan, organize, and manage tasks related to the product launch. These tools enable collaboration among team members, allow you to set deadlines, and provide visibility into the overall progress of the launch.
• Market Research Tools: Survey platforms like SurveyMonkey and Qualtrics allow you to gather valuable insights from your target audience. By conducting surveys, you can understand customer preferences, pain points, and expectations, helping you tailor your product and messaging.
• Social Media Management Tools: Platforms like Hootsuite, Buffer, and Sprout Social help you schedule, manage, and analyze social media posts across multiple platforms. These tools are essential for promoting your product, engaging with your audience, and tracking the performance of your social media campaigns.
• Email Marketing Tools: Tools such as Mailchimp, Constant Contact, and Sendinblue help you create, send, and track email campaigns. Email marketing is a powerful way to keep subscribers informed about the product launch, share updates, and drive interest.
• Landing Page Builders: Platforms like Unbounce, Instapage, and Leadpages enable you to create and optimize landing pages for your product launch. A well-designed landing page can generate leads, capture email sign-ups, and provide important information about your product.
• Analytics and Data Visualization Tools: Tools like Google Analytics, Tableau, and Looker allow you to monitor key performance metrics, analyze website traffic, and visualize data. These insights are invaluable for understanding customer behavior, measuring campaign success, and making data-driven decisions.
• Customer Relationship Management (CRM) Tools: CRM platforms like Salesforce, HubSpot, and Zoho CRM help you manage and nurture customer relationships. These tools can track customer interactions, support sales efforts, and provide personalized experiences to prospects and customers.
• Beta Testing Tools: Successfully conducting beta testing requires tools that allow you to manage testers, collect feedback, and analyze results. As a comprehensive beta testing platform, Centercode offers a suite of tools for managing beta testing programs, recruiting and communicating with testers, collecting feedback, and analyzing results. Its collaborative features make it easy to identify and address issues before the product launch. TestFlight and Google Play Console are helpful tools for distributing your apps to iOS and Android users.
• Media Outreach Tools: Platforms like Cision, Muck Rack, and HARO can help you connect with journalists, influencers, and media outlets. Securing media coverage and influencer partnerships can amplify your product launch and reach a wider audience.
• Event Management Tools: If you're hosting a launch event, tools like Eventbrite, Hopin, and Bizzabo can help you plan, promote, and manage virtual or in-person events. These tools can streamline event registration, ticketing, and attendee engagement.

10 ways to launch your new product

The moment has arrived to unveil your product to the world, and choosing the right platforms and channels to announce your launch is critical to its success. Each platform offers unique opportunities to connect with your audience, generate buzz, and showcase the value of your product. 

Social Media Platforms

In the digital age, social media is a powerful platform for announcing your product launch and engaging with your audience. Utilize popular platforms such as Facebook, Twitter, Instagram, LinkedIn, and Pinterest to share captivating content, visuals, and updates about your product. To extend your reach and generate interest, consider running paid social media ads that target specific demographics within your audience.

Email Marketing

Email marketing offers a direct and personalized way to connect with your subscribers. Send a compelling product launch announcement to your email list, highlighting the key features and benefits of the product. To incentivize engagement and drive early sales, consider offering special promotions or exclusive discounts to your email subscribers as part of the launch campaign.

Company Website and Blog

Your company website and blog serve as central hubs for information about your product launch. Create a dedicated product launch page on your website that provides detailed information about the product, pricing, and availability. In addition, publish informative and engaging blog posts that discuss the product's features, use cases, and advantages. This valuable content will educate your audience and build anticipation for the launch.

Press Releases and Media Outreach

Garnering media attention can amplify your product launch and reach a wider audience. Write and distribute a press release that announces the product launch to relevant media outlets, industry publications, and journalists. Additionally, proactively reach out to journalists, bloggers, and influencers in your industry to secure media coverage, product reviews, and features that generate buzz.

Influencer Marketing

Influencer marketing allows you to leverage the power of influential voices in your target market. Collaborate with influencers who have a strong following and align with your brand values to promote the product launch. Provide influencers with early access to the product for review or demonstration, and encourage them to share their authentic experiences with their audience.

Online Communities and Forums

Online communities, forums, and discussion boards are valuable spaces where your target audience is actively engaged. Share the product launch announcement in relevant communities and participate in discussions about the product. Engaging with community members by answering questions and providing additional information will build credibility and excitement for the product.

Product Launch Event

A product launch event, whether physical or virtual, provides an opportunity to unveil the product and engage with customers, media, and stakeholders in real-time. Plan and host a memorable launch event that showcases the product and includes interactive elements. Promote the event through various channels to attract attendees and create a sense of anticipation.

Webinars and Live Streams

Webinars and live streams offer a dynamic way to showcase your product, provide live demonstrations, and answer questions from the audience. Host a webinar or live stream on platforms like Zoom, YouTube Live, or Facebook Live to engage with your audience in an interactive format. These live events foster a sense of connection and allow you to address inquiries and feedback in real-time.

Content Marketing

Content marketing is a strategic approach to creating and sharing valuable content that educates and resonates with your audience. Develop a range of content related to the product, such as articles, videos, infographics, and case studies. Leverage content sharing platforms like YouTube, Medium, and SlideShare to distribute your content and reach a broader audience.

Industry Trade Shows and Conferences

Industry trade shows, conferences, and exhibitions provide opportunities to showcase your product to a relevant audience in a professional setting. Participate in these events to connect with potential customers, partners, and industry experts. Leverage networking opportunities and use the event as a platform to demonstrate your product's value and features.

Product launch best practices

Launching a product is a significant milestone that requires thoughtful planning, execution, and continuous improvement. To ensure a successful product launch that resonates with your target audience and achieves its full potential, consider the following tips:

• Conduct thorough market research to understand your target audience's needs and preferences.
• Test and refine your product using feedback from beta testers and early adopters.
• Develop a clear and unique value proposition to highlight your product's benefits.
• Create a comprehensive marketing plan that leverages multiple channels for promotion.
• Execute a coordinated launch campaign for maximum visibility and reach.
• Monitor key performance metrics, sales data, and customer feedback post-launch.
• Provide excellent customer support to address inquiries and resolve issues.
• Continuously engage with customers and adapt your product based on feedback and insights.

Closing thoughts

As we bring this guide to a close, let's take a moment to recap the key stages of a successful product launch. Each stage plays a vital role in ensuring that your product makes a grand entrance, captivates your audience, and achieves lasting success.

Embarking on a product launch is an exciting journey—one that requires careful planning, precise execution, and continuous improvement. By following the stages outlined in this guide, you'll be well-equipped to navigate the complexities of launching your product and making a lasting impact in the market.

Thank you for joining us on this journey, and we wish you the best of luck with your product launch. Lights up, the stage is yours—let the performance begin!

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Product Market Research: 8 Essential Steps & Real-Life Examples

~90% of companies state that they listen to the voice of their customers while developing new products. 1 One of the efficient ways to hear from customers is to conduct market research . Product market research stands as a beacon, guiding businesses in creating products that resonate with their target customers. This article dives into the essential steps of conducting effective product market research, explores various methods, and brings to light real-life examples of successful product market research.

Essential steps for conducting product market research

1- evaluating company assets and product development possibilities.

Before diving into market research, it’s imperative for a business to take stock of its internal capabilities and how these align with potential product development opportunities. This initial step is a foundational one, requiring a thorough assessment of the company’s resources, strengths, and limitations.

For example, a tech company with a strong background in software development might explore avenues in the latest app technologies, whereas a retail business with a robust supply chain might consider expanding its product line.

Here is a strategic map to help your company prioritize its investments and innovation efforts based on the current and future significance of different competencies (see figure below).

Source: McKinsey 2

2- Deciding on the target markets

Once you evaluate the strengths and capabilities of your company, you can decide on the target market and audience. This involves defining the specific group of customers for whom the product is intended. Understanding the demographics, psychological factors, pain points, and needs of this target market is essential for tailoring the research.

For those interested, here is our article on retail market research trends and some real-life examples .

3- Crafting informed research questions

The next step is to prepare the questions that you wish to hear from your target audience. The foundation of successful product market research is in formulating insightful and targeted questions. This step is particularly crucial when designing surveys, as the quality of questions directly impacts the relevance and usefulness of the data collected.

Check out our comprehensive article on the best practices of conducting market research .

4- Choosing the right market research vendors

The selection of a market research vendor can significantly influence the outcomes. Businesses need to ensure that the vendor’s expertise aligns with their specific research needs, especially in constructing and administering effective surveys.

If you are looking for a market research software , check out our vendor deep dive.

You can also check out our data-driven list of market research tools .

5- Finding the right survey sharing channels 

This involves determining where and how to distribute the surveys to reach the target audience effectively. Channels might include online platforms, email, social media, in-person venues, or a combination of these, depending on where the target market is most accessible. Bear in mind that market research or survey tools can also handle this process.

6- Determining data collection methods

Selecting the most appropriate tools and techniques for gathering and interpreting market data is as crucial as determining your questions, target market, and audience. Although there are various methods, surveys, due to their adaptability and broad reach, often become the method of choice for businesses seeking comprehensive and direct consumer feedback.

7- Analyzing and interpreting results

The data obtained, particularly from surveys, should be meticulously analyzed to extract meaningful insights. This step transforms raw data into actionable intelligence about consumer preferences and market trends.

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8- Communicating market research findings

Effectively presenting the research findings to stakeholders is a critical part of conducting market research itself. The insights, especially those derived from surveys, should be communicated clearly to inform strategic decisions.

Product market research methods

Product market research process can be broadly categorized into two main types: primary and secondary research.

Primary market research

Primary market research involves gathering fresh data directly from sources. This method is proactive and tailored to specific research needs. The primary objective is to collect data that is relevant, in-depth, and directly related to the research question. Methods used in primary market research include:

• Online Surveys : Surveys are pivotal in product market research. They provide direct insights from the target audience, are cost-effective, and can be scaled to reach a broad demographic. Besides, they are useful for conducting both qualitative research and quantitative research. The richness and validity of the data garnered from well-designed surveys are unparalleled in gauging consumer sentiment and preferences. 
• Individual interviews : These offer nuanced understandings of consumer attitudes, supplementing the quantitative data from surveys with qualitative depth. Companies can also understand how to attract potential customers through these individual meetings.
• Focus groups: This refers to gathering a group of people to discuss and react to something, such as a product or campaign. It’s particularly beneficial for understanding reactions and attitudes, and more useful for exploratory research.

Secondary market research

Secondary research uses data that already exists and has been collected by other initiatives. It’s often quicker and less expensive than primary research. This method includes:

• Public sources : Publicly available data like government reports and industry analyses offer a contextual backdrop for primary data and competitive analysis.
• Social media channels: Social media platforms (e.g., Instagram, X, LinkedIn) are a rich source of secondary market research data. They provide real-time insights into customer sentiment, emerging trends, brand perceptions, and competitor activities.

Product market research real-life examples

Source: Zoom 3

Zoom Docs, announced at Zoomtopia 2023, is a testament to Zoom’s market research-driven product development. 4 Addressing the complexities of hybrid work, Zoom Docs integrates AI-enhanced document and collaboration tools within Zoom’s ecosystem, aligning with the identified needs for more streamlined and efficient workplace solutions. This innovation, as a park of Zoom’s marketing strategy, is set for release in 2024, and it reflects Zoom’s commitment to evolving its services in response to changing work dynamics.

Warby Parker

Warby Parker, founded in 2010, revolutionized the eyewear market with a direct-to-consumer model that undercut traditional optical boutiques. 5 Their innovative Home Try-On program allowed customers to test frames at home, addressing common pain points in buying glasses online. This consumer-centric approach, combined with their expansion into physical retail locations and the integration of an AR Virtual Try-On feature, showcases Warby Parker’s commitment to evolving with market trends and consumer needs, offering a broad range of stylish, affordable eyewear options.

Lush Cosmetics

Lush Cosmetics, driven by market research and a commitment to environmental sustainability, has innovatively tailored its product development strategy. 6 Emphasizing on eco-friendly practices, Lush’s products predominantly use fresh, vegetarian ingredients, with a large vegan selection. Their unique approach extends to packaging, focusing on reducing waste through ‘Naked’ products like solid shampoo bars and reusable packaging options, including knot-wraps made from recycled materials. This strategy, reflecting consumer preferences for ethical and sustainable products, has significantly strengthened Lush’s brand value and appeal in the cosmetics industry.

If you need help in market research, we can help:

External Links

• 1. “ Digital Product Development 2025 “. PwC. Retrieved December 25,2023.
• 2. “ A capabilities strategy for successful product development “. McKinsey. July 13, 2017. Retrieved December 25,2023.
• 3. “ Zoom Docs “. Zoom. October 3, 2023. Retrieved December 25,2023.
• 4. “ Zoom Docs “. Zoom. October 3, 2023. Retrieved December 25,2023.
• 5. “ How does Warby Parker work? Here’s a step-by-step guide to ordering new prescription glasses. ” Mashable. September 6, 2023. Retrieved December 25,2023.
• 6. “ Lush Cosmetics Gets Naked “. Packaging World. November 14, 2019. Retrieved December 25,2023.

Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month. Cem's work has been cited by leading global publications including Business Insider , Forbes, Washington Post , global firms like Deloitte , HPE, NGOs like World Economic Forum and supranational organizations like European Commission . You can see more reputable companies and media that referenced AIMultiple. Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization. He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider . Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.

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Written by Mary Kate Miller | June 1, 2021

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

• Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
• Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
• Validate a concept prior to launch.
• Identify gaps in the market that your competitors have created or overlooked.
• Solve problems that have been left unresolved by the existing product/brand offerings.
• Identify opportunities and solutions for new products or services.
• Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

• Strengthen your market position.
• Help you identify your strengths and weaknesses.
• Help you identify your competitors’ strengths and weaknesses.
• Minimize risk.
• Center your customers’ experience from the get-go.
• Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

• What are you hoping to discover through your research?
• Who are you hoping to serve better because of your findings?
• What do you think your market is?
• Who are your competitors?
• Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
• Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

• Current customers
• Past customers
• Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

• “What is your age?”
• “Where do you live?”
• “What is your gender identity?”
• “What is your household income?”
• “What is your household size?”
• “What do you do for a living?”
• “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

• “How well does/would our product/service meet your needs?”
• “How does our product/service compare to similar products/services that you use?”
• “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

• “What are your biggest challenges?”
• “What’s most important to you?”
• “What do you do for fun (hobbies, interests, activities)?”
• “Where do you seek new information when researching a new product?”
• “How do you like to make purchases?”
• “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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Product Launch Strategy: A Comprehensive Guide for Success

What is a Product Launch Strategy? 

Getting a product to market successfully takes significant planning and research, resources, and time. With so much invested in transforming an innovative idea into a tangible offering, it’s not enough to build the product—you need consumers to buy it.

A product launch strategy is a comprehensive plan designed to jumpstart, accelerate, and scale product adoption once something hits the market. It involves a series of coordinated actions and decisions to create awareness, generate interest, and appeal to specific target audiences. From market research, positioning, and messaging to pricing, distribution, and promotional activities, the goal is to make an impactful, positive first impression, and maximize the product’s chances of success against competitors. 

Why is a Product Launch Strategy Important?

As the blueprint for introducing products to market in a purposeful and organized way, the product launch strategy provides a framework for aligning various aspects of the launch. It ensures that efforts are coordinated and resources are optimized, and that all aspects of the product roadmap are reflected as the product becomes a reality. 

Without a well-defined strategy, a product launch will lack direction, risking miscommunication, inconsistent messaging, and wasted resources. A carefully crafted strategy helps build anticipation, showcase the unique value of the product, capture the attention of the target audience, and establish a solid foundation for sustained success. It’s essential for upping the chances of a new product’s initial acceptance—and its total lifetime.

Benefits of having a Product Launch Strategy

A product launch strategy isn’t a checklist; it’s a pathway to profit that deeply influences the overall success of introducing something new to market. Key benefits include:

• Clarity and direction that helps cross-functional teams understand roles and responsibilities, goals, timelines, and expectations.
• Consistent and cohesive messaging across all communication channels, reinforcing the product’s value proposition and brand identity, and making it easier for prospects to understand and remember.
• Proactive risk mitigation that helps PMs anticipate potential challenges, and that includes contingency plans to minimize any roadblocks to launch.
• Deeper market understanding through thorough market research, ensuring that what’s delivered is relevant and truly resonates with potential customers.
• Efficient resource allocation that’s clearly connected to outcomes, preventing unnecessary work and improving ROI across the product’s lifecycle .
• Competitive positioning that highlights unique selling points and directly addresses consumer needs, allowing the product to stand out in a crowded space.
• Post-launch steps for sustained success that supports ongoing marketing efforts, customer feedback, and product improvements.

What’s the Difference Between a Product Launch Strategy and a Product Launch Plan?

In short, a product launch strategy sets down the guiding principles and objectives of a release, while a product launch plan translates those principles into actionable steps for the product team to follow.

The product launch strategy outlines the overall approach and goals for introducing a new product. It establishes the target audience, positioning, messaging, and the overall market landscape. It’s a handbook for how the product will be presented to the market and how it will expand and function over time, with a focus on the broader context and vision for the launch.

On the other hand, a product launch plan is a more detailed, tactical document that’s built from the overarching strategy. It breaks down the strategy into specific actions, tasks, and timelines, and includes granular details such as specific marketing tactics, communication channels, budget allocations, and responsibilities assigned to different team members or departments. The launch plan is essentially the step-by-step guide that operationalizes the strategy.

Components of an Effective Product Launch Strategy 

While a product launch strategy can vary quite a bit depending on the nature of the product and the industry being served, core pieces include:

• Conducting thorough research to understand the target market, customer needs, preferences, and existing competitors. 
• Clearly defining the target audience for the product by understanding the demographics, behaviors, and preferences of the intended consumers.
• Articulating the unique value proposition of the product, like what sets it apart from competitors, and how it addresses specific needs or problems for the target audience.
• Determining the positioning of the product in the market, from how it fits into the existing portfolio and landscape, and what key messages should be emphasized to communicate those outcomes.
• Developing a comprehensive messaging strategy that communicates the key benefits of the product, from compelling taglines to product descriptions and other promo assets.
• Creating a complete timeline that outlines the sequence of activities leading up to the launch and after. This includes pre-launch teasers, the launch itself, and post-launch efforts.
• Determining the distribution and pricing strategy based on market research, production costs, and perceived value. 
• Planning promotional activities and assets to generate awareness and interest, such as digital marketing, traditional advertising, PR, content marketing, and social media.
• Developing training and enablement programs for sales and CS teams and equipping them to accurately communicate the product’s features and benefits.
• Establishing key performance indicators (KPIs) to measure success of the launch, like sales goals, usage thresholds, and website traffic.
• Anticipating potential challenges and identifying potential risks, as well as outlining strategies to address them promptly.

Tactics to Creating a Successful Product Launch Strategy

Understanding the market and target audience, crafting a compelling value proposition, strategically positioning the product, and developing clear and cohesive messaging: four steps to success, when built on the foundation of a thoughtful and well-rounded plan. 

1. Pre-Launch Activities

Before the official introduction of the product, the goal is to build anticipation, generate awareness, and lay the groundwork for a seamless and impactful product launch. Success starts with market research, audience identification, setting a strategic launch timeline, and creating promotional tactics. But it also takes solid messaging, positioning, and competitive intel—in addition to a narrative that speaks directly to the target audience.

1. Writing a Compelling Story

A product’s story—or, how it’s discussed and placed within a market—should highlight the unique value of the offering. It goes beyond listing features, instead creating a clear connection between the product and user benefit, solution and pain point. A compelling story is an authentic and aspirational tool, and sets the stage for a memorable and impactful product launch that resonates with the target audience.

4. Product Promotion in Multiple Channels

The most effective product promotions are diverse and deliberate. Businesses that make a coordinated effort to advertise and create awareness for new products across platforms and channels will have a broader reach, and an expanded pool of prospects to engage.

3. Making Use of Influencer Marketing

Influencer marketing is a widespread and growing way to do one-to-many marketing and advocacy in the same motion. By partnering with creators or professionals who have significant online followings and platforms to promote and endorse products, businesses add credibility to their claims while generating awareness, building trust, and creating interest. 

How to Create a Product Launch Strategy

5 essential stages of a product launch strategy.

Here are five essential stages (with steps) to guide you through the process of creating an effective product launch strategy.

Market Research and Analysis

• Conduct thorough market research to understand the industry, target audience, and competitive landscape.
• Identify market trends, customer needs, and potential gaps in the market.
• Analyze competitor product launches to learn from successes and failures.

Define Your Target Audience

• Clearly define the target audience based on insights gathered from market research.
• Develop detailed buyer personas to understand the demographics, behaviors, and preferences of ideal customers.
• Tailor the product and launch strategy to address the specific needs and pain points of the target audience.

Craft a Compelling Value Proposition

• Clearly articulate the unique value that the product brings to the market.
• Define the key benefits and advantages that set the product apart from competitors.
• Ensure that any value propositions resonate with the identified needs of the target audience.

Develop a Comprehensive Launch Plan

• Create a detailed launch plan that outlines the sequence of activities leading up to and following the product launch.
• Specify the marketing channels, promotional tactics, and communication strategies.
• Set a realistic timeline for each phase of the launch, considering factors such as pre-launch teasers, the launch event, and post-launch follow-ups.

Determine Metrics and Measurement

• Establish key performance indicators (KPIs) to measure the success of the product launch.
• Define specific goals related to sales, customer acquisition, brand awareness, and other relevant metrics.
• Regularly monitor and analyze the performance data to assess the effectiveness of the launch strategy and make informed adjustments.

Common Reasons Why Product Launch Strategies Fail

Product launch strategies can fail for a variety of reasons, whether environmental, conditional, or unintentional. A successful strategy requires a holistic approach that considers everything with the potential to influence market reception.

Often, unsuccessful launches are rooted in a lack of market understanding and insufficient audience research, both of which result in unclear value propositions and ineffective messaging. Poor timing, subpar promotional efforts, and reluctance to adapt with feedback are equally damaging, as is underestimating the competition.

But the fastest route to failure is misaligning pricing with perceived value—something that’s much easier to avoid when businesses invest in understanding their audience’s goals, pain points, and limitations up front.

Post-Product Launch Strategy

The post-product launch strategy phase is crucial for sustaining momentum, addressing customer feedback, and creating long-term success. It should enable cross-functional teams to:

• Actively gather and analyze customer feedback to identify areas for improvement, and iteratively enhance the product based on user experiences and preferences.
• Maintain consistent marketing efforts to keep the product in the spotlight, share success stories, and provide updates to reinforce the product’s value.
• Provide robust customer support to address inquiries and issues promptly, and engage with customers through various channels to build loyalty.
• Continuously monitor and assess key performance indicators (e.g., sales, customer satisfaction scores, market share) to gauge the product’s ongoing success.
• Explore opportunities for product line extensions, additional features, or entry into new markets.
• Stay vigilant to changes in the market, industry trends, and competitor efforts, and be able to adapt the product strategy accordingly.
• Foster a sense of community among users through forums, social media, or other platforms, as well as encourage user-generated content and discussions to enhance the product’s ecosystem.
• Explore collaborations with other businesses or influencers to expand reach and appeal, and seek out partnerships to introduce new perspectives and opportunities for growth .
• Regularly reassess the product’s pricing strategy and positioning in the market to ensure alignment with customer perceptions and the evolving competitive landscape.
• Maintain a long-term vision for the product’s evolution and success by continuously innovating and evolving to stay ahead.

Success Metrics

It’s important to align whatever metrics a product is measured by with the overall objectives of the launch (and the business overall). A mix of short-term and long-term metrics will give PMs a comprehensive view of the product’s success and its total impact on the business. 

Regularly monitoring and analyzing these metrics will also provide insight into the effectiveness of the launch strategy, and inform adjustments and improvements over time. Here’s a list of metrics to consider:

Sales Performance

• Total sales revenue
• Sales growth rate

Customer Acquisition

• Number of new customers
• Customer acquisition cost (CAC)
• Conversion rates from leads to customers

Market Share

• Percentage of market share gained
• Competitive positioning in the market

Customer/Prospect Engagement

• Website/campaign page traffic
• Social media engagement (likes, shares, comments)
• Email open and click-through rates

Product Adoption

• Number of product sign-ups or registrations
• Rate of product adoption among target users

Customer Satisfaction

• Net Promoter Score (NPS)
• Customer feedback and reviews
• Customer support ticket volume and resolution time

Brand Awareness

• Brand mentions and sentiment on social media
• Media coverage and PR mentions
• Website and social media follower growth

Return on Investment (ROI)

• ROI on marketing and promotional activities
• ROI on overall product development and launch costs

Product Performance

• User engagement with key product features
• Product performance metrics (e.g., app downloads, usage frequency)

Retention Rates and Strategic KPIs

• Customer retention rates
• Churn rates
• Completion of specific strategic goals outlined in the product launch strategy

Feedback/Reviews

Feedback and reviews are pivotal for a product’s success and perception. Integrating them into your launch strategy requires thoughtful consideration. Key aspects include timing—gathering pre-launch feedback and encouraging post-launch reviews. Choose appropriate feedback channels, align with user personas, and provide incentives. 

Establish a responsive mechanism for addressing concerns and integrate feedback into product development. Regularly monitor, analyze, and promote positive feedback. Educate users on sharing feedback, employ moderation, and view this as a long-term strategy for continuous improvement and customer satisfaction.

Promotions Post-Launch

Post-launch promotions are vital for maintaining momentum and maximizing a product’s impact. Things like limited-time offers create urgency, while bundle offers provide increased value, and referral programs incentivize customers to share reviews and recommendations. Business should also implement: 

• Cross-sell and upsell campaigns to promote additional purchases
• Exclusive access rewards for specific customer actions
• Loyalty programs, flash sales, and social media contests
• Ongoing email marketing, partnerships, and product demonstrations to target specific and new segments 
• Customer-focused events, both virtual and in-person, to foster ongoing user engagement and positive relationships beyond the initial launch.

Productboard: You Partner In Creating an Effective Product Launch Strategy

Productboard is a comprehensive product management platform , ideal for creating flexible, thorough product launch strategies. By providing a centralized hub for all product-related information, Productboard integrates user persona details and ongoing user feedback, helping PMs gain a deep, detailed understanding of customer needs that can evolve alongside shifts in demand. 

With features like roadmap planning and idea management, teams can strategically prioritize and plan product launches with confidence that both broad context and details are being captured and considered. Productboard’s analytics and performance tracking enable consistent, data-driven decision-making, and iterative development support allows teams to refine strategies based on real-time updates. 

Leading businesses in every industry rely on Productboard to drive cross-functional visibility, foster transparency, and bring clarity to the product launch strategy process. Start a free trial today to see how your business can build products that see accelerated adoption and sustained success with every launch.

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Product Launch Checklist: How to Launch a Product, According to HubSpot's Experts

Published: November 02, 2023

Like a tree falling in the woods, if you plan a product launch without spreading the word — will anyone use it? Will anyone even want it?

Probably not. Whether you‘re launching something huge, something small, or you’re updating a current offering, you'll want to start your preparation well in advance of the launch date with a product launch checklist.

Because there are so many moving parts in this process, bringing your product to market can be intimidating and tricky. To help you, we've come up with a step-by-step checklist for a successful product launch and gathered the best product launch tips from a HubSpot Product Marketer.

What is a product launch?

A product launch is the process of introducing a brand new product or service to the world. It involves various marketing and promotional activities aimed at creating buzz and demand around your new offering. The ultimate goal is to get customers excited and eager to buy the new product.

Product launches require a lot of planning. You can’t just drop a new product out of the blue and expect everyone to buy in — well, unless you’re Beyoncé . Luckily, our product launch checklist can help ensure that all your t’s are crossed and i’s are dotted before your official launch date.

Free Product Go-to-Market Kit

Free templates to ensure that your whole team is aligned for your next product launch.

• Product Launch Template
• Product Roadmap Template
• Sales Plan Template

You're all set!

Click this link to access this resource at any time.

Product Launch Checklist

• Learn about your customer.
• Write a positioning statement.
• Pitch your positioning to stakeholders.
• Develop product branding.
• Plan your go-to-market strategy.
• Set a goal for the launch.
• Create promotional content.
• Test and gather feedback.
• Set up distribution channels.
• Prepare your team.
• Launch the product.
• See how well you did in achieving your goals.

1. Learn about your customer.

Whether you call it “market research,” or “customer development” it's key to learn about what drives your customer. Identifying their goals, motivations, and pain points could lead you to developing and marketing a valuable solution.

You don't need to perform years of intense research to learn about your customer. In fact, we suggest just talking to 12 to 15 current or prospective customers.

When speaking to them, pay extra attention when they start sentences with “I wish a product did this function…” or “Why can‘t products do this?” When they give these statements, respond with questions that go deeper, like “Can you get more specific about that?" If they don’t bring up any pain points, ask them a few specific questions that will encourage them to give deeper answers.

These conversations will give you a solid idea of what their biggest pain points are and how you can market a solution to them. Once you learn these key details about your customers, you can develop a buyer persona that your team can focus on serving.

2. Write a positioning statement.

When launching a new product, you must be able to clearly explain how it fills a need in the market. That’s where a positioning statement comes in. It helps you communicate the unique value proposition and key benefits that differentiate your product from others.

Write out a statement that can clearly and concisely answer these three questions:

• Who is the product for?
• What does the product do?
• Why is it different from other products out there?

If you'd like to go even deeper, create a statement that answers the following questions:

• What is your target audience?
• What segment of the target audience is most likely to buy the product?
• What brand name will you give your product or service?
• What product or service category does your product lie in?
• How is it different from competitors in the same category?
• What evidence or proof do you have to prove that your product is different?

Still need more guidance on how to write a positioning statement? Check out this template.

3. Pitch your positioning to stakeholders.

Once you've established your positioning statement, present it to stakeholders in your company so they are all on the same page.

When doing this, you’ll want to emphasize how your new product aligns with your overall business strategy, customer needs, market trends, and revenue potential. Use concrete examples, stories, or data to make your pitch more persuasive.

You’ll also want to think proactively about potential questions or objections they might have. Prepare thoughtful responses to address concerns around market viability, competition, target audience, or feasibility.

If your employees have a hard time buying into the product, your customers might as well. If your team loves it, that might be a great sign that the product launch will go well.

4. Develop product branding.

Take the information you gathered while conducting your market research and writing your positioning statement and let it inspire you as you craft your product brand identity .

During this step, you’ll develop all the elements needed to create a consistent and memorable brand, including:

• Product name, logo, and tagline
• Color palette, typography, and imagery
• Key brand, communications, and marketing guidelines

Product branding is a little different than company branding because it focuses on creating a distinct identity for a specific product, rather than an entire organization. However, they are both still interconnected and should be aligned.

5. Plan your go-to-market strategy.

This is the strategy that you will use to launch and promote your product. While some businesses prefer to build a funnel strategy, others prefer the flywheel approach.

Regardless of which method you choose, this process contains many moving parts. To create an organized strategy for launching your product, it can be helpful to use a template, like this one.

As you create the strategy, also start considering which type of content you‘ll use to attract a prospective customer’s attention during the awareness, consideration, and purchase decision stage . You'll need to produce this content in the next step.

6. Set a goal for the launch.

Before you get started on implementing your strategy, make sure you write down your goals for the launch.

Alex Girard, a Product Marketing Manager at HubSpot, says, “Create specific goals for the launch's success. Keeping these goals in mind will help you focus your efforts on launch tactics that will help you achieve those goals.”

For example, the goals of your product launch could be to effectively establish a new product name, build awareness, or create sales opportunities.

One of the best ways to set goals for your launch team is to write them out like SMART goals . A SMART goal is Specific, Measurable, Attainable, Relevant, and Time-bound.

Once you have your goals in mind, you can start thinking about what KPIs you want to track, such as:

• Sales revenue
• Customer acquisition
• Conversion rate
• Website traffic and engagement
• Social media engagement

Identifying these metrics ahead of time will make it easier to assess whether or not you met your goals after the product is launched.

7. Create promotional content.

After planning out your go-to-market strategy and writing your SMART goals, start producing content that will support and align with those promotional efforts.

This can include:

• Blog posts related to your product or industry
• Demos and tutorials
• Email campaigns
• Social media posts
• Landing pages

Our go-to-market template will also help you determine which content you should create for each phase of your prospective customer‘s buyer’s journey.

8. Test and gather feedback.

Before you officially launch your new product, it’s important to test it out to ensure your final product is the best it can be.

By testing the product in different scenarios with real users, potential bugs, usability problems, or functional issues can be discovered and resolved early on. Fixing these problems before launching your product ensures a smoother user experience and helps maintain customer satisfaction.

Gathering feedback from users also allows for product improvement. By listening to the opinions, suggestions, and criticisms of users, you can gain insight into what features are working well and which ones need improvement. This feedback-driven approach can help you make informed decisions on enhancing the product's functionality, usability, and performance.

9. Set up distribution channels.

Before you officially launch, you’ll need to set up your distribution channels. This step is important because it determines how and where customers can purchase your product, be it online platforms, brick-and-mortar stores, or other distribution partners.

Well-planned distribution channels help accelerate the product's time to market. By proactively setting up channels ahead of the launch, you can quickly distribute the product once it becomes available, minimizing delays and maximizing opportunities to capture early adopters and gain market share.

If you can successfully position your product in prominent retail locations or online marketplaces, it increases visibility and boosts your chances of capturing customer attention and outperforming competitors.

It also provides a foundation for future growth and scalability. As your business expands and introduces new products, you can leverage existing channel relationships and infrastructure to efficiently launch and distribute new offerings.

10. Prepare your team.

Be sure that your company and key stakeholders are ready for you to launch and begin marketing the product.

Before the big launch day, consider doing the following:

• Offer your team early access to the product so they can familiarize themselves with it firsthand.
• Provide training sessions to help your team understand the product inside out.
• Develop sales enablement materials such as presentations, product sheets, FAQs, and objection handling guides.
• Conduct role-playing exercises to simulate real customer scenarios with the product.

During this process, it’s essential that all stakeholders are on the same page. Communicate with the company through internal presentations, Slack, or email to keep your company updated on your launch plan.

11. Launch the product.

Once you've completed all the above steps, you can launch the product. Here are some last-minute things to check over on launch day:

• Double-check all the necessary details, materials, and arrangements to ensure that everything is ready and working correctly.
• Conduct a brief team meeting to align everyone and address any last-minute questions or concerns.
• Keep an eye on social media channels to gauge customer reactions, respond to inquiries, and engage with potential customers.
• Ensure that your website and any systems related to the product launch, such as landing pages or checkout processes, are functioning smoothly.

Most importantly, you should take the time to celebrate the launch and the efforts of your team. This can be in the form of a team lunch, virtual celebration, or any other creative way to acknowledge everyone’s hard work.

12. See how well you did in achieving your goals.

After you launch your product, track how the go-to-market strategy is performing. Be prepared to pivot or adjust aspects of your plan if they aren't going smoothly.

Additionally, don't forget about the goals you set before the launch. Take the time to review the KPI targets you set ahead of the launch and assess how well you did in achieving those goals.

For instance, did you exceed your sales projections, or did you fall short? If the launch didn't meet expectations, you can rethink your go-to-market strategy and adjust from there.

How much money do you need to launch a new product?

Launching a product can cost anywhere from $10,000 to over $10 million — but for most cases, the range is somewhere between $20,000 to $500,000. However, the cost of launching a new product varies significantly depending on the type of product, industry, competition, and the goals you're hoping to achieve.

The cost of launching a new product varies significantly. For instance, an entrepreneur will see vastly different costs for launching a product on Amazon than an enterprise company might see for launching a product in a million-dollar market.

Let's consider two examples to explore this more closely.

Entrepreneur Product Launch Example

In the first example, let‘s say you’re an entrepreneur who has invented a design app you're hoping to sell online. You might conduct market research to determine which marketing strategies work best for your goals, which messaging resonates best with your audience, and which design elements appeal to your desired prospects. If you use a few focus groups to determine these answers, you might expect to spend roughly $5,000.

When you‘re bringing a new app to the market, you’ll need to choose the best go-to marketing strategy for your needs. Regardless of the strategy you choose, they all cost money. For instance, product branding could cost roughly $1,000 if you‘re paying a designer to help you out, and website design could cost anywhere from $500-$3,000 if you’re paying a web designer a one-off fee.

These fees don‘t include the cost you need to pay yourself and any employees if this is a full-time job. It also doesn’t include the costs of hiring an engineer to update the app's features and ensure the app is running smoothly.

With this simplified example, you're looking at roughly $8,000. Of course, you can cut some costs if you choose to do any of these tasks yourself, but you might risk creating a subpar customer experience.

Enterprise Product Launch Example

On the other end of the spectrum, let‘s consider a large enterprise company that is launching a new product. Here, you’ll likely pay upwards of $30,000 - $50,000 for market research.

Perhaps you'll spend $15,000 on brand positioning and the marketing materials necessary to differentiate yourself against competitors, and you might pay upwards of $30,000 for all the product design and brand packaging. Finally, your marketing team could need a budget of roughly $20,000 for SEO, paid advertising, social, content creation, etc.

All said and done, launching a product against other enterprise competitors‘ could cost roughly $125,000. Again, that doesn’t include the costs you'll pay your marketing, product development, and engineering teams.

How to Launch a Product Online

To launch your product online, you‘ll want to ensure you’ve followed the steps above. However, there are a few additional steps you'll want to follow to gain traction primarily online.

1. Figure out the story you want to tell regarding your product's bigger purpose.

What story do you want to tell across social platforms, landing pages, and email? This is similar to your positioning statement but needs to be geared entirely toward your target audience. Ask questions like, Why should they purchase your product? And How will your product or service make their lives better?

Communicating cross-functionally ensures the communication materials you use across various online channels align — which is key when it comes to establishing a new product in the marketplace.

Consider, for instance, how Living Proof announced its new product, Advanced Clean Dry Shampoo, on its Instagram page. The story revolves around a simple nuisance common with most other dry shampoos — How consumers still want that just-washed feeling, even when using a dry shampoo.

Originating in 2011 as a website called donothingfor2minutes.com, Calm is a mobile app that provides various resources and tools for meditation, sleep, relaxation, and mindfulness. Although Headspace was the leading meditation app at the time of its launch, it didn’t take long for Calm to dominate the market.

Calm found success largely because of its content marketing and SEO strategy. According to Foundation’s research , Calm has attracted over 8 million backlinks and uses blog content and YouTube content to organically attract and engage prospects.

The company also partners with celebrities to create unique content and engaging ad campaigns. Some of Calm’s most famous collaborators include Lebron James, Harry Styles, Matthew McConaughey, and Camila Cabello.

Calm’s celebrity partnerships have given them a leg up compared to their competitors. Not only their celebrity-read Sleep Stories garner millions of views, but they also boost the brand’s visibility and authority.

Poppi is a “prebiotic soda,” which is a beverage that combines the fizziness and taste of a traditional soda with fruit juice, prebiotics, and apple cider vinegar. It comes in flavors such as Classic Cola, Root Beer, Orange, and Cherry Limeade.

Originally called “Mother Beverage,” Poppi was originally created when co-founder Allison Ellsworth wanted to create a drink that was both healthy and tasted good. Not only does Poppi stand out from other beverages because of its health benefits, it also has a unique and colorful brand personality that attracts customers.

According to Allison, “We had this really fun and vibrant brand and a product that people could relate to. People love it and it was created with ingredients that people knew to be effective and beneficial to their body.”

Poppi was originally slated for a retail launch in March of 2020. However, those plans changed due to the Covid-19 pandemic.

Fortunately, they were able to pivot to launch as a DTC product, selling on Amazon and other e-commerce platforms. Additionally, they used this opportunity to invest in social media marketing on Instagram and TikTok , where they gained popularity amongst Gen Z consumers.

3. HubSpot Operations Hub

In 2021, HubSpot launched Operations Hub as part of its CRM platform. The product is designed to help businesses streamline their operational processes, improve data quality and accuracy, and enable cross-team collaboration. This allows businesses to run more smoothly and scale more effectively.

One of the reasons why this launch was successful was because it solved a problem that many customers faced.

According to HubSpot’s research , “over 60% of operations professionals have to do duplicative work because of a lack of alignment between teams.” This happens because operations professionals get hired into separate departments and get siloed and overwhelmed with tasks as their companies scale.

In response, HubSpot introduced Operations Hub so operations employees could work together out of a shared system and remove friction from their day-to-day workflows.

Goodles is a noodle brand that takes boxed mac-and-cheese to the next level. This product differentiates itself by providing more nutritional value than the standard dry noodles, with 10g of protein and 7g of fiber with prebiotics in every serving.

“The pasta aisle is overflowing with golden, al dente pasta options that provide very little nutrition. There's also an 'alt-pasta' section with green, brown, orange, mushy, foamy noodles that offer more nutrition but little 'yum',” co-founder and CEO Jen Zeszut said in a press release . “Why should you have to choose between taste and nutrition?”

Aside from its positioning as a delicious and nutritious alternative to boxed mac-and-cheese, Goodles also stands out with its vibrant and fun branding. While other noodle brands have neutral-colored packaging, Goodles uses a bold color palette, a nostalgic typeface, and cheeky product names, like Shella Good and Here Comes Truffle, to attract consumers in the grocery aisle.

Product Launch Tips

To learn the best practices for a successful product launch, I talked to Alex Girard again.

The HubSpot Product Marketing Manager said he had three main tips for a successful product launch:

• Your product positioning should reflect a shift you're seeing in the world, and how your product helps your customers take advantage of that shift.
• Create a recurring schedule for you and the core stakeholders for the launch to check in and ensure you're all on the same page.
• Make sure you keep the product team in the loop on your marketing plans. The product team could have insights that inform your overall marketing campaign.

However, sometimes, external factors might impact your ability to launch a product. When that happens, you might need to delay your launch.

How to Know When to Delay a Product Launch

To understand when, and why, you might hold off on a product launch, Girard told me there are three key reasons why you might want to delay a product launch, including:

• When your product itself isn't ready and you need to change your timeline to create the best customer experience possible.
• If a situation occurs where your current customers are having a less-than-optimal experience with one of your current products. Before launching and promoting a new product, you should make sure your current customers are satisfied with your existing product offering.
• If something occurs on an international, national, state, or local level that requires your audience to readjust their priorities and shift focus away from your company and its product launch. Make sure that when the time comes to launch, your target audience is ready to learn about your new product.

If you‘re looking for templates to coordinate your team efforts and align your company around your new product’s messaging, download our free product marketing kit below.

Editor's note: This post was originally published in November 2015 and has been updated for comprehensiveness.

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Home • Knowledge hub • How to write a market research report for a new product launch

How to write a market research report for a new product launch

When launching a new product to market, it’s imperative to be prepared with relevant information. You need a deep understanding of your market, how your products will benefit that market, the potential challenges you might run into, and much more.

This is why it’s so important to write an in-depth, professional, and relevant market research report. Not only to gather and display all the right information but also so that you can share that information clearly and easily with people within and outside your organization. This is important for a wide range of different reasons.

In this article, we’ll look at why market research reports for product launches are so important and show you how to do it as effectively as possible.

Why market research reports are important

Conducting a detailed and relevant market research report before you launch your new product is a good idea for all kinds of reasons. Here are some of the main ones:

• Get buy-in from senior decision-makers . When launching any product, you’ll always want the full support of the top decision-makers at your organization. This can be a tricky thing to acquire, especially if your team is relatively unproven. A detailed and informative market research report can be the deciding factor in winning their support, convincing them that your product is well-placed to succeed, and making it much easier to achieve your goals.
• Learn more about your customers and target audience . One of the main reasons to conduct market research is to understand your prospective customers in more detail. The work you do to compile a report will give you a clear and detailed understanding of what your customers want, what they already like, where they conduct their own research, and much more. This will arm you with the insights and knowledge you need to launch your product confidently and successfully.

Discover ideas for new products and how to improve existing ones . When you research your target market, you’ll likely stumble upon inspiration for new products in addition to the one you’re planning to launch. The feedback you get from your research will also be laced with ideas for improving and tweaking existing products

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How to write a market research report effectively

In the rest of this guide, we’ll show you what you need to do to ensure your market research report is as detailed, relevant, and valuable as it possibly can be. Let’s start with the type of information you need to include.

What you need to include:

Buyer personas.

This is a crucial part of getting to know your customers and the different groups they fall into. You should start by researching your target market members as much as possible through a range of channels — interviews, social media research, email surveys, and more. Then, divide them into demographics and create a detailed persona to represent each one.

This is an incredibly valuable step because it allows you to break down your market and make broad predictions about each group’s preferences, pain points, habits, and desires. If done right, this helps you target your future marketing much more accurately and effectively.

Understand your competitors

Getting to know your competitors is a key element of market research. It allows you to understand what you will be up against when launching your product and what segments of your market might be easier or more difficult to sway from their loyalty to your competitors.

Your research report should contain detailed information about each of your competitors and what they offer. What do their products lack that yours can provide? Why do your customers go to them? How dominant are they in your market? What kind of loyalty do they command? What are some of the keys to their success? All this will help you understand what you’re up against and strengthen your chances of success.

Who did you talk to?

Much of your market research will involve talking to various people and groups of people in situations like focus groups, interviews, and surveys. It’s important to document this side of your research carefully and include it in your market research report. Be sure to break down the people you spoke to into demographics and be as specific as possible — try to align this with your buyer personas.

This will help you understand what different demographics want, identify any areas you may have missed, and see any opportunities for segmentation or expansion, as well as providing clear visibility into your research process and allowing you to justify your findings and decisions to other company members carefully.

Clearly show what will happen next — how will you use your findings? 

When you present your market research report to decision-makers in your organization, their primary concern will be what you want to do with it. Research is only valuable if it has a practical application, which should be a key element of your report.

It’s best to be specific — create plans and roadmaps for campaigns, build strategies, and include timelines and carefully researched cost estimates. If you can present a clear and viable plan for your product launch, it will be much easier to gain the support and buy-in of the higher-ups in your company. Be ready to defend and justify these plans.

Primary vs Secondary Market Research

There are two main types of research you’ll need to do when preparing your market research report: primary and secondary. Here is the difference:

• Primary research . This refers to the first-hand information you have gathered during your research — straight from the primary source. Examples include interviews with individuals, focus groups, surveys, and information from sales teams. It helps add a human touch to your research, incorporating real people’s distinct voices and opinions.
• Secondary research. This is data that your company didn’t personally collect but is available in the form of things like public records, trend reports, and market statistics. While it lacks the specific human element of primary research, it’s a great way to gain valuable overall insights about your target market without having to conduct huge research projects yourself.

Convincing company decision-makers with your market research report

One of the most essential functions of a market research report is to convince your company’s key stakeholders that you are prepared for a product launch and have everything in place to begin the process successfully.

When creating your report, you should always have this goal in mind. Here are some ways to do that:

• Always clearly tie your research for business outcomes. For every conclusion your report reaches, explain what this means for the business and what concrete actions you will take as a result.
• Use as many stats and as much hard data as possible. Clearly express this data in the form of graphs and other visual aids. Show where your data came from, how you collected it, and how your findings will impact your product launch.
• Consider using Porter’s 5 Forces Model . This business model is aimed at understanding and explaining the fundamental market forces at work in any given industry. It can be illuminating to tie your research into this model.

A well-researched and detailed market research report is an essential part of a successful product launch strategy. It allows you to clearly understand your market, formulate concrete plans and strategies, and gain the support of your organization’s decision-makers.

Without one, you’ll be plunged into the dark, facing the monumentally challenging task of launching a product without the support of extensive research and data. To find out more about how Kadence can help you prepare a market research report and launch your product with confidence, contact us .

Helping brands uncover valuable insights

We’ve been working with Kadence on a couple of strategic projects, which influenced our product roadmap roll-out within the region. Their work has been exceptional in providing me the insights that I need. Senior Marketing Executive Arla Foods

Kadence’s reports give us the insight, conclusion and recommended execution needed to give us a different perspective, which provided us with an opportunity to relook at our go to market strategy in a different direction which we are now reaping the benefits from. Sales & Marketing Bridgestone

Kadence helped us not only conduct a thorough and insightful piece of research, its interpretation of the data provided many useful and unexpected good-news stories that we were able to use in our communications and interactions with government bodies. General Manager PR -Internal Communications & Government Affairs Mitsubishi

Kadence team is more like a partner to us. We have run a number of projects together and … the pro-activeness, out of the box thinking and delivering in spite of tight deadlines are some of the key reasons we always reach out to them. Vital Strategies

Kadence were an excellent partner on this project; they took time to really understand our business challenges, and developed a research approach that would tackle the exam question from all directions.  The impact of the work is still being felt now, several years later. Customer Intelligence Director Wall Street Journal

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Market Research for New Product Development: Complete Guide

What is new product development?

Why should your brand take product development, what is the role of market research in product development, how to develop new customer-based products.

Product development is about creating and improving products by implementing new ideas, technologies, and processes to  meet market needs and enhance the consumer experience . This process is carried out in different stages, including research, design, prototyping, testing and launch.

New product development aims to  create unique, innovative, cost-effective, and attractive items for the target market . To do this, it’s important to conduct market research for new product development to gain insights into the preferences and needs of your consumers. Read on to find out where to start!

Product development is the process of researching, designing, creating, and launching a new or improved product.  This process may include different stages , such as identifying market opportunities, generating ideas for new products, evaluating technical and economic feasibility, designing and prototyping, testing, and marketing and communicating the final product.

For successful new product design and development, you need to listen to the voice of the consumer, so you need to conduct research. To do this, you have specific research tools for each of the phases of new product development, such as the  idea screening  test. This process allows you to evaluate new product ideas and  select the ones that meet the expectations of your target audience , ensuring that your marketing objectives are met.

With the idea screening test, you can  know the potential of a product or service and its possible optimizations before launching it . Its benefits include: identifying the ideas most likely to succeed, confirming that they meet a need, determining whether they are considered different and relevant to what already exists, verifying or defining the core target, and validating that they fit with your brand and its values.

After the idea screening test, you can conduct a  concept test  to find out the degree of acceptance of the winning idea already developed among the target audience. In this way, you will be able to  adapt the product to the consumer’s preferences , thus allowing you to define a successful launch and minimize risks.

After the concept test, you have other tests to optimize the different product features based on consumer preferences, such as the  naming test , the  claims test , the  packaging test , and the  price test . You can also perform a  Conjoint Analysis  to identify the features most valued by consumers, determining which combination is likely to be the most popular with buyers. This type of study is effective for both new launches and existing products.

Listening to the consumer’s voice at every stage of the new product development process is essential for you to  create relevant offerings tailored to the preferences of your target audience .

Market research allows you to gain insights into consumer needs and preferences and gives you  a competitive advantage  by giving you access to the  drivers and barriers  that condition the purchase of a product. Give voice to the consumer and ensure the success of your new launch!

You must  include research in the development process to develop new customer-centric products  that will allow you to understand consumer preferences and tailor the product to your target. This way, you can  create products that generate revenue and improve your market share .

Through idea testing, you can validate your new ideas and discover which of them best fits consumer preferences. With the Zinklar platform, you also have  templates  with which to  design the study you need to ensure a successful product launch . Don’t wait any longer, and surprise your consumer!

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New Product Launch Checklist: How to Plan a Successful Launch

13 min read

Every new product launch is equal parts intimidating and exciting. As the market becomes increasingly saturated with similar SaaS products, your product launch can easily get lost in the noise.

Therefore, you need a solid product launch plan to ensure your product isn’t among the 95% of new products that fail each year.

In this article, we take a deep dive into the technicalities of a product launch. We provide a product launch checklist to ensure you launch successfully and consider examples of successful SaaS product launches.

• A product launch refers to all of a company’s coordinated marketing efforts to bring a new product to the market.
• A new product launch should be planned well in advance of the launch day. A typical launch plan includes everything from the ideation phase to the conceptualization and testing of your ideas.

An effective product launch checklist includes the following:

• Define your target audience and build out your user personas.
• Conduct market research to identify competitors and determine avenues for product differentiation.
• Craft your product positioning statement.
• Create and release your MVP with only core product features.
• Create a targeted go-to-market strategy for your launch plan.
• Choose the appropriate marketing channels to reach your target markets.
• Launch coordinated product marketing campaigns to reach your audience.
• Ensure your teams are aware of your goals and their roles in them.
• Launch your product.
• Measure the success of your launch by tracking relevant product metrics.
• Collect user feedback and see how well your product was received.
• For your launch to be successful, you must carefully identify the best time to launch, build hype around the launch event, leverage social proof to drive marketing, and work with a detailed checklist.
• Userpilot empowers SaaS your product team to run in-app marketing campaigns, collect customer feedback, and analyze users’ interactions with your product. Book a demo to learn how it works.

What is a product launch?

A product launch is a company’s coordinated attempt to bring a new product to the market.

It includes every action and event designed to build awareness and excitement around a new product and ensure it achieves early success.

When should you start working on your product launch plan?

A successful product launch is planned ahead of time, in coordination with the product, marketing, and sales teams. In fact, we can divide every product launch into three stages: pre-launch, launch , and post-launch.

Pre-launch activities precede the actual launch date, often including product ideation , proof of concepts, and testing. It may also include a soft launch designed to seek early feedback from pilot users.

Apple’s product launches, for instance, often include publicized leaks of the product specs and a well-advertized launch event that attracts attendances in the millions.

How to plan a successful product launch strategy?

Every product launch comes with its own unique set of challenges. However, following the right product launch checklist can provide the structure and direction needed for success:

Define your target audience

To successfully market your product, you must know your target audience. You need to know your audience’s preferences, who they are, how they think, and why they need your product.

Thankfully, you can get all the data you need by speaking to your existing customers or those of your competition.

Then, use the data you acquire to create your ideal user persona . These personas should capture the customer’s demographics, pain points , and how your product aims to help them.

Conduct market research

Now that you know your customers, it’s time to research your competitors. First, you need to identify all the companies (or, at least, the major ones) whose products solve the same problem as your product.

Next, analyze their product, brand, and marketing strategy. A thorough market research should reveal:

• The overall competitor landscape.
• What each company offers and their different prices/pricing plans.
• The mistakes and successes of each company’s business strategy.
• How you can differentiate your product from the competition.
• Your unique value proposition.

Put simply, your goal at this step is to understand what your competitors sell, how they sell it, and how you can outmaneuver them in the market.

Decide on your product positioning statement

Armed with the information from your market research, you’re now ready to craft your positioning statement.

Your statement should identify who needs your product, what it does, and what differentiates it from other products in the market.

Good product positioning helps the customer understand your product and how it satisfies their needs. It creates the right setting for your product, delivering crucial information about the product to attract the ideal customer.

Create your MVP

Before launching your product, it’s important that you first get some responses to gauge how it will be received in the market. This is where your minimum viable product (MVP) comes in.

An MVP is essentially a prototype of your product, with a minimum subset of the features required to demonstrate your product’s primary use case.

Because it is a lightweight version of the final product, MVPs allow you to test and validate your product ideas before committing precious time and resources.

This testing will help you discover defects/strengths in your idea and build on them. It can also reveal whether you’ve chosen the right target audience for your product and how best to align your marketing efforts with their needs.

Create your go-to-market strategy

A go-to-market strategy is a comprehensive roadmap for bringing your product to prospective customers. It details all that you’ll do to lay the groundwork for a successful business well beyond launch day.

Your go-to-market (GTM) strategy will combine all of the information you’ve learned in the previous steps into a robust market entry roadmap. This roadmap should generate demand for your product and mitigate any product launch risks.

A good GTM plan spells out your chosen product launch strategy, value proposition, and when/how you intend to bring the product to the customer.

It should propose an overall timeline for your launch, up to the launch date, and highlight what “success” means for you and how you will measure it.

Choose your marketing channels

The success of any new product launch lies in how much buzz you can generate pre-launch. Thus, the final piece of your GTM strategy is the selection of the most effective channels for promoting your product.

Use everything you’ve learned about your customer in the steps above to determine where they are located and how you can reach them effectively. Also, ensure you diversify your marketing efforts to reach different customer segments.

Promote your product with marketing campaigns

It’s now time to set your product launch marketing plan in motion. This is the time for your marketing teams to step in and produce content that will support and align your pre-defined marketing strategy.

Of course, there are many different things you can do at this stage to generate the required buzz. This includes:

• Social media posts: Use your social media platforms to tease your new product and its features. You can also reach out to influencers, journalists, and others in the industry with large followers to spread the word.
• Press releases: Create and share an embargoed press release with as many media outlets as possible so that they’re all talking about your new release on launch day.
• Email campaigns : Use captivating emails with compelling CTAs to nudge your email list to check out the new product. Good email campaigns use a combination of a catchy subject, visually appealing body content, and compelling call-to-action to get users to sign up for the new product.

• Ad campaign: Ads are expensive, but they can also be very rewarding. If your budget allows it, create ads for the key channels you identified while crafting your GTM strategy.

Make sure your teams are aligned with your goals

Successful product launches are the result of coordinated teamwork. For that to happen, your goal must be clearly spelled out, with everyone’s role at each stage of the launch properly defined.

For example, your marketing team needs to know when to release the different promotional materials they’ve created. Likewise, your customer service team should work with your product team to understand the product’s features and how it works.

Use memos, presentations, and emails to keep different internal teams up-to-date on their role in the launch process.

Launch your product

Finally, it’s launch day! It’s time to generate as much excitement as possible and gather as much attention as possible for your product. This is the time for your press releases and promotional content to fly.

To be successful on launch day, you must equip your sales and marketing teams to spread the word about the product. They should understand the value the product brings and be prepared to share that message with their audience.

The customer service team must also be on high alert. They should understand how the product works and be equipped with the resources to answer any questions customers throw their way.

Measure the success of your product launch

Your work doesn’t end after launch day. With the day behind you, it’s time to take stock and track your performance. Your goal here is to understand whether your marketing efforts were successful or not.

So, look back at your goals and see how well you did. How many people…

• Saw your promotional posts and messaging?
• Signed up for a free trial ?
• Reached out to your sales team?

If the launch didn’t meet your expectations, try to track down what went wrong and adjust your go-to-market strategy accordingly. The data you gather will also be helpful in future product launches.

Collect customer feedback post-launch date to improve your product

The final part of your post-launch strategy should be to hear what users think of the product itself. Customer feedback is an invaluable ingredient for continued long-term growth.

Collect customer feedback from users with email and in-app surveys , using their responses to improve your product.

The feedback you receive from users will tell you what features they need, the challenges they face with the product, and how you can improve the product to match their expectations.

You may also find that there are other market segments where your product may enjoy even greater success, or learn of better ways to position your product.

Best practices when launching a new product

Now that you know what your launch process should look like, you can ensure it’s effective by keeping to the following best practices:

Listen to the market to identify the best time to launch your product

There is a science to determining your new product launch date. To have a successful launch, you must pay attention to every possible market factor.

For example, you don’t want to launch your product on the same day a well-known competitor is launching a product. Instead, you need to either launch before them or wait for the buzz around their launch to die down.

Despite its mega success over the years, Google learned the importance of paying attention to market factors the hard way when releasing Google Glass. With privacy as a major concern at the time, spectacles with cameras didn’t feel right. At $1,500, it was also too pricey for most.

The result? Google Glass was very poorly received. Despite its many futuristic features, the product failed spectacularly and was finally killed for good earlier this year.

Display social proof to frame your new product positively

Consumers love to see that others have succeeded after taking the risk to purchase your product. Thus, the use of social proof on your landing page is a necessity as it gives others the confidence to trust you.

Thankfully, getting social proof isn’t a complex process. As part of your pre-launch phase, beta-test your product with existing customers or others who have shown interest.

Have them use the product for a while and share their insights with you. As they do, collect their positive feedback and showcase them in your product launch marketing campaign.

Build hype pre-launch date

Build up anticipation within your target audience by creating an air of suspense and mystery around your product. You can do this by teasing about the product early without going into detail.

This is what makes every Apple new product launch so exciting. They keep key details about the product secret, sending users into an overdrive of speculation long before the product is even announced.

Apple is also great at using little “leaks” to keep anticipation for new products high before launch. In addition to teasing your product’s core features, you can also use influencers to test out the product and build up the hype around it.

However, always ensure that the hype doesn’t become bigger than the product, or your brand may never recover from the resultant negative market perception.

Have a checklist to monitor the product launch process

Finally, always work with a checklist to ensure you don’t miss anything. For instance, your pre-launch checklist may look like this:

• Are all team members meeting their milestones and deadlines?
• Have you tested the product with target customers in a controlled setting?
• Have you acted on the feedback from your tests?
• What product launch event type will you use?
• Is everyone aware of the launch date?
• Have you trained internal teams on the new product?
• Are all marketing materials ready and distributed to the teams that need them?
• What metrics will you use to measure success?
• When will you begin analyzing product metrics results and who will be in charge of it?
• How will information flow to the right people and departments through the launch?
• Have you gone over the final launch itinerary and timelines with the team?

Examples of successful product launches from various industries

Thankfully, there are several product launch examples you can look to for ideas. Consider a few:

OpenAI released a demo of ChatGPT on November 20, 2022. Although this was the third iteration of the GPT (GPT-1 was released in June 2018), it was only with this release that GPT went truly viral.

ChatGPT enabled users to interact with the AI and test out its capabilities for themselves. Users quickly began sharing what it could do – article writing, poems, coding, etc. on social media. In just five days, ChatGPT had attracted over a million users.

The secret? A masterful launch strategy that got influencers to try out the product, speak about it, and get others to try it out, too. It also helped that the chatbot was very impressive.

On February 22, 2023, digital workspace provider, Notion, announced the release of the highly anticipated Notion AI. At the time of its release, nearly two million people had already signed up for the alpha waitlist ten weeks prior.

How did Notion achieve such success? Like OpenAI, it created a buzz ahead of time. Notion leveraged social media channels to build anticipation around the integrated generative AI.

But it didn’t stop there. Notion leveraged in-app modals and email campaigns to introduce the feature to its already large user base. With anticipation at an all-time high, the product was released with great success.

Userpilot’s AI writing assistant

On May 2, 2023, Userpilot email subscribers received a mail announcing the launch of a new feature – Userpilot AI Writing Assistant. But users were already in anticipation of it.

The feature was first introduced in-app and released to beta testers to provide market feedback and insights. Once it was ready, the product was teased on social media before it was released on Product Hunt.

Social media posts directed users to the Product Hunt announcement where they caught a glimpse of the product and could leave upvotes. The writing assistant is also featured in Userpilot’s onboarding, ensuring new users know how to get the most out of it.

The commission-free stock trading platform, RobinHood, acquired almost a million users before it launched.

The secret? A masterclass in product launches and referral marketing. First, the app landing page clinically displayed its unique selling point – $0 commission trading!

Next, RobinHood ensured the signup process was seamless – gain early access by providing your email address. Finally, those who signed up were incentivized with a shorter wait time to refer others.

How Userpilot can help you with your new product launch strategy

With Userpilot, creating your new product launch doesn’t have to be tedious. Userpilot helps you to:

Build product marketing campaigns with different UI patterns

Userpilot enables you to build and launch complete in-app product marketing campaigns without writing code.

You can create a slideout, modal, banner , or tooltip to inform users about new features or key changes to existing features. In addition to text content, you can embed videos and images to demo the feature.

Collect customer feedback in-app

Learn what users think of your new features with automatically triggered in-app surveys .

From user experience surveys to product research and customer satisfaction surveys, Userpilot provides a variety of templates to help you feel your users’ pulse. Or, you can design one from scratch, code-free.

You can choose when and where each survey appears and customize everything, including its appearance and content.

Analyze customer interactions and identify friction points

Go beyond what users say and watch how they interact with the new feature. Are they using it often? Does it work as it should?

Analyzing users’ in-app interactions can reveal a lot about how the feature is received. It can also help you identify and fix any friction points early.

Every product or new feature launch is a big deal that only happens once. This is your one chance to ensure your product hits the ground running, and with the right launch strategy, you can do just that.

If you would like to learn more about how Userpilot can simplify this process for you, book a demo today !

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Home Blog 8 Stages of Launching a New Product to Market

8 Stages of Launching a New Product to Market

May 18, 2022 Edwin Kooistra

When you talk about launching a new product in a new market, especially as a business owner, the idea might seem exciting at first, but it is not an easy task and requires a lot of preplanning and critical thinking.

Even when you’re launching a new product for your current market segment (the one you are operating in), it requires much effort at once and a strategic map. Still, even then, sometimes, if you lose out and the launch backfires. Then imagine launching a new product for a new market segment that you do not have prior experience with. 

This means that you will not only be required to put in many markets research-based tactics but also need to divert a lot of resources, both human and fiscal, towards the launch. This is because this opportunity to launch a new product in a new market, especially if you talk about the B2B industry or the tech sector, is a make-or-break opportunity.

A successful launch for a new market segment does not only help your company grow strategically but also sends out a message in the market and the industry about how well organized and strengthened your internal mechanisms are. 

That said, a new market presents opportunities for growth and expansion that may not exist in your current market. So, how do you identify potential new markets for your products? And once you’ve identified them, what’s the best way to enter them? This blog post will answer those questions and provide steps on how to launch a new product in new market.

What is a New Product Launch?

When we talk about a new product launch, we refer to all the efforts, actions, and tactics that a business or organization deploys to bring a brand new or improved product offering or service to the market. We have a separate guide on what is a product launch if you want more in-depth detail. 

Anyway, we mentioned “market” earlier. We were referring to a particular industry. In further refined forms, we mean the target market segment towards which the product or service is directed to address a specific pain point or need.

When we talk about a new product launch, we refer to a new product in a new market along with all the essential steps starting from market research to final execution that an organization has taken while keeping all the relevant stakeholders in view.

Despite the basic framework being common in launching a new or improved product for an already known segment versus for a new market, these are two different scenarios that need to be approached by a business owner or any organization with different mindsets and different sets of capabilities.

How to Launch an Existing Product Into the New Market?

As we have developed an understanding of the launch of a new product and its critical issue, we shall also reflect on how you can launch an existing product for a new market segment. We shall look at it in a step-by-step approach under the following stages.

• Develop Customer Personas

Know How to Reach Your Segment

Be Aware of the Pain Point

Understand the Journey

Know your competitors, develop a strategic plan.

• Execute and Launch

KPIs, Revisions, and Improvements

Let’s look at these different steps with extended detail to understand further how we can launch an existing product into the new market.

1. Develop Customer Personas

First and foremost, launching an existing product or a new market segment requires conducting extensive market research. You must conduct different surveys. Another activity is to gather information regarding the market segments’ demographics and psychographics.

After which, you need to utilize all the gathered information to create customer personas . These customer profiles should describe and outline your target customer within this segment in the utmost detail, starting from their age, profession right up to their likes and dislikes.

The more detailed and well-executed this step of the process is, the easier it is for you to adapt the rest of the strategic plan in case of any required changes and adjustments.

Now that you have developed your customer personas and have extensive knowledge about your target segment, you need to build a strategic plan for reaching out to this new segment.

Unlike the segment you’re already operating in, the part does not necessarily need to require the same communication or content-based marketing strategies that you have deployed earlier. Therefore, based on your customer, you might want to dive into position-based segmentation and marketing messages to help you reach your new market segment more effectively.

Always remember that if you’re not able to reach out to your targeted segment efficiently, then all your efforts that you have made in launching a product or service for them lose their efficacy.

Now, you need to ensure that you are aware of the issue or problem you are targeting to solve for this new market segment. Remember that the target customer prefers a solution over a product; therefore, you need to be aware of their pain points.

Imagine yourself in the shoes of this newer segment and how and why you would want your issue to be solved. Once you’re able to visualize all this, you will be able to develop an understanding of their issues and thus mold the product launch accordingly.

Remember that the key to attracting new customers and retaining those you already have lies in the success of the customer sales journey or the sales funnel. Therefore, develop a thorough understanding of how the customer will pass through the sales journey under different steps and phases.

Once you have developed this understanding, you will be able to tailor your marketing and customer attraction and retention efforts according to the different stages of the journey. This ensures efficiency and drives tangible results for all the steps you would put in.

One of the essential steps involved in launching a product for a new market is having a thorough understanding and knowledge of your direct and indirect competitors . Your list of competitors will most definitely evolve when you target a new market despite having the same existing product.

This is an essential factor to understand. Once you can grab onto this understanding, you need to reevaluate your competitive sphere using different tools and techniques based on solid market research and information.

Now that you have developed a thorough understanding of your competitors, their product offerings, and how they address the different pain points of this new market segment, you can advance your launch approach accordingly to gain an edge over your competitors.

With all the market research and theoretical support material in place, you can now develop your strategic direction for launching the product for this new market segment.

In this step, you will start working on your strategic marketing plan, including different facets such as your product-market fit, go-to-market strategy, content-focused marketing plan, and other essential components of your product launch.

Execute and Review

With the plan in place, you can now execute it to launch your product for a new market segment. You need to ensure that it is rolled in a step-by-step and methodological manner to ensure a smooth operation.

Once you have executed the plan, you will also develop a mechanism to ensure a timely review to avoid any kinks and hurdles along the way. Always remember to create relevant performance indicators at this stage.

In the last phase of your product launch for the new market, you shall look at all the key performance indicators that you had put in place under your strategic plan. You will closely monitor all these KPIs and make revisions and improvements as required to the strategic plan and these performance indicators.

With their regular monitoring and an open mind to improvements and possible revisions, you will be able to adapt this strategic approach to newer markets and make it more efficient for the current market that you have just entered.

How to Launch a New Product in a New Market?

Earlier, we discussed how we could launch an existing product for a newer market segment following a step-by-step logic-based approach. But what about the time when we want to launch a new product for a new market segment altogether?

As discussed earlier, the basic framework remains the same for this launch, but a few factors and additional stages need to come into play when you are launching a new product or service for a new target market segment.

We shall discuss these additional factors apart from those already mentioned above in the following text.

Making a Prototype and Testing It

When you’re launching a new product service for a new market segment that you have not explored earlier, making a prototype or a minimum viable product (MVP) of your product offering and testing it for the market is always recommended.

This helps you receive essential feedback that you can incorporate into the product and change it accordingly. This also gives the market a little taste of what is about to come and when and how it will be able to cater to their needs and pain points with its value proposition.

Configuring Numbers

No matter how much marketers focus on the value addition of a product, when you are trying to grow and enter a new market with a new product, it all comes down to the bottom line.

Therefore, number crunching is very important when introducing a new product in a new market. It would help if you used research-supported numbers and projections as close to reality as possible regarding profit, revenue, and costs.

Investors focus on these numbers while making decisions. The success of the launch of a new product in a relatively new segment is also measured by numbers, whether by the number of units sold or the percentage of profit margin.

Creating Hype

For an existing product that you’re introducing into a newer segment, creating pre-hype using different marketing tools and tactics does not usually yield extremely tangible results as market awareness of the product is usually already there.

But with a new product targeted toward a new segment creating hype using different product marketing strategies and tools is critical. Your market needs to be excited about the product that you’re about to launch, and not only that, and it also needs to have general know-how of what the product is going to be about.

These pre-hype and early marketing campaigns focused on creating product and brand awareness will help you in the long run and add to your brand value and persona.

Benefits of Entering New Markets for Product Launch

Let us now look at some of the advantages that we can enjoy when we decide to enter and explore new and different market segments for product launches.

• You can increase your market share and grow in terms of profitability.
• Due to the economies of scale, you can increase your profit margin, which positively translates to business operations.
• You can strengthen your company reputation and build more on your brand persona by including more people under your brand umbrella.
• By entering newer markets, you can develop more unique business relationships and explore a new dimension of stakeholders, which you can leverage in the future for growth purposes.
• If the older segment becomes saturated or redundant, you can have an alternate market for your products and services.
• When you enter a new market, you’re diversifying your portfolio, thus reducing risk in the short and long run. This, of course, is very well received by your investors.

Example of a Product Launch in a New Market

We shall now look at an example of a product launch that used an existing product/service and launched it in a new market. This will help us further understand the launch process of products and how they enter more unique market segments.

Google Maps

Google Maps is widely regarded as one of the most groundbreaking technologies ever created, and it is often recognized for transforming the way we look around at geographical space. Google Maps combines detailed charts and directions, satellite imagery, traffic statistics, and google street view into a single program.

Every month, nearly one billion individuals throughout the world utilize the software. Google has spanned almost the whole globe and has regularly launched revolutionary features such as real-time traffic, sustainable and environment-friendly routes, collecting data from its one billion or more users to improve accuracy, indoor maps, etc.

Initially just targeted at individuals who were on the road, whether on foot or in vehicles, Google Maps was able to add all these features and gain immense popularity after it targeted a new market segment in the form of local travel enthusiasts. 

This segment which Google Maps labels as local guides contributes to the Google Maps database by rating and ranking places such as eateries, restaurants, and even hospitals.

This launch of an existing product towards a newer market segment is not only exemplary in terms of how smoothly it was executed but also in the terms that the project itself has evolved further, and Google Maps was able to enter further newer segments using the experience of how it entered this segment in the first place.

While launching an existing product for a new market might not seem taunting, introducing a new product in new market segment is a more significant task at hand. Both types of launches require extensive planning and actions based on thorough market research.

But what sets them apart is how the launch of a new product for a new market segment creates revenues for both tangible and intangible growth in the form of increased profits and new beneficial relationships.

Depending on where your company or business is standing in its lifecycle, using both these launches in combination or isolation can help you prolong your growth stage and even avoid decline. Therefore, both these strategies should be understood and studied with utmost importance and be evaluated regularly as a part of your business strategy.

Edwin Kooistra - Product Marketer & Founder

Technology can be a huge differentiator but leveraging emerging technologies can be challenging. After my degree in Business Information Technology I decided to work on the provider side of Technology, because I believe Technology providers play an important role in guiding enterprises on their digital journey. Besides helping tech businesses to optimize their growth and go-to-market strategies, I also like to write about the topic. I hope you find it useful!

Related Content

How to Launch a New Product Today

by Frank Schab | Apr 17, 2024 | Communications , Insights , Marketing

Today’s marketplace is saturated with me-too offerings in virtually every category accompanied by a plethora of unremarkable marketing, making it a challenging environment in which to launch new products. It is, therefore, not surprising that many product launches fail and that up to 80% of new product launches fail to meet expectations.

In this post, I want to focus on our approach to launching new products here at Six Degrees, which is designed to ensure your launch has the strongest chance for success. Our approach achieves this by being a strategic process that is rooted in customer insights and adheres to key criteria (not just tactical performance indicators or KPIs) throughout launch activities. So, without further ado, here goes:

Step 1: Customer/Target Audience Insights

Many organizations take the time to conduct market research prior to launching a new product or service to understand the needs and wants of their target audience(s). Unfortunately, much of standard market research provides superficial or less than useful information, owing to a number of different reasons: Research participants want to please whoever is paying them for participation, they want to impress their peers and they generally don’t know what they may or may not buy in future, or how to express their opinions and emotions effectively. Consider that traditional market research prior to the launch of Starbucks would have found people unwilling to pay more than $1 for a cup of coffee of any kind and, effectively, nixed the company before launch.

Deep insights that are useful for product launch positioning and communication require deeper psychological tools than your typical focus groups or online surveys. It’s about identifying the perceptions, emotions, beliefs and attitudes (something we call, PEBAs) that represent barriers to overcome and the means to overcoming them to trigger purchase interest. Our customer insight work focuses on individual in-depth interviews and uses stimuli and techniques borrowed from psychology to gain relevant and useful insights for the ultimate product launch.

Step 2: Assessing the Launch Landscape

Knowing the target customer(s) and how to appeal to them is necessary, but insufficient in the absolute. A product launch does not occur in a vacuum. It is just as important to understand who the competitors (direct and indirect) are for the products and how they are messaging to and behaving in the market. This includes analyzing their marketing messages, mystery shopping their offering and conducting competitive product analysis.

Along with assessing the competition, it is also important to take a good hard internal look. Is the organization that is seeking to launch a new product or service fully aligned internally? Or has the need to reach internal consensus across different factions watered down the product or marketing perspectives to the lowest common denominator? If the latter, what can be done to realign around a more optimal view and put the strongest foot forward? Another issue may be that the organization has a suboptimal perspective on where/how the product should be marketed. A case in point for this was the introduction of the Viagra brand, which originally was targeted far too narrowly because of the biases of the organization. Once the real opportunity for the product was made clear, the brand achieved much greater success. Optimizing the internal side of a successful product launch is something for which an external partner is usually very helpful.

Step 3: Creating the Brand Strategy

On the basis of Steps 1 and 2, the next step is to create the brand strategy for the product. At a minimum, the brand strategy should consist of a value proposition for each target audience, a short and succinct brand promise and brand pillars (the perceptions the brand needs to work to create in the marketplace). The brand pillars, along with the brand promise, are what will govern the expected customer experience across the product’s lifespan. Collectively, these three elements are best worked out in a workshop setting with all the relevant stakeholders involved.

At the outset, I mentioned key criteria that needed to be adhered to for successful product launches. Here are the three we use at Six Degrees: (1) Relevance to the target audience(s), (2) differentiation from the competition and (3) credibility and believability of the offering coming from this organization. All three of these key criteria must be met by any value proposition, brand promise and brand pillars.

Step 4: Developing and Maintaining the Marketing Playbook

Unlike traditional and rather formulaic marketing plans familiar to those going through MBA programs, which we have found to be of limited use relative to the amount of time investment, we find that a marketing playbook is a much more useful tool for managing a new product launch.

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Step 5: Creation of a Product Brand

While this step can technically occur in parallel with marketing playbook development (Step 4), it is essential to develop a consistent look and feel for the product brand and its communications across use cases. This may involve a logo, but need not, though it usually involves naming. The style guide for the product brand, which governs the dos and don’ts from a creative execution perspective, should become a chapter in the marketing playbook so that anyone creating marketing communications stays on strategy and on brand.

At Six Degrees, we add another customer research step at this stage. In this research, we identify the sensory signals associated with the brand pillars by the brand’s target audience(s). The results provide a sensory position that designers can use to ensure that the product design, packaging and communications reinforce the perceptions we are seeking to convey with the product.

Finally, this is also the stage when high-quality content for marketing should be created, including video and animation, blog posts, white papers, etc.

Step 6: Pre-Launch Marketing

It should come as no surprise that the most successful launches are the ones that build anticipation and excitement in advance of the actual launch. This is admittedly harder to do in regulated industries, but generating buzz by teasing the launch and/or providing “sneak peeks” or early access and/or prototype or pre-production input with, by, and from key influencers or opinion leaders, are all time-tested ways to prime the market for a successful launch.

Step 7: The Launch and Beyond

Finally, all of the preparations culminate in a launch campaign and launch event(s) to officially reveal and release the product to market. For our B2B clients, this will likely happen at a, if not the major tradeshow or conference of the year and involve coordinated support across many different media channels and platforms. For B2C clients, this can take the form of a major advertising campaign with or without physical/retail events. Post-launch campaigns are often part of the marketing playbook and should be planned (or at least sketched) out in advance.

Step 8: Measuring, Analyzing and Optimizing

Collecting performance data including awareness, traffic, engagement and leads is, of course, critical to optimizing marketing and communications over time. Which KPIs are of most use will vary depending on the specific marketing objectives, but it is always critical to remember the ultimate purpose of marketing is to create customers from prospects.

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How To Introduce A New Product To Your Customers – Tips & Best Practices [2024]

Table of contents

Marketing is tough, especially when it comes to introducing a new product.

Many people fear the potential for failure and often turn to platforms or agencies to handle the launch. But what if you could manage it yourself?

Launching a new product successfully is entirely possible with a well-crafted plan.

Today, I’ll guide you through how to introduce a new product to the market, providing practical tips and best practices that can help you navigate the process confidently and effectively.

Let’s get started.

Importance Of Introducing A New Product With A Proper Plan

You can expect significant success if you make a well-thought-out plan while introducing a new product to the market.

Let’s break down why it’s essential to approach this process with diligence and what could happen if you don’t.

Benefits of Proper Planning When Introducing a New Product

1. Reduced Risk of Failure : A detailed plan helps you anticipate potential challenges and prepare solutions in advance. This proactive approach minimizes the risk of costly mistakes that could derail your launch.

2. Better Resource Management : With a plan, you can allocate your resources more efficiently. This means using your time, budget, and manpower where they are most needed, without unnecessary expenditure or effort.

3. Clear Marketing Message : A structured plan ensures that your marketing message is coherent and compelling. You can clearly communicate what makes your product unique and why customers should care, which is crucial for capturing their interest.

4. Increased Customer Engagement : When you plan your launch, you can schedule engaging marketing activities that keep potential customers interested. This can include timed promotions, interactive content, or sneak peeks that build anticipation.

5. Measurable Goals and Objectives : A good plan sets clear, measurable targets for what you want to achieve. This allows you to track your progress and make informed adjustments along the way to improve performance.

Challenges of Launching New Products on the Market Without a Plan

On the flip side, launching a product without a proper plan can lead to several pitfalls:

1. Wasted Resources : Without a plan, you’re more likely to misuse resources, spending money and time on strategies that don’t align with your goals or target audience.

2. Poor Market Reception : If your marketing messages are unclear or inconsistent, potential customers may become confused about what your product offers, leading to poor sales performance.

3. Missed Opportunities : A lack of planning might mean missing out on strategic opportunities to connect with your audience, such as key industry events or critical selling seasons.

4. Stress and Overwhelm : Trying to manage a product launch without a plan can be overwhelming, leading to stress and potential burnout among your team.

By understanding these points, you can better appreciate the value of a structured approach to product launches and avoid the common traps that come with a lack of planning.

Now, let’s look into the key steps you can take to ensure your product makes a splash in the market right from the start.

How To Introduce A New Product To The Market – 10 Key Steps

Introducing a new product to the market is a crucial task that needs careful planning and strategic execution. Here’s how you can make your product launch impactful and successful.

1. Identify Product USPs & Messaging for The Introduction of a Product

First, pinpoint what sets your product apart from others in the market. This step is crucial for carving out your niche:

• Identifying key features : List specific features of your product that competitors do not offer. For instance, if your product is an app, it could include unique functionalities like personalized recommendations or faster processing.
• Highlighting benefits : Then, emphasize how these features can solve problems or improve user experience. For instance, if your product is designed to save time, explain that users can complete tasks in half the time it would take with other similar products. You might describe a scenario where a task that typically takes an hour could be finished in just 30 minutes using your product.

Next, develop messaging that effectively communicates these unique selling propositions (USPs). The marketing of new products relies heavily on clear and compelling messaging.

To accomplish this:

• Develop a clear message : Craft a statement that captures the essence of your product’s benefits, such as “Simplify your day with faster, personalized app experiences.”
• Tailor your language : Use terminology that speaks directly to your target audience’s desires and pain points, making the message both persuasive and relatable.

2. Conduct Market Research

Building on a strong messaging foundation, the next crucial step is to conduct comprehensive market research to inform your launch strategy:

• Gather data : Employ Google Surveys, Typeform, or SurveyMonkey to collect detailed information about potential customers, their preferences, and overall market conditions. For example, use online survey platforms to reach a broad audience and gain insights into consumer behaviors and expectations.
• Analyze trends : Utilize platforms such as Google Trends or industry-specific reports to understand current market dynamics and how they might affect your product’s launch and ongoing success.

In-depth competitor analysis is also vital for a successful launch:

• Identify key competitors : Use tools like SEMrush or Ahrefs to analyze competitors’ web traffic and keyword strategies to determine who is offering similar products and what those products are.
• Evaluate their strengths and weaknesses : Conduct a SWOT analysis to understand where there might be gaps in the market that your product can exploit.

Finally, accurately defining and understanding your target audience completes this research phase:

• Create buyer personas : Develop detailed profiles for different segments of your market using demographic data from tools like Google Analytics or social media insights.
• Adjust marketing strategies : Apply the insights gained from these personas to tailor your marketing strategies effectively. If your personas include busy professionals, consider using LinkedIn Ads or targeted email campaigns to reach them directly.

3. Choose Key Marketing Strategies

Once you are done with completing the market research, selecting the right marketing strategies for your product launch becomes crucial. Make sure you have chosen tactics that align well with your product’s unique features, your target audience, and your overall business goals.

Here’s a breakdown of effective strategies to consider:

• Early Bird Campaign : Create a sense of urgency by offering special pricing or exclusive benefits to customers who pre-order your product. This strategy taps into the fear of missing out (FOMO) and can significantly boost early sales.
• Email Marketing Automation : Use automated email campaigns to nurture leads. Set up sequences that educate your potential customers about your product’s benefits and features, and guide them towards making a purchase decision.
• Social Media Marketing : Leverage platforms where your target audience is most active. Use eye-catching visuals and engaging posts to create buzz around your product launch. Tailor your messages to different platforms to maximize engagement.
• Content Marketing : Develop informative and interesting content that solves common problems related to your product. Blogs, videos, and whitepapers can help establish your brand as a thought leader in your industry.
• Influencer Partnerships : Collaborate with influencers who align with your brand values and have access to your target audience. Their endorsement can amplify your product’s reach and credibility.
• Search Engine Optimization (SEO) : Optimize your website and content for search engines to increase visibility. Use keywords that potential customers might use to find your product or related information.

4. Plan A Launch Strategy for The Introduction of A Product

Now that you have selected your marketing strategies, it’s time to plan out the launch. You need to outline the entire process, from pre-launch activities to post-launch follow-ups, ensuring that every stage is meticulously planned:

• Set Clear Goals : Define what success looks like for your launch. Whether it’s the number of units sold, the number of leads generated, or overall brand awareness, having clear goals helps you measure the effectiveness of your launch.
• Define Pricing and Offers : Decide on your pricing structure. Consider introductory offers to attract early adopters. This could include discounted prices, bundled products, or value-added services.
• Determine Launch Dates : Pick a launch date and work backward to set key milestones. Ensure each phase of your launch strategy has enough time allocated for development, testing, and execution.
• Create a Marketing Calendar : Organize your chosen marketing strategies into a timeline. This includes scheduling when the pre-launch buzz will start, the timing of your main launch activities, and the duration of your post-launch strategies.
• Pre-Launch Plan : Build anticipation with teaser content, early bird specials, and sneak peeks of your product. Use social media, your website, and email marketing to start creating buzz.
• Launch Plan : Coordinate your main marketing push with synchronized emails, social media posts, and content releases. Ensure your landing pages are optimized to handle traffic and convert visitors.
• Post-Launch Strategy : After the launch, continue engaging with your audience. Gather feedback, address customer service issues promptly, and keep the momentum going with follow-up marketing efforts.

5. Assign Budget And Resources As Per Plan

After planning your marketing strategies, the next crucial step is assigning your budget wisely is crucial for effectively marketing new products. Ensure that resources are allocated efficiently for every stage of introducing a new product.

Here’s how you do that-

• Distribute Your Budget : Begin by outlining the total budget available for your product launch. Next, allocate specific portions to different marketing channels based on their expected impact and cost-effectiveness. For instance, if social media is a key channel for reaching your target audience, ensure it’s adequately funded.
• Resource Allocation : Assign team members to tasks that match their skills and schedule their time accordingly. If additional expertise is needed, consider outsourcing specific tasks such as graphic design or content writing to ensure high-quality outputs.
• Plan for Contingencies : Always set aside a portion of your budget for unexpected costs or opportunities. Having a flexible budget can help you adapt quickly to market reactions or invest more in strategies that are performing well.

6. Accumulate Necessary Tools For Introducing a Product

With your budget and resources set, the next step is to accumulate the necessary tools that will support your launch effectively. The right tools not only streamline the execution of your strategies but also enhance your ability to measure and adjust tactics in real time.

• Website Management : Managing your product’s online presence efficiently is crucial. WordPress is a robust platform that offers versatility and wide support for various marketing integrations.
• Advertising Campaigns : To reach your audience effectively, tools for managing paid ads are essential. Google Ads and Facebook Ads Manager are platforms that allow you to run and track advertising campaigns, crucial for driving traffic and raising awareness.
• Sales Funnel Creation : For guiding potential customers through the buying process, a sales funnel builder is key. WPFunnels is specifically designed for WordPress and helps in crafting effective conversion paths.
• Lead Management and Email Automation : Capturing leads and maintaining engagement is vital. Mail Mint offers capabilities for automating follow-up emails and managing lead information, keeping potential customers engaged throughout the launch phase.
• Social Media Scheduling : Consistent presence on social media is necessary but can be time-consuming. Automation tools like Hootsuite or Buffer help manage posts across multiple platforms without needing to engage manually every day.
• E-Commerce Functionality : Finally, for hosting and managing your product online, an e-commerce tool like WooCommerce integrates seamlessly with WordPress, handling everything from product listing to sales processing.

7. Prepare Marketing Materials & Processes

Once you have your tools and resources lined up, it’s time to prepare all the necessary marketing materials and processes that will drive your launch. Effective materials are not just about looks; they must also function seamlessly to guide potential customers through your sales funnel.

For instance, consider setting up an early bird campaign. Using WPFunnels , you could create a lead generation funnel specifically designed to capture interest from early adopters. Here’s how you might go about it:

• Landing Page Design : Design a compelling landing page that highlights the exclusive benefits of the early bird offer.
• Signup Forms : Include a simple, straightforward signup form to collect email addresses of interested customers.

Alongside the funnel, utilize Mail Mint to set up email automation that keeps these prospects engaged. You could:

• Welcome Email : Send an immediate thank you message that confirms their interest and provides more details about the product.
• Follow-up Sequence : Schedule a series of emails that keep the momentum going, sharing more about the product features, potential use cases, and testimonials as the launch date approaches.

These prepared materials ensure that once someone enters your funnel, they’re continually nurtured and informed, increasing the likelihood of conversion when the product goes live.

8. Initiate The Pre-Launch Strategy

As you move from preparation to the pre-launch phase, it’s crucial to start generating excitement and anticipation for your product. This phase is all about engaging with your potential customers in a meaningful way to build momentum.

• Content Teasers : Start sharing sneak peeks of your product on your social media channels and through blog posts. Highlight the unique features of your product and the problems it solves, giving your audience just enough to pique their interest.
• Engagement Activities : Organize webinars or live sessions where you can talk about your product and its development process. This not only informs but also creates a personal connection with your audience, making them feel involved in the journey.
• Partnership Announcements : If you’re working with influencers or other brands, announce these partnerships during your pre-launch. This helps to extend your reach and adds credibility to your product.

9. Launch Your New Product To The Market

Now that you’ve built up anticipation, it’s time to launch your new product on the market.

To ensure a smooth introduction of a product and immediate sales, it’s crucial to maintain a high level of organization and readiness:

• Monitor Everything : Keep a close watch on all your platforms as the product goes live. This means checking your website’s functionality, ensuring that all links are working and that the checkout process is seamless.
• Customer Support Readiness : Have your customer support team prepared to handle inquiries and potential issues. An informed and responsive support team can make a huge difference in how your brand is perceived. When you finally launch, maintaining control and responding promptly to customer feedback is crucial for the success of your new product on the market.
• Real-Time Engagement : Stay active on social media and other communication channels throughout the launch day. Respond to comments, thank customers for purchases, and keep the excitement alive.

These steps help you manage the influx of attention and transactions effectively, ensuring that your customers have a positive experience from the start.

10. Post-Launch Optimization

After your product hits the market, the work isn’t over. To sustain growth and continue driving sales, you need to keep refining your strategies:

• Gather Feedback : Collect and analyze customer feedback to understand their experiences with your product. This information is gold for improving your product and the customer journey.
• Analyze Performance Data : Review the data from your launch—everything from sales figures to website traffic. Look for patterns or areas where you didn’t perform as expected and figure out why.
• Adjust Marketing Tactics : Use the insights gained from your analysis to tweak your marketing strategies. Maybe certain messages didn’t resonate, or a particular platform didn’t perform well. Make the necessary adjustments to improve results.

By actively managing these aspects after the launch, you ensure that your product continues to attract and satisfy customers, driving long-term success in the market.

You now have a comprehensive guide that walks you through each step of introducing a new product to the market. Each phase of the process—from planning and preparing marketing materials to launching and optimizing post-launch activities—is designed to maximize your product’s impact in the market.

Remember, staying engaged with your audience and continuously refining your strategies will help sustain your product’s success long after the initial buzz has faded.

So, take these steps, apply them diligently, and watch as your new product not only enters the market but thrives in it.

• Get WPFunnels + Mail Mint today!

1. How long should a product launch plan be?

A typical product launch plan should span 3 to 6 months, covering pre-launch, launch, and post-launch activities.

2. Is a press release necessary for a product launch?

Yes, a press release can help generate media coverage and attract attention to your product launch.

3. What’s the minimum budget for a product launch?

The minimum budget varies widely depending on the product and market, but even small budgets can be effective if allocated wisely, focusing on digital marketing and direct customer engagement.

4. How do I choose the right market for my product?

Identify markets where customer needs align closely with the features and benefits of your product. Market research and competitor analysis are key steps in this process.

Noshin Nisa is a Content Writer at WPFunnels with an interest for WordPress and Woocommerce. She loves to write, learn, and grow, with enthusiasm in Woocommerce, Sales Strategies, and Sales Funnel Builders.

Noshin Nisa

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The securities referred to herein will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. State security laws and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.

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This website is intended to provide information to an international audience outside the UK. Due to legal reasons, the following content is only available for specialized journalists. To access these pages, please confirm that you are a medical journalist and that you would like to accredit to the Bayer press portal.

Bayer Aims to Launch First Bioinsecticide for Arable Crops

Via new agreement with AlphaBio Control, Bayer gains exclusive rights to market the first ever biological insecticide which will help farmers control pests in arable crops / Product is expected to launch in 2028

Monheim, Germany and Cambridge, England – April 23, 2024 – Bayer announced today that it has signed an agreement with UK-based company AlphaBio Control to secure an exclusive license for a new biological insecticide. The new product will be the first available for arable crops, including oilseed rape and cereals. Targeted for initial launch in 2028 pending further development and registration, this new insecticide was discovered by AlphaBio, with whom Bayer distributes FLiPPER ® an award-winning bioinsecticide-acaricide.

“Farmers need innovative new solutions as they seek to continue to feed a growing population, overcome the impacts of climate change, and meet enhanced safety and sustainability standards,” said Benoit Hartmann, Head of Biologics at Bayer’s Crop Science Division. “Biocontrols are a perfect fit to our approach to scaling regenerative agriculture, and we’re excited to work to bring a new biological crop protection option to farmers that can be used for arable crops.”

The new bioinsecticide has potential for use against coleoptera insects like the cabbage stem flea beetle (CSFB), a pest insect that can damage oilseed rape crops throughout the growing season and even cause seedling death. The beetle is widespread in the United Kingdom and throughout much of Europe, and damage caused by adult CSFB feeding gives rise to ‘shot-holing’ symptoms which affect young plants and early leaves, resulting in stunted growth and poor plant health.

“We are delighted to license Bayer exclusive rights to our latest bioinsecticide which will significantly improve the choices available to arable farmers wishing to reduce the environmental impact of food production,” said Marta Ruiz, General Manager for AlphaBio Control.”

While many biological options are available for high-value vegetable and horticulture crops, where their cost can be offset by consumer-supported price premiums, arable crops require solutions that can be applied cost-effectively at larger scale in order to be competitive. Bayer’s systems approach, which combines various solutions, will help to maximize the cost efficiencies of this new product by including it in a digitally-supported integrated pest management system.

“With increasingly strong demand from farmers and changing consumer preferences, we see major growth potential for biological crop protections like this one,” said Ralf Glaubitz, Head of Global Asset Management for Seed Growth & Biologics at Bayer’s Crop Science Division. “We’re working to outgrow the market and achieve more than 1.5 billion euro in biological sales by 2035. That’s only going to happen if we innovate to solve the challenges that farmers face in all fields.”

The as-yet-unnamed biological insecticide will also be a supporting part of Bayer's commitment to help reduce the environmental impact of crop protection products by 30 percent by 2030 without negatively impacting crop yields and health.

About Bayer Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In line with its mission, “Health for all, Hunger for none,” the company’s products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2023, the Group employed around 100,000 people and had sales of 47.6 billion euros. R&D expenses before special items amounted to 5.8 billion euros. For more information, go to www.bayer.com .

About AlphaBio Control As a leader in the research and development of crop protection solutions derived from natural sources, AlphaBio Control provides farmers and growers with effective and sustainable solutions for each stage of the crop production cycle, thereby improving agriculture and horticulture one spray at a time. Its first product was the award winning bioinsecticide-acaricide, FLiPPER ® . For more information, go to  www.alphabiocontrol.com . AlphaBio Control is a company of DE SANGOSSE group.

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Forward-Looking Statements This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com . The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Contact for media inquiries:

Bayer: Alexander Hennig, phone +49 175 3089736 Email: [email protected]

AlphaBio Control: Dr Julian Little, phone +44 7900 276 999 Email: [email protected]

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