Startups are driven by unique ideas, but still 9 out of 10 Startup fail. There are a number of different reasons such as lack of capital, not reaching the target audience, failing to address the pain points and many others. Here we will take about the successful strategies to Startup Product Launch.
In fact, startup entrepreneurs are in the state of relentless fear starting from the day of brainstorming to launch and the first sale. Let’s have a look at few of the statistics revealing some facts about startups and reasons behind the failure.
According to Fortune, top reasons why startups fail is because they make products no one wants.
77% of small businesses rely on personal savings for their initial funds.
82% of businesses that fail do so because of cash flow problems.
Around 9% of all American businesses close each year, only 8% are opened.
Some of the leading causes of small business failure are due to 46% incompetence, 30% lack of managerial experience, 11% due to lack of experience in goods/services and 13% are due to neglect, fraud and disaster.
The above statistics are enough to stop pessimists from launching a startup product and continue living on paycheck to paycheck.
If you are one of those pessimists, stop doubting your idea and start living your dream. In this article, we are going to help you devise strategies for a successful product launch. Without further ado, let’s get started.
Here are the 6 Best Steps on Startup Product Launch
Think about What People Want, and Not What You Want to Give
The ultimate goal of any product or service is to address the pain points of customers. Evaluating, analyzing and researching on your target audience and their problems tops the list. Think of yourself as a customer and analyze product idea from different angles.
Find out how you can create value for the customers. If any competitor were offering the same solution, why would anyone opt for your product except pricing? People can pay high as long as the product is delivering the value.
Collect Feedback from Your Customers after Brainstorming Idea
You might have a team of skilled and experienced people who have a lot of brilliant ideas and solutions. However, as long as you are not approaching the prospect customers directly, you would not be able to recognize their specific needs. You can gather their feedback in several ways.
For example, approach the target audience through social media networks, email them or conduct survey and polls. The feedback will prove to be the roadmap for your startup product and give an idea of what you really need to focus on.
Launch Minimum Viable Product to Validate Your Idea
Brainstorming has been done and customers have given their valuable feedback and opinions. You have initially designed the prototype of your product and started working on it. However, if you are thinking of launching your product with the full version, you might end up losing all your money with no guarantee that it would succeed.
The ideal approach is to launch a Minimum Viable Product – a product that focuses on offering a minimum set of features. With the launch of MVP, you can gain insights on whether your idea is worth to pursue or has failed to gather traction.
Reach out Press, Influencers, and Affiliates
Launching Minimum Viable Product helps you in gaining insights about how your product has performed. If the response was good, now it’s time to talk to press, partners, and affiliates about your full product launch.
For instance, some of the influencers will help you promote your product to their community. Similarly, affiliates will help you generate some sales for a set amount of commission. All of these strategies are effective for the marketing of your startup product. The more you reach out, the better the results will be.
Craft a Marketing Page with Catchy Design and Gripping Content
You would drive your customers to the marketing page on the day of launch. It is quite difficult to write a compelling copy with an awesome design. However, the page would do miracles if you have done it right. The marketing page should present a catchy tagline, pain points of customers, core features of your product, what solutions it offers, social proof and call to action. All of these elements must be part of your marketing page where people feel the urge to try the product after the launch.
Moreover, you should also stay active on social media networks where hungry customers are waiting for the final launch. Share some pictures, screenshots of your product, time left to launch and any other activity that keeps them engaged and active. Asking questions would also help them to stay connected before the launch.
Go for the Launch and Taste the Success
It’s not easy to launch your product on a promised date. However, if you have planned it rightly, it is time to grab a bottle of champagne and celebrate the pop. As soon as the product goes live, don’t go for a big nap because there is a lot more to come. Watch and listen to the voice of your customers and reach them out in case they have any concerns. Don’t take the feedback negatively as they would be helpful in releasing updates in the future.