Product launches can be hugely beneficial for a company. In addition to increasing market recognition and anticipation, it also produces income. As well as allowing the team to gather early feedback, it allows them to improve their product.
Digital products are intangible items that exist only online. Electronic devices, such as laptops, smartphones, and tablets, provide access to electronic goods without the use of a physical form. There are dozens of examples, including music downloads, ebooks, webinars, online courses, and, of course, software.
A digital product can usually be accessed via the Internet from anywhere. Businesses can reach a global audience from the comfort of their homes using such products. Furthermore, it is much easier for digital goods to be distributed than physical goods.
Physical products are typically more expensive to produce than digital ones. There’s no need to worry about manufacturing, packaging, shipping, storing, or retail space. Besides, they will almost never be out of stock. It is only made once, but you can sell updated versions and copies of it for years and years.
How to launch a digital product successfully
Understanding potential customers & their problems
Basic, but often forgotten.
You need to know your target audience’s pain points before you can build a digital product that meets their needs. You will have a better understanding of their challenges if you have more information about them (location, type, size, income level, etc.).
Creating a buyer persona with all the necessary info will allow you to get a clearer, more personal picture of your customers, for example:
- Demographic information, such as age, gender, location, income level, etc;
- Demographic information about the business (business-related details);
- Mission, goals, values, and motivations;
- Purchasing preferences.
Conduct market research
Consider this question: What differentiates your digital product from others? Think of the features that are advantageous for your business. The best way to learn whether your idea will succeed is to conduct market research. To make an informed decision, consider these factors:
- Put all your ideas together;
- Examine similar products and case studies: How many customers bought them? How much did they cost?;
- Identify the gaps in your primary competitors’ strategy;
- Take a look at what’s trending on social media;
- Determine your unique selling proposition and its benefits of it;
- Determine the time it will take you to develop your product.
Describe your positioning
Your company’s stakeholders need to see your product positioning statement. Please keep your statement short, clear, and concise; 1 to 3 sentences are fine:
- For whom is your product intended?;
- What market category does your product belong to?;
- Describe what your product does;
- How does it benefit the consumer? ;
- What makes it unique from other products?
Price your products competitively
You should set competitive pricing after creating the digital product based on market and product research. As a beginning entrepreneur, you may choose to copy the prices of competitors rather than implement another pricing strategy. Then you won’t have to worry about pricing that is inefficient.
The following tips can help you set prices for your digital products:
- Show differences between packages by using tiered pricing;
- Allow customers to try the product before buying it by offering a free plan or a free trial;
- Utilize psychological pricing (price ending in a different number than zero);
- Provide a money-back guarantee;
- Offer an added bonus.
You need to strike a balance between pricing too high and pricing too low so that you don’t end up giving it away for free.
Seek feedback from market leaders and target audiences
They should be your role models. Find out what market leaders think honestly. The product idea can also be shared with their audience, and the response monitored.
Creating a landing page for your product idea is another way to validate your idea. Drive traffic to your website, collect the email addresses of your potential clients, analyze the response, and then target your market accordingly.
Create free content: blog posts, podcasts, etc
Could you tell me why I only included content creation after your digital product had already been created and validated? The main reason is that you already know the value of your product, and you can easily identify how to get more eyes on it.
Remember the stages of the sales funnel when creating it. In the awareness and interest stages, your content should inform the audience about your product and demonstrate its value, but at the bottom of the funnel, it should focus on maintaining your leads and encouraging them to buy your product.
Try to find a solution that works for you. You can copy the podcasts that your competitors use to make money. Content opportunities abound with YouTube videos, infographics, and blog posts.
Make sure you use all the different marketing methods to promote your product.
Establish a social media presence and build an email list
For whom do you create content? The people you want to reach. Building email addresses or gaining social media followings is the easiest way to reach them. Below are some suggestions:
- Your content should be created in the niche of your choice;
- Build relationships with industry influencers and leaders;
- Take note of the email addresses of your leads (check out email processors that can automate this process);
- Here are some examples of lead magnets that can be used for inspiration; Give away something for free in exchange for the target audience’s contact information;
- Send exclusive emails and pop-ups;
- Make use of email and social media marketing together.
Utilize social media platforms such as Facebook, Twitter, and Instagram to reach your target audience and improve your product immediately.
Make the launch day more compelling by providing bonuses and other lead magnets
Now it’s time to launch the new product! Start strong:
- Early birds should receive big bonuses;
- The value should be based on time;
- Develop promotional content;
- Use social media and paid search ads.
Your audience can also be notified about an upcoming product launch through an email announcement. This will build excitement and hype around the release of your new product.
Analyze KPIs after launch
There will be an immediate boom or a stupid fall after the launch. If it is true in either case, you should keep illustrating the problem and solution your digital product can solve to your audience.
The following things should be done before, during, and after your launch:
- Be attentive to your audience;
- Always strive to improve;
- Measure your progress along the way.
Your digital product should have key performance indicators (KPIs), and you should analyze them for immediate improvements. In addition to conversion rates, paid traffic as well as organic traffic, bounces and churns, session length, monthly recurring revenue, and customer lifetime value are all-important KPIs.
This is the time for you to step outside your comfort zone with this digital product and grow it. It is crucial to rework your product over time and to constantly come up with new marketing strategies and content ideas in order to stay competitive.