Skip to content
Open site navigation sidebar
Go to GoCardless homepage
Pricing
LoginSign up

How to launch a new product successfully

GoCardless
Written by

Last editedAug 20222 min read

All successful product launches depend on effective preparation. Preparation ensures that you get the right product in front of the right people in the right way. So here are five tips to help you ensure a successful product launch.

Effective market research is essential

Products are created to solve problems, so your starting point is to know what problem you’re solving. Find out who experiences that problem, and then what steps people are currently taking to deal with the problem.

If they’re not currently dealing with it, find out why not. Is it not as big a problem for them as you thought? Do they just not realise how big a problem it is? Is there nothing else on the market that they could use to address the problem? Are the other products on the market not really practical for them? For example, are they too expensive?

If they are dealing with the problem, what are they doing and why? How does your product improve what’s already on the market? In other words, why should your target market switch to you?

Ideally, you’ll reach out to your target market long before your product launch to get feedback from them. If you’re concerned about maintaining confidentiality, get feedback based on questions rather than actual hands-on use of the product.

Work out where to reach your target market

Are you aiming to reach your target market through real-world methods (e.g. print adverts), online methods or a combination of both? Identify which specific channels to use to reach them. 

Again, the more specific you can be here, the better. Firstly, this is essential for getting engagement from your target market. Tell them quickly and clearly how your product can make their life better. Secondly, being specific also helps you to get the best value from your marketing budget.

Think about how to get your audience’s attention

Marketing is a crowded space. Identify the right channels for your message and think carefully about the message itself. 

Feel absolutely free to analyse what your competitors are doing and use it for inspiration. But resist any temptation to make negative comments about your competition; even if completely justified, criticise by implication rather than directly.

Instead, keep your message short, sweet and clear. As much as possible, customise it for your delivery channel. Here are some options:

  • Create shareable images and videos, particularly short ones

  • Partner with influencers, especially niche microinfluencers

  • Offer a free sample or trial, or have a tool (ideally interactive) that demonstrates how your product works 

  • Build expectation with a waiting list

  • Run competitions

Set goals and define how to track progress towards them

What does a successful product launch look like to you? Set yourself SMART goals based on your vision of success. Define how to track progress towards them, including how long you need to reach them. See how your expectation compares with reality. If there is a significant difference, investigate why.

Create a launch plan that includes follow-up

There are two major benefits to having a launch plan that includes follow-up. The most obvious benefit is that it keeps your launch on track, particularly checking that all tasks are completed by the deadlines. 

The less obvious benefit of a launch plan requires you to think through each step of your product launch. This maximises the likelihood of identifying all the actions towards its success.

It’s important to build in time to deal with the unexpected, and also to follow through on the launch appropriately. Assess how you handled the launch and consider what that means for the future. 

Be prepared to handle customers reaching out to you with enquiries, support requests and feedback. Or reach out to your customers to make sure that everything is going well for them and to ask for feedback or reviews.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.

Over 70,000 businesses use GoCardless to get paid on time. Learn more about how you can improve payment processing at your business today.

Get StartedLearn More
Interested in automating the way you get paid? GoCardless can help
Interested in automating the way you get paid? GoCardless can help

Interested in automating the way you get paid? GoCardless can help

Contact sales