{"id":37510,"date":"2021-01-03T16:58:29","date_gmt":"2021-01-03T16:58:29","guid":{"rendered":"https:\/\/www.similarweb.com\/corp\/?p=37510"},"modified":"2025-03-27T13:22:23","modified_gmt":"2025-03-27T13:22:23","slug":"new-market-strategy","status":"publish","type":"post","link":"https:\/\/www.similarweb.com\/blog\/research\/market-research\/new-market-strategy\/","title":{"rendered":"8 Tips to Optimize Your New Product Launch in a New Market"},"content":{"rendered":"

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<\/a>.<\/p>\n

Visibility into potential profits and revenues and the ability to perform market research for your business plan<\/a> with data analysis can be crucial for securing additional funding or scaling your business. To help, we\u2019ve 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.<\/p>\n

How to launch a new product in a new market<\/h2>\n

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.<\/p>\n

Data-driven decision-making<\/a> is the number one way to avoid the pitfalls of launching in a new market and improving your brand\u2019s online visibility.<\/b><\/p>\n

\"8<\/p>\n

1. Define your target market<\/h2>\n

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<\/a>? Are they mobile-first or social-savvy? When and where do they shop online? What is their age distribution?<\/p>\n

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\u2019s in your marketing plan<\/a> or in your design.<\/p>\n

Your starting point is to calculate your serviceable obtainable market<\/a> (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<\/a> by Hotjar.<\/p>\n

Target market example:<\/i><\/b> Young adults aged 20- 30, who live in the United Kingdom and are potential students or new parents. They\u2019re very keen on online shopping and, on average, spend 1,000 hours and 2,500 British pounds<\/i><\/a> a year online.<\/i><\/p>\n

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Questions to ask about your target audience before your new product launch<\/h3>\n

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.<\/p>\n

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  1. Which action do you want your target audience<\/a> to take?<\/li>\n
  2. 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.)<\/li>\n
  3. What are their pain points that you can address with your product?<\/li>\n
  4. What is the solution your product offers for these issues?<\/li>\n
  5. Which comparable products does your target audience currently use?<\/li>\n
  6. How much does it cost them to use the competitor\u2019s product?<\/li>\n
  7. Which communication channels do they use most frequently?<\/li>\n
  8. 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.)?<\/li>\n
  9. Which communication channels would they prefer for feedback and support?<\/li>\n
  10. 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)?<\/li>\n<\/ol>\n

    The next critical step is to figure out the best way to reach the specific audience you are targeting.<\/p>\n

    Ways to reach your audience<\/h3>\n

    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.<\/p>\n

    If you are already marketing to a similar audience, identify your most effective channels by analyzing your existing audience’s behavior<\/a>. 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<\/a>.<\/p>\n

    Next, you need to determine how to leverage what you know about your target audience’s behavior for your new product launch.<\/p>\n

    Imagine the purchasing funnel<\/a> 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.<\/p>\n

    Consider the funnel<\/h3>\n

    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<\/a>, 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.<\/p>\n

    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.<\/p>\n

    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.<\/p>\n

    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<\/a> and which content is best for each funnel stage.<\/p>\n