.jpg)
Product development is hard!
In fact, only 40% of developed products ever reach the market.
After working so hard, can feel nerve racking indeed.
How will the market react? Will it all pay off?
If you follow a good formula, you can maximize the chances your next Shopify product launch will go well.
Explore the role that strategies play in product launches and what you need to know to make a success of yours.
The Power of a Strategic Shopify Product Launch
On average, the success rate of Shopify stores is about 15%.
The failure rate is largely due to lack of product-market fit, but just as often, the issue is lack of creating enough buzz and attention.
In other words, marketing.
Product launches are a massive opportunity to create an event, a special occasion and let the world know about it.
Best case scenario, things are a huge success on day 1 and you know all up-front work was worth it!
To start, here are a few examples of Shopify's success stories and how they made their product launches successful:
Partake Foods
Mother and business owner Denise Woodard was on the search for health snacks for her daughter and turned her Shopify store into a huge success, grossing over $5 million from her initial campaign.
Woodard attributes the success of her campaign to two strategies:
- Building a quality product.
- Creating and nurturing her email list.
BeardBrand
This beard-care brand was started on a Shopify blog via in-house written content and videos. Flash forward a bit, and BeardBrand became a serious Shopify success story, grossing over $7M in annual revenue.
Founder Eric Bandholz created a powerful product launch on the platform by using the tools available via Shopify and leveraging his unique brand voice.
Other benefits of a strategic Shopify Product Launch include:
- Foundation building for brand loyalty
- Increased revenue from the launch
- Reduced marketing expenditure
The Risk of Unplanned Product Launches
What happens if you don't plan your Shopify product launch successfully?
Low Sales and Missed Opportunities
Without a well-defined launch strategy to generate pre-launch buzz and excitement, you might miss out on the initial sales surge that a successful launch can bring.
Poor Customer Experience
A rushed launch might result in a product page with incomplete information, technical glitches in your store, or unprepared customer service. This can lead to a negative customer experience and damage your brand reputation.
Inventory Issues
Without proper planning and forecasting, you might have insufficient stock to meet launch day demand, leading to frustrated customers and lost sales. Conversely, you might overstock and be left with dead inventory if there's minimal pre-launch interest.
Wasted Marketing Budget
Your marketing efforts might be scattered and ineffective without a targeted launch plan. You could waste resources on channels that don't reach your target audience or miss strategic partnerships or influencer marketing opportunities.
Missed Media Opportunities
A well-planned launch often involves generating media coverage to reach a wider audience. Without a pre-launch strategy and press releases, you might miss valuable media attention that could significantly boost brand awareness.
Competitor Advantage
Your competitors might be planning a strategic launch for a similar product. If you're not prepared, they could steal your thunder and capture market share before you even get a chance to establish your brand.
How a Launch Roadmap can help
Spending time upfront to plan your product launch is essential if you want the launch to go smoothly. A Launch Roadmap can help make that happen. That roadmap should outline the vision, direction, priorities, and progress.
But how do you build your launch roadmap?
Building Your Launch Roadmap: A Step-By-Step Guide
Consider this step-by-step Shopify launch checklist that holds the keys to product launches on Shopify.
Start with Market Research & Product Validation
Any successful product launch starts with understanding your target audience and their unique needs.
Once you understand your audience, you need to validate your product ideas. To do that, you can use tools like surveys, and competitor analysis using tools like SEMrush, start a crowdfunding campaign through sites like Kickstarter, and use social media to listen to your audience and get direct product feedback.
Validating your products before you launch your Shopify store is a great way to prevent a failed launch.
Craft A Compelling Product Story
Every product needs a story because consumers often buy the story that a product tells them—not necessarily the product.
Communicating your brand involves a mix of facts and feelings that tell people about your product and why they should care about it. Your brand story should be captivating, honest, and always authentic.
We can see evidence of the power of stories in brands like Nike. We all know their slogan—"Just Do It!" That simple slogan, especially with influencer campaign marketing, is a powerful way to move an audience to act.
One of the best storytelling techniques for product marketing is The Hero's Journey.
The Hero's Journey always involves a Hero, an Antagonist, and a Guide. We recommend positioning yourself not as a Hero but as a guide for your audience, who should be the Hero of your story.
Inspire them to act by purchasing your product by telling them how the product positions them as the hero, and watch your product fly off the shelf.
Setting Launch Goals & KPIs
Establish Key Performance Indicators for your product launch and make sure they're measurable long before your product launch.
Some of the best KPIs to track progress include:
- Conversion rate
- Traffic volume
- Shopping cart abandonment rate
- Average order size
- Average order value (AOV)
- Gross profit
Content & Influencer Marketing Strategies
Content Marketing
Content creation is compelling in generating pre-launch buzz and educating potential customers. According to research, 95% of B2B buyers choose a provider who recently provided them with extensive information about the solution before the purchase.
Some examples of practical content formats include blog posts, social media teasers, and behind-the-scenes videos.
Influencer Marketing
Influencer partnerships also help you reach a wider audience and leverage trust built with their followers. Social marketers repeatedly tell us that influencer marketing works to build customer loyalty, generate awareness, and build a solid reputation.
One of the best aspects of influencer marketing for a product launch campaign is the ability to leverage a wider audience and their trust level with their own followers.
However, this, too, should be done strategically.
It starts with identifying the right influencers for your brand and product.
Here are some tips for quickly spotting the best influencers for your product:
-Know your audience.
-Identify your goals.
-Check out the influencer's numbers, such as engagement rate, post frequency, and personality.
Also, consider compensation models, including the option to provide them with a free product in exchange for a shout-out on their page or potentially share affiliate commissions for every product sold through their promotion.
Building hype through influencers is an excellent way to build your brand online. Whether you hire micro-influencers or mega-influencers, sharing exciting content with their following is one of the best ways to get the word out about your business.
The crown jewel of influencer marketing is Shopify User-Generated-Content. What's that?
Take the example of Province Apothecary. They used social media to share consumer-focused content. They shared how customers used their products through multiple campaigns. This was a cost-effective way to produce content for social media without using an agency.
This campaign shows us that user-generated content for social media does work.
Case Studies in Action—Learning from Success
Case Study 1 Healthish
A health product brand called Healthish leverages influencers to launch its new products.
For example, when they decided to launch their signature water bottle, co-founders Emily Chong and Nathan Chan used Instagram influencers to promote it.
By sending out the product to influencers throughout the market, from fitness influencers to bloggers to vloggers, they were able to generate a nice buzz about their bottles.
Case Study 2 Nominal
Nominal is a jewelry brand that uses culture and fashion to develop impactful accessories.
Lena Sarsour and Akram Abdallah founded it. Nominal grew quickly from a simple idea to a seven-figure business, thanks to influencer marketing.
By gifting influencers free jewelry, asking them to wear the products, and posting about them on their social media account, they were able to have a very successful product launch.
How to Optimize Your Launch Day & Beyond
Once launch day arrives, it's time to make sure you're ready! Some to-do items on your list should include ensuring that your audience has a smooth checkout process and preparing your website for a potential traffic surge.
It's also important to hold post-launch activities, including getting clients signed up for your email list and considering unique ways to engage customers after the launch.
To determine the success of your campaign, the first analysis should also include your overall sales figures. Additionally, website traffic will tell you how many people visited your site before and after your launch.
As you better understand these numbers and ratios, you can adjust your strategy based on the results.
Conclusion
A strategic plan can boost success rates for your campaign dramatically. Avoid pitfalls like lost sales and wasted marketing by validating your product with your customers, crafting a solid story, and setting clear goals.
Content marketing, influencer partnerships, and user-generated content can build pre-launch buzz.
Learn from the successful launches of brands like Healthish and Nominal and leverage the power of influencer marketing to make your product launch a success story.
Analyze results and adapt your strategy for long-term Shopify success.
%20(1).jpg)
