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š§ The Blueprint to Launch a Profitable Product
Happy Sunday,
Welcome back to the 19th edition of the Nord Media newsletter.
Wanting to learn about anything specific? Let me know, as always I appreciate all of you that reply each week and share feedback with me.
Before we get started: Follow me on other platforms to learn more from me daily / get insights into my workš
Have you ever had a lightbulb moment that you knew could be a damn good product?
Today, weāre talking about how to take that spark of an idea and turn it into a successful product and launch.
Iāve been working with a pajama brand over the last two years, and they wanted to launch a new line of kidās sizes due to heavy customer demand.
A TON of customers wanted kid sizes to match with the parents, especially around the holidays.
I was a part of the design, development, and margins helping them to scale this product to help them grow 600% year over year with skyrocketed profits.
Their AOV increased nearly 50% as people were adding the new kidās product line to almost every order without needing net new customers.
Hereās exactly how I would take a simple idea and turn it into a successful, profitable product.
Kickstarting Your Idea
Youāve got a new idea for a product.
Where do you start the process to turn it into a reality without going all in and risking everything?
This might sound weirdā¦ but look at what everyone ELSE is doing.
Look for similar products or industries and review the comments on ads, their reviews, feedback, social posts, everything.
Donāt just rely on your gut feelings ā data and feedback will be your best friends here.
Find something thatās doing relatively well already but has room for improvement.
You donāt want to generate or create new demand for a product or industry, but more so capture where someone else is falling short.
Make sure your product solves a problem that people are actually havingā¦
I've seen a lot of products or concepts where people are solving problems that aren't really problems.
Run some surveys, ask friends and family, check in groups or Reddit.
See if this is something that people would actually use or need.
š This Weekās Product Highlight š Segments Analytics
Running a successful Shopify Plus store is not easyā¦
Whether youāre in beauty, F&B, apparel, or supplements, etc., the pressure to stay ahead is relentless.
What if you didnāt have to juggle multiple tools just to keep your campaigns in sync?
Segment Analyticsā advanced segmentation and audience orchestration do the heavy lifting for you, so you can focus on what really mattersāconnecting with your customers.
Think about the hours you spend manually updating lists and trying to keep your messaging consistent across email, SMS, and ads.
Segment Analytics changes all that with automated syncs, keeping your customer lists up-to-date across all platforms effortlessly.
Their AI-driven segmentation easily identifies your top spenders, loyal customers, and those at risk of churning.
Plus, with natural language segmentation (chatgpt for segmentation) and 30+ additional filters you can't find in Klaviyo, you get even more precise targeting tailored to your needs.
Brands using Segment Analyticsā Segments have seen incredible results:
Chain Social refined and tailored their ad targeting to high spenders and abandoned cart users, achieving a 10x ROAS.
Freedom Ravewear streamlined their audience management across platforms, engaging their audience more effectively and achieved a 16x ROAS.
Discover how you can get similar results with Segment Analytics š HERE.
Turning Ideas into Reality
Start with a prototype, but donāt settle.
Use tools like InVision or Figma for design and user testing.
Gather feedback from potential users early and often.
The most important thing is that you actually make changes based on that feedback.
Remember, the goal is not just to build a product, but to create a solution that your customers love.
Weāre going through this now with my own pickleball company.
We launched with a standard paddle nothing different than what other people had or brands were producing and found ourselves asking why it wasn't going well...
Turns out - nothing made us stand out, there was nothing different about our product that made us any better than any other product or brand.
People would need to buy into the brand and not the product - since we hadn't established a brand yet this wasn't going to work.
We have a version 2 launching in the next 1-2 months that is unlike anything else out there.
There is no other brand or company producing anything close to what we have coming and after hundreds of hours of concepting and research I truly believe we have a winner that's going to change the pickleball industry.
āļøThis is the mindset I want you to have with your ideas.
Your Marketing Strategy Needs to be HYPE
Ok, so youāve got your idea and youāve done your market research.
What do you absolutely NEED to have in your marketing strategy for a new product launch?
I want you to focus on generating HYPE.
Tell people why they need it and how it solves their problems.
How this looks will be up to you and your own personal brand, but try out all different content formats to get the information out there.
Tiktok, Youtube shorts or podcasts, Twitter, whatever audience you have, utilize it ALL.
Create a waiting list for people to get on that notifies them when the product launches.
Start building brand awareness around your brand and the product - you want people to be excited about what you're launching.
Try getting other people to talk about it too ā other brands, people, marketers etc... this will build up your credibility.
Launching Your Product
Preparation is key.
Build anticipation with teaser campaigns, early access offers, or beta testing groups.
Make sure your website and sales channels are ready.
Use social media, and email blasts to create more hype specific to the launch date.
Post-launch, gather feedback and analyze performance metrics.
Quick adjustments can make a huge difference.
When Itās Time to Scale and Optimize Things
Your launch went well, and youāve been coasting for a while.
When do you know itās the right time to expand your product line?
Whenever your current customers start asking for things you don't have or you notice trends within your industry (like the pajama brand I talked about earlier).
Look at your current productās performance and customer feedback.
When you see thereās consistent demand and positive feedback, itās time to consider expansion.
Diversify your offerings, but make sure they align with your brandās core values.
Use A/B testing to optimize new products, and leverage customer insights to refine your strategy.
My advice for new product launches is never be first unless your customers ask for it.
It's better to learn and iterate off of what others have done or tested and learn from their mistakes.
Some Parting Wisdom
Hereās my final advice if youāre looking to bring a new product to market:
Be careful - launching a new product can tank a business if not done properly and without proper research / Q&A.
IF you have a solid product and things are going well, you don't want a bad product launch to tank your reputation or put you in a bad spot financially.
Focus on your customers.
Build a product that truly solves a problem.
Stay agile, be ready to pivot, and donāt be afraid of feedback.
Your journey from idea to market is just beginning ā keep learning, testing, and improving.
If you want me to go over any part in this process in more detail, just say the word.
I LOVE talking about this stuff, and if I can help one person get their next idea or product 1% better, thatās a win for me.
š§ My Personal Product Recommendations for You
Konstant Kreative - Konstant offers industry leading designs & gives you access to a full design team at a fraction of the cost. Iāve personally used Konstant at our agency and for some of my own brands. Improve Your Design
surefoot - What would a 10% conversion rate increase mean for your business? It meant a lot to Brooklinen, whose VP of Product says āsurefoot.me has been a reliable partner for us over the years. Highly recommend them!ā
With clients like Helen of Troy, The Shade Store, and Brooklinen their proven strategies ensure you convert more shoppers to buyers. š Get in touch today and start improving your revenue.
minisocial - Join over 1,000 consumer brands who trust minisocial for their micro influencer activations and high-quality UGC content. Brands like Imperfect Foods, Native, Hydrant, and MeUndies turn to minisocial for their fully-managed and transparent projects and content they can use across their marketing channels, yep even ads! Get Started Today š
Juo Subscription - Thereās nothing more frustrating than losing those subscriptions youāve worked hard (and paid) for. If youāre struggling with subscription retention, Juo Subscription's toolkit helps you keep subscribers by tailoring offers to their needs. Brands using Juo Subscription see up to 50% lower CAC and a 30% increase in subscriber retention rates. Book a demo now to see how Juo Subscription can help you.
Segments Analytics - Easily sync tailored customer segments into marketing channels like Klaviyo, Google, and Facebook with Segments Analytics. With personalized and well-timed campaigns, brands see up to a 30% increase in customer retention and significant boosts in repeat spend. No need to worry about complex installations or codingātheir system processes your store's data within 48 hours. Start your 14-day free trial HERE.
Chase Diamondās organic LinkedIn growth marketing service is an absolute must for anyone looking to start building a personal brand online. Heās trusted by thousands of industry leaders including myself. Join Thousands of Other Brand & Agency Owners
Have a specific question or something I can help with? Shoot me a message on twitter and Iāll answer to the best of my ability š Twitter
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Thank you for reading! I appreciate you.
Best Wishes,
Kody
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