The Marketing Strategy of Launching a Brand-New Product

A brand-new product launch is a popular marketing strategy for companies. It can be broken down into stages according to Everett Rogers' Diffusion of Innovations Theory and Geoffrey Moore's Crossing the Chasm. The stages of the life cycle are Enthusiasts, Visionaries, Pragmatists, Conservatives and Laggards.

Enthusiasts need to be educated about the product, and psychological switching costs can stop customers from making a change. Visionaries need to be shown the benefits of the product, while Pragmatists need to be shown how it increases productivity and lowers operating costs.

Conservatives and Laggards are risk-averse and need products to be easy to use. Testimonials help demonstrate the product's value, and understanding the different stages of the life cycle helps marketers decide when to launch a product.