Launching an updated or new version of an existing product presents unique marketing challenges and opportunities when it comes to reaching current customers. Unlike with an entirely new product focused on acquiring net new users, the goal of a second product launch is to incentivize your existing customer base to upgrade to or add the new offering.
This requires a different marketing approach that leverages your pre-established brand awareness and taps into what you already know about your customers’ needs and pain points.
In this post, we’ll explore effective strategies for marketing a new product iteration or update specifically to those who already use your product.
Create Early Buzz and Excitement
One of the most powerful ways to market a second product launch to existing customers is to start building anticipation long before the official release date. Leaking hints, previewing features, or even opening a waitlist or pre-order campaign months in advance can spark early buzz.
This is especially true if your product lends itself to a loyal fanbase who may hang on to every detail about an upcoming update. Think about how Apple unveils the latest iPhone model for example – the hype train leading up to the big reveal is now almost as significant as the launch itself.
Getting existing users talking gives your new and improved version the momentum it needs coming right out of the gate. Plus, it allows you to validate interest and calibrate launch messaging based on how customers react and engage.
Stand Out with New Value Propositions
When launching to a customer base that already knows – and maybe even already uses – your product, simply announcing a new iteration isn’t enough. You need to clearly communicate what’s new and improved and why it warrants their upgrade or purchase. This means revisiting your value proposition messaging through the lens of existing user needs.
Drill down into how the updated features or capabilities will make their experience with your product better. Develop detailed use cases showcasing pain points the new version will alleviate for them or gaps it will fill to make their jobs or lives markedly easier. Quantify the before and after through metrics like time savings, efficiency gains, cost reductions, or revenue lifts.
The goal is to make it crystal clear why transitioning to the latest generation of your product is worthwhile and desired – especially if you will charge extra for the new version.
Incentivize Adoption and Upgrades
Beyond making a value case through your messaging, back up claims around improvements with incentives for existing users to upgrade. Promotional offers, discounts on new purchases, or perks for transitioning serve as that extra push to drive adoption quickly.
You want the path of least resistance to be moving over to your new iteration, rather than sticking with the current one. Having limited-time deals, bundled pricing, free trials, or guaranteed ROI windows can compel users who may otherwise delay upgrading.
When incentives are combined with strong new value propositions as outlined above, you have a very compelling one-two punch convincing existing customers to take the leap to your latest offering.
Leverage Your Own Platforms and Channels
While new user acquisition may require casting a wide net across many external advertising channels, one advantage with existing customers is direct access and ownership of communications platforms. This means you can reach them through owned marketing vehicles like email, in-app messaging, and your company website or blog.
Use built-in messaging to announce the launch and link to a key landing page with all product details and calls to action. Send a series of triggered email campaigns spotlighting different selling points on the new version. Publish a blog post from your founder welcoming existing users to try the updated experience.
Your platforms enable targeted, repetitive, and consistent touchpoints that are more likely to grab attention coming from an authoritative, familiar voice compared to ads on external sites and networks. This allows you to blanket existing users with relevant communications at scale.
Seed Access and Encourage Sharing
What better endorsement of your new product can there be than friends, colleagues, or peers raving about it? For a second product launch targeting existing users, identify power users from your customer base who tend to be highly influential among their teams or across your user community.
Give these mavens exclusive early access to the new version so they can kick the tires and experience the benefits first-hand before the official release. If the product delivers on its promises, these influencers will then organically showcase and praise the updated experience throughout their own professional and personal networks.
This type of word of mouth generates genuine interest and referral traffic as credibility is much higher when the recommendation comes from an actual user rather than directly from your marketing materials.
Considerations For Pricing Strategy for a Second Product Launch
A second launch also represents an opportunity to revisit your pricing structure, especially if you are launching an entirely new premium tier or freemium model. While special promotional offers can help seed adoption of the new version, be cautious not to condition users long-term to expect steep discounts or permanent free access once that period ends.
Make pricing transition plans clear from the outset so existing discounted users know what will happen when deals phase out. And offer multiple tiers at different price points, with a clear delineation of the additional value unlocked at each level to justify upgrades.
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Wrapping Up – Second Product Launch
Marketing an established product to current customers requires personalization, segmentation, and speaking to known pain points rather than casting a wide net for awareness. However, leveraging your direct access and tapping into a pre-warmed audience also provides advantages over spreading generic messages across unfamiliar channels and trying to win over new users.
Getting upgrade messaging, value positioning, and promotional incentives right is key to driving rapid adoption by your existing base. While also leaving room for attracting new customers through other initiatives in parallel. Maintaining this balance allows second product launches to provide the growth injection all organizations depend on.
So there you have it – an in-depth look at marketing strategies tailored specifically to a second product launch and selling the new iteration to current users, not just new prospects. What approaches have you found most effective for this purpose?
