Existence of companies and their survival in the market is totally proportionate to the performance of sales and revenue generated by their products/services and the value obtained to the brand. A more investigation and time is required to spend on the product launch equal to the time spend on developing it.
The success of the product and its life time is based on the positive word of mouth gained by it at the time of its launch. There are many investigation techniques in the market where researchers used to identify the pros and cons of the product and its survival against the competition during its pre-launch survey. But, the success of a product is mainly on the way it is launched and leaves a memory in the minds of its target customers. Here are the few steps which one should keep in mind while preparing a blueprint for a new product launch successfully:
- Understand your Market: It is the first and foremost step where one should be aware of their target market for the product. This step helps to start your journey in planning your event. There are two different types of strategies skimming strategy and penetrating strategy. The skimming strategy basically works for high-end and unique product especially like Apple iPhone etc., which needs focusing on high-end communities and techie people. Whereas, the penetrating strategy is for more market capture where many of the FMCG’s fall under this. So knowing your market helps in designing what kind of event it should be like.
- Sum up your Product Launch Event goals: For any new step in the business, the basic point is - “what is the goal?” It is necessary to first understand the vision, mission, objectives and business goals. Then start making goals for this product in line with your business goals. The most common business goals for most of the product launches are growing customer base, increasing market share, creating awareness of the product & company, create provision for your revenue generation from here. The best you make the better you get the results.
- Know your audience and key message: When it comes to an event, many things fall into the picture. It is very important to distinguish what is required and prioritize it. When it comes to the product, product launch helps companies to emphasize on Point of Parity (P.O.P), what makes this product unique. This is the main fetching point for companies to make their sales. The later would be Point of Differentiation (P.O.D) making everyone know the characteristics and performance of the product.
With the point one, you should be able to draw who your target audience is. Based on this, it is very important to know the behavior characteristics of your target audience, customers, and stakeholders. It is highly important to satisfy everyone and creating a pulse for the product in their minds.
Design a strategy on how to pass the key message to your audience on the day of launch. Indeed, a step by step agenda of the flow of the show makes a clear view on how and what will be executed on the day of the launch and also make a clear vision on how you are going to deliver the key message.
- Develop & test your product well before & make everyone aware of minutes of event: Especially, electronic goods, media launch anything related to launch of a product or a service needs a quality testing. The product must have gone through a thorough testing before its launch. As failure leads to a wrong word of mouth. The team who is implementing the launch must be very accurate and know what they are going to do. Supplying a minutes of the meeting well before to everyone involved in the launch helps them to be prepared well ahead.
- Develop a marketing plan: Make your event big. Integrated marketing communications (IMC) play a critical role in a product launch. The traditional marketing and digital marketing takes equal importance in your marketing plan. Make a clear list of things to do. Get everything ready for advertising content, e-mail blast, direct mail, website update, local directory submission, all social media updates, content writing, make all public media aware of the launch and make a list and send invitations to media, news channels, billboards, central medians, PR, on air FM, stakeholders, customers, chief guest, board of directors and let everyone in the company know about this event. Make it as big as possible.
- Try including pre-launch offers: Yes, it is quiet important to make your product sale before it is launched. Create a vibe in your customer offering them free bees through pre-launch or soft launch offers. It not only attracts people but also makes a difference for the product from its competition. Make your business logistics ready for the supply to be initiated once the launch is triggered.
- Commitments on time, deliver and quality: It is crucial for one to stand on the commitments and promises. You should always be ready to deliver what you commit. So a meeting before the launch with distributors, logistics and key stakeholders helps you define the timelines and post-delivery customer service. A wrong of mouth for the unqualified products supply can always be chased up and make it a positive if you are ready to face it and replace them immediately. Satisfying your customers should be the key point.
- Measure your results at the end of the day: The success of every event is measurable. The return on investment is a long term aspect but you should be definite on its achievements. The pulse of market and encouragement of early adaptors helps you to know your returns. It is always suggestible to keep doing your research to ensure you are on the right path. After-the-fact analysis is important at every stage.
- Have the momentum going: The product launch is just the beginning. It helps companies to establish their brand in the market. So, the pulse should drive more as it goes on. So the product is just the beginning, you should be well prepared of what your next move is. This plan helps everyone have a common goal and start achieving the forecasted results.
The ideas and strategies are never ending. It is always the means you implement them. The more organized you are the more success you get.