The Components of a Successful Product Launch
Launching a new product is an important day for your business – and even more so if it’s your first new product since you opened. If you don’t get it right, you could find yourself suffering not just from financial loss but damage to your brand – you’ve publicly demonstrated you don’t know what your customers need or want. This negative association can taint even previously successful products, and lead to significant drop offs in revenue – you need to work hard to win customers back if a product launch goes seriously wrong.
Today we’re looking at the components that go into a successful product launch so you can feel more confident that you’re looking forward to success rather than failure.
A Winning Launch Date
The date you launch is a very important one for your product. If you pick the wrong date, you could find your news dwarfed by a bigger, better resourced rival launching a similar product, or simply ignored by a public who aren’t interested.
Picking a launch date means researching to find a time when people are interested in your industry and looking for news about it, but your rivals haven’t themselves targeted. If you’re launching a product in the food industry, then you need to look at 2020 food trends specifically: what people are talking about and looking forward to this year! Meanwhile, market research companies can look at your closest competitors and help you make informed guesses about what their plans are. This is called competitor research and it can be a potent weapon in the armoury of your business.
Marketing
Launching a new product won’t have any effect whatsoever if your customers don’t find out about it. Backing your launch with a marketing campaign means your new product will have customers ready and waiting!
It is worth working with a specialist marketing agency to make sure this important phase of your marketing does its work, building anticipation for your product launch making sure customers know exactly what your new product is, what it can do for them, and when it launches. They can also use enhanced targeting strategies to ensure your adverts are getting directly to the customers most likely to be persuaded!
A Great Product
Of course, all of this won’t get you far if you don’t have a great product to launch. Founding your design process on research with your customers to determine what they want and value will ensure that your final result is something it’s easy to sell, and that will supply a genuine need in the market: a successful entry.
