A product launch can easily make or break a company. It has profound effects on the future of the business and the perception of the firm among the consumers. Due to this very reason, it is essential for every company to put 100% of their efforts in every product launch. You need to create a proper strategy to launch a product.
The best way is to take into account the ten crucial factors which we will highlight below.
These factors will help you increase the probability of launching a product successfully. Moreover, they will help you minimize the risks associated with the product. That is why; you can use our guide below to plan your product launch successfully.
1. Launch Schedule
The launch schedule is pretty important. If you launch the product on a day which is not conducive for your industry, it can spell doom for the new product. It is tough for the product to recover from such a missed time to launch. There are a few factors that you should consider while planning the launch schedule. These include:
Avoiding the festivities
You should ideally avoid days like Christmas, New Year, and Halloween. People are usually busy on these days. That is why; it is tough to gain the attention of the consumers. The hype which you create will be pretty short-lived. So, you need to win the attention of the consumers right away. Hence, it is better not to launch your product on the day of festivities.
Industry conditions
You have to examine the industry conditions before deciding the launch date of your product. If there are a slew of launches on the very same day which compete with your product, it is challenging to get the eyeballs. That is why; you have to look at the industry condition and the launches which are slated around those days, targeting the same audience. You have to avoid direct competition on the launch day.
Economic conditions
Most of the consumers spend during Christmas, Halloween, and July 4. If you launch the product right after that, most of the consumers will not have the discretionary money needed to spend on your product. Instead, it is wise to launch up to one month in advance of these events. It will ensure that market economics work in your favor.
When planning the launch schedule, it is crucial to consider these three factors before deciding on the date.
2. Pricing
One of the most common reasons for any product fail is pricing. It is very rare that you are the only product in any category. So, you have to study the pricing of your competition. You have to figure out what the consumers are willing to pay. If you’re launching a luxury product, you have to decide the USP of your product. Similarly, when the product is in the budget category, you have to place it in such a way that the consumers can get proper value for money. When you do so, there is an added incentive for the consumers to opt for your product instead of your competitors.
During the initial stages of your launch, it is not essential to focus on the margins or the profit which you make. It is better to focus on getting the pricing right. With the increasing traction, the volumes will increase, which will allow you to expand your margins. If you set the price high at the start, it is challenging to recover from the sluggish sales. Thus, depending on the product category, you have to consider this and price your product accordingly.
3. Branding
The market these days is crowded with hundreds of products in every category. Hence, it is essential to focus on the branding of your product. You can not just change the name of the product a few months after launching it. It is critical to get the branding done, right from the start. The website, marketing material and the infomercials will all feature the name of your product.
So, it is essential to name the product right. A few factors which you should consider while doing so include:
Recall-ability
The name of the product should be such that it is easy to recall. Only when the consumers remember it the next time around, you can get repeat sales. Your aim might not be to get one-time consumers. Once you choose the right brand name, the recall ability will be high, and also word of mouth marketing will help you.
Product identity
You have to make sure that the name is such that the consumers can associate it with your product. When that is the case, you can automatically see greater traction among the consumers.
No mix-ups
The product name should not be similar in pronunciation and spelling to any other existing product. It will allow you to create a unique identity rather than confuse the customers.
Once you plan your product launch, keeping these three factors in mind, it is easy to choose the right name for your product.
4. Packaging
The packaging of the product plays an important role to get the attention of the consumer. It should be attractive and descriptive enough. When it is self-explanatory, it will be easy for the consumer to understand the product. You have to choose the colors wisely so that there is a maximum response from the consumers.
The best way to get product packaging right is to hire a professional packaging company. They will study the competition and also take into account the colors which consumers typically associate with your industry. Moreover, you can be a part of the designing process which will allow you to provide your feedback as well. Once you hand over the packaging to the professionals, it will be easy to get a design which is efficient and eye-catching for the consumers. It is the single most crucial factor which can make or break your product. Hence, when it comes to packaging, it is best to leave it to the experts.
5. Marketing
When it comes to product launch, you have to hit the ground running. You have to not only launch the marketing campaigns in advance of the product launch, but ensure that they are in full force when the product gets launched. It will allow you to gain a significant market share right from the start. These days, when planning your marketing strategy, it is essential to look at the offline channels and online channels. We will share a few tips which you should follow while planning your marketing strategy.
Offline channels
The offline channels can involve digital signages, billboards, flyers, direct mail, models and various other physical venues. You have to choose them selectively to limit the expenditure, but maximize the ROI. Relying on a single offline channel is never a good idea.
Online channels
There are a wide variety of platforms on which you can target your audience online. Even if you sell a physical product, you can provide them a free trial or a sample delivered right at their doorstep. You can get this done with the help of social media networks quite easily. The best thing about online channels is that you can precisely target your audience, which will help you reach the consumers right away.
You should ideally divide your marketing spend between these two types of channels to make it easy for you to reach the consumer. Moreover, when you diversify your marketing campaigns, it is easy to reduce the risk. With the right marketing, you can get the head start right from the launch stage.
6. Know Your Customer
Before you bring your product to the market, it is essential to know the likes and dislikes of your customer. It will help you avoid a launch failure. You should always spend a lot of time understanding more about the customer’s taste rather than just indulging in guesswork. When you do so, it is easy to remove the kinks from your product launch.
7. Market Research
Market research before the product launch is the most important step which you need to accomplish. It will allow you to introduce the product to your target customer in the right way. If you want to make your product fly off the shelves, it is essential to follow a few tips for conducting market research in the right direction. These steps include:
Get concept ideas
In this step, you will find out more about the features which people like in your product. It will help you discover consumer trends which can make your product better.
Business analysis
Business analysis will help you determine the market conditions, competition, and price point, at which your product is likely to sell. It will help you get the whole planning done right from a business perspective. It will allow you to understand the handling of the logistics and the back end of the product.
Product development
You have to involve your marketing team at this stage of market research. They will let you know about consumer insights which will allow you to develop the product so that consumers can associate with it.
When you follow these three tips while conducting market research for your product, it is easy to develop the right product. It will save you extra work, extra expenses, and re-branding later on.
8. Consumer Feedback
While market research is the pre-launch stage, the consumer feedback is a factor which you need to focus on immediately after the product launch. We are speaking about the first week of the product launch. It will offer you vital insights into what the consumers think about your product. Once you get these insights, you can still modify the product according to the taste of the consumers. It will help you cement your place in the market.
You can either hire surveyors or delegate this task to your marketing team. When you do so, it is easy to gain vital consumer feedback in the first few days of the product launch. The right consumer feedback will help you decimate the competition from the start. Hence; it is such a crucial step.
9. Training Your Staff
The step which we are speaking about now is the most overlooked step when it comes to product launch. You need to have a strong team behind your product. It does not matter whether your product is in the food and beverage industry or the toy industry. You need to have a pretty strong team around it. Some of the groups which you should integrate and train for the product launch include:
- Customer support team
- Sales team
- Public relations team
- Marketing team
- Social media team
When you train these teams in advance, you can handle any eventuality. Moreover, these teams will allow you to reach to a significant number of consumers, which can make your launch even successful. Each of these teams should be well-versed with the product you are about to launch. They can also help you by providing some vital feedback regarding the product. It is imperative to have all of these teams trained and ready at the pre-launch stage of the product.
10. Strategic and Focused Launch
Lastly, it is necessary to focus on the strategies which you have created and follow them up to the last detail. If you keep changing the strategy time and again, there will be no synchronization between your teams. It is crucial to remain flexible, but at the same time unless extremely necessary you should not make changes to the strategy which you have created for the product launch.
A product launch is a big event for each business. Focusing your resources in the right way is essential. Only once you do so, you can launch the product efficiently. That is why focusing on the strategy and resources is extremely important. It will allow you to reduce the cost of product launch and maximize your ROI right from day one.
When you’re focused enough, you can keep track of the consumer dynamics of the initial stage of planning for the product launch. It will allow you to know the pulse of the consumers right from the start to help you stand out. The importance of a strategic and focused launch cannot be overstated.
So, if you’re looking to launch a new product, it is essential to consider these ten crucial factors. Once you do so, it is easy to plan the product launch and execute successfully right from the start. A focused and planned product launch increases the probability of launching a successful product. It will provide you with a proper blueprint to decimate the competition and make your product a huge success.
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