With around 65 per cent of product launches ending in a less than successful conclusion, it’s clear that a great product launch has to be well thought out, well executed and meticulously managed. To make a product launch a success, you need to establish credibility, generate brand awareness, stimulate desire and justify your price point. And that’s just the beginning!
If you’re planning a new product for your business, having an understanding of these fundamental challenges can certainly help in the planning process. But a great product launch will do more than just tick these boxes. Here are some crucial pieces of advice, taken from our own experience, which will help you rock your own product launch;
Know your audience
Building a game changing product is just the first step towards success. To market that product effectively requires an in depth understanding of your target market, and what will elicit the response you desire. Creating a ‘buyer persona’ can really help, and will steer your marketing efforts in the right direction.
Make your messages clear and succinct
Your mission is to make people want to buy, and in order to do that, your buyers need to know exactly what they’re getting into. Make your message crystal clear, and in as few words as possible. We find it helpful to create a ‘message map’, essentially a framework which can be used to create compelling messages for various segments of your target audience. Concise clarity is the order of the day, and a message map can really help achieve this.
Understand what success looks like
How will you know if you’ve succeeded or not unless you know exactly what a successful product launch looks like? Set yourself clearly defined goals for the launch, and monitor progress so you can better see what is working well and what isn’t. Goals could include:
- Establishing brand, product name and position
- Building awareness
- Stimulate partner marketing
- Creating sales opportunities
- Encouraging distributor involvement
As you can see, not all product launch goals have to be about the sales. Selling takes time, so you need to measure how your buyers are progressing along the ‘learn, try, buy’ pathway too.
Product launches are one of the most challenging marketing activities you can be involved with. As with the majority of business activities, the more planning that goes into it, the more attention to detail you add and the earlier you start, the greater the chance of success. Talk to Brighter Directions today about your next product launch, and get the professional support you need to make it a belting success!
For more information about our Product Launch services, call our team today on 01246 252855