Thursday, May 7, 2015

Strategy For New Product Launch

Launch


Successful new product launches set the foundation for product sales, product positioning and potential market dominance. Whether you are launching a new consumer product, software program or business product, proper preparation prior to a product launch is critical to long-term success. Launch your product with advertising blitz and provide opportunities to overcome customer distrust through product experience opportunities for maximum new product launch exposure.


Survey


Survey potential customers to anticipate customer reactions and help target your advertising messaging. Consider using focus groups to modify your product and advertising strategy prior to launch. When you anticipate negative reactions to your product, you can refocus the messaging, retarget the product and reduce product objections at launch. Negative reactions at product launch can diminish the effectiveness of your marketing efforts.


Customer Experience


Use in-person demonstrations, product sample giveaways or other methods of allowing customers to experience your new product. When customers have a positive experience with your new product, you can increase direct sales and drive word-of-mouth advertising.


Piggyback


Provide samples of your new product on an existing product. In addition to driving sales of the existing product by offering a free bonus, you also get your new product in the hands of potential customers. If you do not have a product that is a good fit for your new product, partner with another company to jointly market your new product. Find a company that produces a complementary product to avoid conflict-of-interest concerns. For example, if your product is for a new type of dental floss, package samples on toothpaste or toothbrush packages.


Events


Sponsor a community event to obtain beneficial media coverage and product placement at the event. Fairs, festivals and even art shows can provide a great showcase for your new product. Event attendees are usually in a relaxed mode and willing to try new products. Draw attention to your product by sponsoring prizes at the event, creating lively activities that prominently feature your product or offering free samples. Heavy marketing at these types of community events is a great way to quickly launch a product in a geographic market.


Quality


A new product launch can only go as far as the quality of the product. Invest the time and effort to create a superior product prior to launch. When you grab customers with a product that is error-free and comprehensive from the start, you create a lasting impression of quality, innovation and value that will outlast launch activities and can translate into long-term product success.

Tags: your product, product launch, customers have, existing product, launch When