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Product Launch Campaigns – The Lifeblood Of The Business
Few corporate events are more critical than launching new products and services. Many companies simply go through product launches repeating the same well-worn formulas they’ve always used – but each product launch is an opportunity to turn a new page in your company’s history, and it can change rags and riches.
Any new product can be aimed at an existing market (a set of known prospects and customers) or it can deal with new markets. However, when introducing a new product or service, you have to innovate and go beyond what has been done before. You have a choice – let your product disappear into the noise or launch it in a different way.
A new product launch requires a major go-to-market effort when your company markets a new product family (or service) to a new target market—a different user class or application than you’ve worked with before. You can also try to boost sales of an existing product or service that requires a launch to maintain revenue, attract new customers, and ward off competitors.
In either scenario, avoid limiting your product launch campaign to one big event with no follow-up. You position the product according to its life cycle. Successful product launches are company-wide events. They need to be the focus of your entire organization.
Setting the stage for product launch
Long before the product launches, you need to spend time on pre-launch activities that build the opportunity base. This pre-launch study provides an overview of the product’s validity, its required features, pricing and packaging considerations, etc. Consider projected revenue (starting 12-18 months after launch), the profit you need, and the potential return on your investment.
Initial research and analysis is the process of gathering the data and information that will shape the product launch campaign. You don’t just collect information, you also interpret it. Avoid just focusing on launch – consider the product life cycle in your planning. It’s likely that the data collected to support your go-to-market campaign could be a year or more old by the time the actual product hits the market. In the words of the great – hockey legend Wayne Gretzky, make sure you go where the puck is, not where it is. Otherwise, your launch campaign may miss the mark.
Elements to be researched during data collection
– Competition for your product or service
– Purchase influences and attitudes of potential customers
– Market readiness and demand for your product
– Key applications, features and benefits (from the customer’s point of view)
– Service and support components that your product includes
– Packaging considerations
– State of the economy – by industry sector, region or region
– Regulatory changes in your industry
– technological considerations (current and future)
Developing the right concept for your product
Creativity is essential to launching a product, but balance it with the sobering thought that the concept you choose is essential to launching a profitable product. Avoid the temptation to be clever with your campaign – it can lose you an audience, diminish your credibility or, worse, be a source of entertainment.
A good launch campaign theme focuses on the problem solved, not just how the product is used. Just as important as choosing the right concept is choosing the right launch vehicles for the campaign. Think media and public relations, direct response, directories, email newsletters, website promotions, industry guides, e-mails, and telemarketing. The vehicles you choose will depend on what works for your business and what your appetite and budget can handle.
Select a message
The whole essence of your campaign is its message. The right message captures the attention of your audience, explains your new product or service, differentiates it from the competition, creates action and can perpetuate the theme of the campaign (throughout the product’s intended life). Thematic campaigns usually perform better than product-focused ones. They can also be perpetuated for a longer life.
Your message must be expressed in the attitude, tone and language of your desired customer. It also needs to talk about your product and only your product. Put your message through the logo test. If you can replace your company logo with a competitor’s logo and the campaign message still makes sense, go back to the drawing board. Work on it until you get it right.
While you wait
While preparing your campaign materials, you can prepare your business for the official launch. Use this time to speak with media sources, investors and other interested parties. Create a written campaign action plan that outlines the key tasks you need to complete, the dates for completing them, the resources you will need, and how you will measure your progress.
Promote and publicize early successes of your new product frequently. If you can show that customers accept a new product, it will increase the trust of your target audience, including your company’s employees.
When done right, the work you put into a successful launch will stay with your product throughout its sales life. But as the product reaches maturity, you may need to revisit the process, innovate new uses for the product, repackage it, add value, find a different distribution mechanism, new incentives, and so on to ensure its continued revenue.
Once you master the process of successful product launch, you can extend the marketability of any product and give it new life.
Your startup methodology can make or break you in the competitive business jungle.
Is your startup method keeping up?
Are you confident that your upcoming launch will be successful?
Performance Marketing Group
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