“The point to remember about selling things is that, as well as creating atmosphere and excitement around your products, you’ve got to know what you’re selling.”
– Stuart Wilde
No doubt, you are offering a premium quality product to your audience, but you will still have to chalk out a roadmap to market it effectively.
You will need to present your product to the target audience in such a manner that it generates favorable opinions. One of the optimum strategies used by almost all business enterprises these days is a Celebrated Product Launch.
Though a product launch costs high for a company, the costs end up as a drop in the bucket against the profits you can generate, provided you have played your cards wisely or more importantly, smartly.
1. Create the Buzz
A product launch is more likely to fail without a buzz. Creating a buzz helps your product in grabbing immediate attention and gaining interest of your target audience.
A buzz can be as simple as creating an event on Facebook – sending across a clear message to your customers, who voluntarily liked your page to keep themselves abreast of your updates. Some companies also employ mystery marketing as a tool to create a buzz.
2. The Launch Plan
Planning has always been the first step for any process or event. An effective plan should address overall objectives, strategy, events, timeline, individual responsibilities and tasks, resources such as external support requirements, and most importantly budget and venue.
Advertising is the most powerful tool in raising awareness and creating consumers’ interest in a brand. Advertising is one of vital parts of a marketing strategy which requires intensive research.
You should chalk out a clear roadmap of specific pricing and sales; and distribution and supply chain strategies to deal with retailers.
The different media used for advertising includes:
• Print (newspapers, magazines, trade publications)
• Online Advertising
• Direct marketing
4. Choosing the Launch Day
It is important to choose the launch day for your product carefully. For example, if your target audience works a standard week, Friday or Saturday would be a better day for the product launch.
Considering the demographics and their requirements would also help you reap the best results from your product launch.
5. Identifying the Market Needs
A successful product launch depends on your product’s ability to meet the requirements of its target audience. For knowing the ability of your product or service, you should get out and talk to the potential buyers.
Customer feedback – positive or negative – will help you set terms for your product launch.
6. Bang on Positioning and Messaging
Positioning is the process of placing your product or service in the wish list of your customer thereby leading to brand recognition.
For this, you need to communicate the benefits and capabilities of your product in the simplest manner.
You should make customer believe that your product caters to their specific requirements.
7. Define Launch Goals in Advance
The goals structure the motive of any product launch. After establishing goals, you need to chalk out strategies for their achievement.
You should plan a measurement system to review the progress. For example, if you are launching a new model of refrigerator and expect 100,000 online queries for the same then you should have a mechanism to capture the exact count. It will help you measure the success of your product launch.
8. Prepare a Press Release(s)
No product launch is complete without a press release. The press release spreads the information through different channels, finally reaching to your target audience. A press release also acts as an authentic source in disseminating the message.
Make sure your press release document has all your relevant contact information so that people can contact if they require any details of the product launch
9. Create a list of PR contacts
While planning your product launch, you should create a list of all bloggers, journalists, and influencers who reach out to your target audience. These are usually referred as PR contacts. Do include your previous contacts as they can be more influential in delivering your message.
10. Discuss Your Plans at CEO Clubs
Experience is the greatest guide of a person. Join a CEO Club and get benefited from the experiences of professionals from top of the hierarchy. If it is your first product launch, CEO coaching will help you define your objectives in a better way. CEO peer groups are great advantage to both budding and established CEOs and business owners.
Tom Bordon is a freelance writer who has extensively written about CEO corporate association. His articles focus on guiding CEOs, COOs and top level executives in making new business plans, and strategies in a
CEO club in Atlanta or a