Product Launch Campaigns: The Lifeblood of Business
Few company events are more critical than the launch of new products and services. Many companies simply go through the motions during product launches, repeating the same tired formulas they’ve always used, but each product launch is an opportunity to turn a new page in your company’s story, and can make all the difference between the rags. and the rags. rich.
Any new product can target an existing market (a set of known prospects and customers) or it can address new markets. But when introducing a new product or service, it is necessary to innovate, going beyond what has been done in the past. You have a choice: let your product get lost in the noise, or launch it differently.
Introducing a new product requires a major launch effort if your company is marketing a new family of products (or services) to a new target market: a different class of user or a different application emphasis than the one you’ve previously worked with. You could also be trying to reinvigorate sales of an existing product or service, which requires a launch to maintain revenue, attract new customers, and ward off competitors.
In either scenario, avoid limiting your product launch campaign to a single big event with no follow-up plan. You are positioning the product for its life cycle. Successful product launches are company-wide events. They should be the focus of your entire organization.
Setting the stage for a product launch
Long before the product launch happens, you need to spend time on the pre-launch activities that create the opportunity foundation. This pre-launch research will provide information on the validity of the product, the features you need, price and packaging considerations, etc. Think in terms of projected revenue (12-18 months after launch to begin with), the earnings you’ll need to break even, and the potential return on your investment.
Front-end research and analysis is the process of obtaining information and gathering data that will shape the product launch campaign. It is not just a question of collecting information, but of interpreting it. Avoid just focusing on launch – factor the product lifecycle into your planning. The data you collect to support your launch campaign will most likely be a year or more old by the time the actual product hits the market. In the words of the Big One: hockey legend Wayne Gretzky, make sure you go where the puck will be, not where it is. Otherwise, the launch campaign for him may fail.
Elements to investigate during data collection
market based
– Competition for your product or service
– Influences and buying attitudes of potential customers
– Market availability and demand for your product.
product based
– Applications, features and key benefits (from the customer’s point of view)
– Service and support components that your product will include
– Packaging considerations
External
– State of the economy – by Industrial Sector, Area or Region
– Regulatory changes in your Industry
– Technological considerations (current and future)
Develop the right concept for your product
Creativity is essential for a product launch, but balance it with the sobering thought that the concept you choose will be critical to launching a product that should generate revenue. Avoid the temptation to be clever in your campaign: you could lose your audience, diminish your credibility, or worse, become a source of entertainment.
A good theme for a product launch campaign focuses on the problem solved, not just the use of the product. Just as important as choosing the right concept is selecting the right launch vehicles for your campaign. Consider media and public relations, direct response pieces, catalogs, email communications, website promotions, industry guides, e-casts, and telemarketing. The vehicles you choose will depend on what works for your specific business and what your appetite and budget can tolerate.
choose your message
The essence of your entire campaign will be your message. The right message captures the attention of your audience, explains your new product or service, sets it apart from your competition, generates action, and has the ability to perpetuate the theme of the campaign (for the intended life of the product). Themed campaigns tend to perform better than product-focused ones. They can also be perpetuated for a longer life.
Your message should be expressed in the attitude, tone, and language of your target customer. You should also talk about your product and only your product. Put your message through the logo test. If you can replace your company logo with your competitor’s logo and the campaign message still makes sense, go back to the drawing board. Work at it until you get it right.
while you wait
While the campaign materials are being produced, you can prepare your company for the formal launch. Take advantage of 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, target dates for their completion, the resources you need, and how you’ll measure your progress.
Promote and post the early successes of your new product frequently. As long as you can demonstrate customer acceptance of the new product, you will build trust with your target audience, including internal company employees.
After Launch
Done correctly, the work you put into developing a successful product launch will stay with your product for its entire life. But when the product reaches maturity, you may need to review this process, innovate new uses for the product, repackage it, add value, find a different distribution mechanism, introduce new incentives, etc., to ensure it continues to generate revenue. .
Once you’ve mastered the process of successfully launching a product, you can extend the marketability of any product and give it new life.
Your launch methodology can make or break you in the competitive trading jungle.
Does your release method keep up?
Are you sure your next release is positioned for success?
Copyright 2007
Performance Marketing Group
