So you want to bring a new product or service to market. You have done your homework and decided exactly what you plan to offer; now all you need to generate is sales. Sounds simple enough, doesn't it? But every day, countless new product and service ideas are conceived--never to be born because they're not properly brought to market.
With the correct launch, new and innovative products have great advantages early in their life cycles competition is light, media and analyst interest is
heavy, sales channel enthusiasm is passionate and buyers are energized by the novelty of the product’s promised solutions. In today’s “speed of thought” mentality, getting your product to market first is absolutely critical to your sales and profit success.
If you are launching new product or service, the right activities can make a big difference to how successfully your launch goes. Below is a list of some of the ways you can rev up your efforts for great results.
1. Study your competition:
Many business marketing classes teach participants how to perform a SWOT (strengths, weaknesses, opportunities and threats) analysis. You have to start by taking a serious look at your competitors. Make a list of the businesses that offer products or services similar to the one you plan to launch. Even if you think your new product or service is entirely unique and without existing competition. Evaluate how your new product or service will stand up against what's already being offered, in what ways you'll excel, and which companies or their offerings pose the greatest threats to your success.
2. Target the ideal customer:
To successfully launch your new product or service with minimum financial outlay, it's essential to focus exclusively on the prospects you believe are most likely to purchase from you. These may be customers who are currently buying something similar and will appreciate the additional features your new product or service provides.
3. Create a unique value proposition:
At this stage, you should have a clear understanding of what you must offer in order to stand apart from your competition and who will want to take advantage of your offer. But do you know why customers will want to buy from you vs. the vast field of competitors out there? What benefits and features will you provide that your prospective customers will value most? The bottom line is that your product or service “bundle” should be meets the needs and desires of your best prospects.
4. Design attractive packaging:
Create packaging that is colorful and pleasing to the consumer's eye. Smart packaging is the first step to getting your new product noticed. Include your company name, product name and any main selling points you want to convey on the outside of the packaging.
5. Write a product sheet:
Create a list of product features and details. This should explain the product to consumers while still making it attractive. Include general usage, product components or ingredients and any relevant safety warnings or liability information.
6. Roll out your campaign:
Public relations often play a vital role in the launch of a product or service. You can use media relations tactics to place articles and win interviews, get coverage by allowing key press to review your product, hold a launch event, or use grass roots marketing to build buzz. But no matter what publicity route you choose, first make sure your product or service is completely ready and available for purchase in order to maximize returns from the coverage you receive.
7. Know your product lifecycle:
The campaign you use during the introduction phase of your product or service launch will need to be updated as your product or service matures. If you are monitoring your marketing results carefully, you will begin to see diminishing returns that will indicate when it's time to revise the product or service itself, alter your media message, or even phase out this particular offering and lay the groundwork for the launch of your next great idea.
8. Hold a press conference:
Schedule a press conference with consumers and members of industries related to your product or service. This will allow you explain the product, offer samples, answer questions and create a buzz in the industry.