During the process, we need to understand & implement pragmatic marketing techniques to attain great results!
(know it, love it, live it)
The foremost step in launching a product is to understand the product inside-and-out in order to launch effectively, I don’t mean technically however features/benefits and the issues it will solve. Identify the benefits of your products and highlight its features – what makes it stand out against other brands. In this way, you can better launch a product and execute strategic marketing to yield surprising results.
Pen-down possible downfalls or technicalities that may create constraints while launching a product. That way, you can take the necessary actions to enable your product and business to remain competitive in the marketplace. All these elements are actually a part of new product development processes that would benefit you incredibly!
Getting acquainted with the buyer
While launching a product, it is crucial to know everything about the customer and why they would even consider your product. It becomes more important especially if you are venturing in this business as a newbie. Finding a buyer is easy if you have a good network but convincing them to list your products in their stores can be tricky. I still remember fondly of trying to get a large National retailer to start stocking Microsoft software back in the day, of course now we are still mates. Before scheduling a meeting with a prospective retailer, gather necessary information about the retailer such as customers, their line of services, operational standards, pricing methods and even their business partners. Also, know about the culture of the store/s, their specialty, the products they carrie and guidelines for new product introduction.
Know your competitor
All the successful business plans work by identifying the competitors. For instance, if you are launching a new product like dishwashing liquid, try purchasing from competitors to see the differences between your product and theirs. Read the reviews given by customers on their website to scrutinise their weak issues. Compare their products with yours and always aim to improve yours in all aspects. Do not forget to capitalise on the advantages of your product once it hit the stores, such as lower cost or larger volume.
Retail with details
Launching a product entails incurring expenses therefore, it is always recommended to have a rough estimate of your projected expenses. In this way, you can easily set an appropriate price for your item. Since you are in the launching phase of your product, you may offer your item at a lower price as compared to competitor(s). Afterwards, gradually work on setting a right price but keep the affordability factor intact! This does not work for every product and I am not of the belief that you should offer a cheaper price to get your product out in the market. Sometimes it can be detrimental as it would be seen as a ‘cheaper’ (therefore not as good as – right or wrong) the competitor’s product. Always try and sell on value not price.
Mentioned above are the most essential steps during the launch of a product or business. It will have great impact on your strategic marketing efforts and of course, revenue and profit. You do not need to be a big corporation to be a top player in the industry. All you need is to take brave steps to make your dream a reality.
Product research is the crucial step when it comes to launching a product, keep in mind that most of the above relates to services and/or businesses as well – the steps are similar.
Have you launched a new product recently?
What are the best tips that made your launch a success? Please share!