Generate Results with Your Next Product Launch
Perfecting the Product Launch
Approximately 40 percent of new products launched into the market today do not meet the commercial objectives of the business unit; therefore, categorizing them as failures. These product failures can be attributed to a variety of causes ranging from incorrect pricing and targeting the wrong market to prolonged product delays and misunderstanding customers’ wants and needs. However, almost a quarter of product failures are attributed to marketing issues, making a successful product launch very critical.
Introducing a product into the marketplace is a mixture of art and science. Below we touch upon a few of the steps you should consider before your next product launch.
- Develop a Strategic Plan
Be strategic about how you bring your product to market. Are you planning to use traditional marketing deliverables such as billboards, radio ads, direct mail, or TV commercials? Is your audience better served by using digital marketing like social media, videos, and banner ads? Perhaps a mixture of the two may be best. Whichever deliverables you decide upon be sure they are integrated, allowing you to make the most of your resources. The launch portion is often the costliest component of bringing a new product to market so use your budget wisely.
- Know Your Competition
Your strategic approach also should include monitoring your competition. What marketing channels are they using? What innovative approaches have led to product launch success? Incorporating best practices into your product launch will ensure a greater ROI.
- Produce Messaging that Resonates
A new product should be supported with a comprehensive messaging document that includes features/benefits, buyer personas, a value proposition and more. One of the critical elements of any messaging guide is the elevator pitch that not only summarizes your offering, but also really grabs the attention of your audience, sparking much interest in the marketplace. It is critical that everyone is on message – from product management to sales. Remember too that over time your messaging will evolve as the product gains additional visibility.
- Create Captivating Marketing Assets
Every product launch must be accompanied by a variety of creative elements such as a brochure, press release, ad, email campaign, or website content to name just a few. In fact, the average consumer digests at least 10 pieces of online information before making a purchasing decision. The content should be educational, persuasive and incorporate the essence of your messaging document. As we all have heard before – content is king and this applies to product launches too.
- Make it an Event
Introducing a new product into the market is big news and should be treated as such. It is ideal to accompany your product launch with some type of event. A webinar, press/analyst tour, customer roadshow, or industry conference are just a few examples. Also, you may consider asking an influencer to check out your new product, which will lead to additional buzz in the marketplace.
These are just a few of the steps to consider when introducing your next product into the market. If you are unfamiliar with the product launch process or could use just a little extra support, please feel free to contact us. The diamonddog team has managed many product launches over the years. We welcome the opportunity to help you present your next product to the world.
January 24, 2021