Introducing a new product is always an exciting time, and after having researched the market, your thoughts turn to the product launch. How you introduce your customers to the new product is important, and with the right product launch strategy, you can maximise the impact the products create. If you are soon to be bringing out a new line of products, here are some marketing tips to help you get the most out of the launch.
Research your Competition – Knowing your competitors and their products will enable you to identify the positive elements of your products. What does your product offer that is unique? What benefits does the product have for your customers? Answering these questions will help you to plan your marketing strategy for the launch.
Choose your Platform – There are many ways to introduce a new product, with exhibitions and business events providing the perfect platform for the launch. Once you have found exhibition stand builders and contractors you can trust, you can design the space to complement the product release, which would be your showcase special. If your business is Internet based, your product launch will be online, or you could host a live event and have it streamed on your website for maximum exposure. It is a good idea to coordinate how the product is released, and by combining many marketing avenues, you can achieve the maximum exposure by getting your message through different platforms.
Know your Target Groups – By researching your customers, you can accurately identify the most effective way to introduce the new line, which might be at a live event or sent to your clients via your app. There is also an informative article on effective ways to launch a new product, which is a recommended reading for all entrepreneurs.
Think Incentives – Whether you are trying to persuade the consumer to switch products, or creating a new market, launching is all about offering incentives. A promotional discount is definitely one way to raise interest, and if you are confident in the product, why not introduce a free trial package? Offering the consumer a free sample is a great way to introduce a new product, which would be given to customers when they order other items, and for consumable items, there’s no better test than to actually use the product.
Test the Water – Launching a new product is very expensive and many companies prefer to have the product consumer tested prior to the launch. If the response is limited, or anything less than you expected, then you have probably saved yourself a fortune. If product testing is viable, it is a great way to introduce the product to a closed group of consumers, and would provide valuable feedback.
Whatever the product, the way you introduce it will largely determine its success, and whether you opt for a lavish live event, or a mailshot, make sure you have all the above points covered. Timing is also crucial, especially if the product is seasonal, and by taking everything into account, you can put a suitable product launch together and hopefully, wow your customers.