This logic can be applied to product launches.
Launching a new product or service isn’t what it used to be. The market is oversaturated with products, promises and ‘innovations’, and customers have become more cynical. They’re used to companies claiming that they have reinvented the wheel, and wary of ‘big bang’ releases.
Having a creative approach to creating attention around product launches is therefore a key component of successful marketing campaigns. The way in which a product or service is presented and sold is, in fact, the primary weapon for companies of all shapes and sizes.
Here are five essential steps to launching any new product or service successfully.
1. Know your market (and competition)
It’s important to remember that your product doesn’t exist in a void. Once launched, it will be placed on a shelf – be it digital or physical – and become just another choice among many.
To ensure the success of your product, you need to be certain that there’s room for it. Not many companies would launch an apple flavored soda in a market that already has 200 apple flavored varieties of soda, as such a market environment would immediately plunge the product into obscurity and divide the target audience over and over. It would be far better to come up with an alternative flavor to apple.
The above principle applies to any product that is not new in its entirety (and few are). It’s also vital to size up your competition, especially if you’re not a large corporation. Market share shouldn’t be your primary concern when looking at your competition; instead, look at the speed with which your competitors put out new products.
Their investments into innovation and future products may be a key indication that the market you plan to participate in is active, meaning that a new product will not be perceived as such for long. An obvious example would be the smartphone industry.
Study both the market for your product or service and your competition carefully, well before the official launch of your product.
2. Know your product (and how to pitch it)
Before you can pitch it to others, first you need to know your own product inside out. For this reason, you should take adequate time to study its development in the pre-launch period.
Talk to the people who had the idea, or, if that’s you, talk to the people who helped you make it a reality to make sure you’re fully aware of all its intricacies. Engage with your creatives or copywriters, and listen to the top tier management. See how each of them think of the product.
At this stage, getting familiar with the product itself can prove immensely helpful further down the road when you’re looking for inspiration. Don’t just seek feedback from those who had a hand in the development of the product – try it yourself.
In the end, everyone’s a consumer, and you’re no exception to that rule. Give free reign to your inquisitive side and try to look at the product as if you have seen it for the first time.
3. Know how to promote it (and pack it)
Once you’re thoroughly familiar with the product, it’s time to decide the way you want to promote, pack or present it. Obviously, appearance and presentation are among the main components of…