New Product Launch
First, you must establish and build a strong brand. Then you will continue to develop your brand adding value to your business.
Brand promotion is about getting the right message in front of the right people at the right time.
You just created a new or upgraded version of a product. Now you must tell your market that you have it ready for sale.
You create new products, now commercialize them
The right promotion channels will determine success or failure for your new product. The best way to determine your promotional channels is by utilizing our Brainstormation service. We use an outside-In approach that leverages Target Personas. Your target audience must be at the center of the discussion. This exercise requires a group effort with multiple roles each acting as one persona. Key interactions include: disbeliever's in your product, product users, even perhaps technical users, influencers, and a key decision maker.
Since your goal is to think big, you will want to represent the voice's of the market, industry publications, analysts, associations, conference leaders, and thought leaders. Ask tough questions, who is this product for, what does it do, and why is it different? Next, you will want to look at your answers and determine pain points, needs, and solutions. Once you have a plot of your ideas, concentrate on the big-hit channel leaders that you have identified. You are ready to move forward.
A successful company finds ways to put its products in the hands of consumers
Firstly, recognize that the sales process for new products requires the ability to overcome different objections than existing products. Secondly, if your new product is the one and only of it's kind, your marketing must bring awareness to your target market that such a product exists. Lastly, you will face resistance from a segment of the market which leads us to your product adoption rate. This key metric is the defined by the rate that users become familiar with your product, accept your product, and integrate a your product into their life. The Product Adoption Rate will predict your products impact on your bottom line and thus, your business.
To complete a Go-To-Market Strategy, you are going to compile an action plan to follow that will help you achieve success with your product launch. The sections that you will focus on are: your target market, your value proposition, your channels, the sales process for each segment you plan to sell to, customer support including any technical support that may be required, employee training, and the metrics that you will measure. To successfully execute your new Go-To-Market strategy, there needs to be a commitment from the entire senior leadership team to support your launch. Your first sale will be to the employees that will make it happen.
Market research does not stop after you have gathered your competitive intelligence
From the time your company first thought about introducing a new product, then researched the market, the competition, and pricing structures, to the time you are ready to release your product, you must revisit the intelligence that you gathered for shifts in the market. As time advances, consumers shift their preference including their self-determined wants and needs.
As part of your successful launch, start by answering the question, what has changes since last time we looked at the market? Consider several factors such as the number of competitors, is the economy in an expansion phase or recessionary phase. Has new regulations affected the product itself, what about regulation geared towards the consumers of your product, are re-sellers looking for more suppliers of your product or do they have full shelves?
Broadcast a significant message and create additional sales, let it rain
Your Go-To-Market plan will have your action steps along with your marketing budget. This section will cover some ideas that you can implement. Your product or service deserves a launch event, we partner with Special Occasion Services to create the right atmosphere. You may opt to host a pre-launch event leading up to the launch date. This is a good strategy, as long as you follow-up with a launch event (on the official product launch date) at your retail stores. As a cool feature, have your website front page redesigned on the launch date with a celebratory theme that supports your launch event.
As time leads-up to your launch, make your product sound exclusive, thus special. Your company should be collecting an email marketing list. If not, it's time to create one. Use your list to send out invitations to your event. Perhaps you will host a virtual event. Either way, it's a big deal, and announce it as so. One option instead of a pre-launch event is to offer your long-time customers an exclusive preview. Your marketing plan should already include posting on social media. Along with creating posts, your online presence could include banner ads, placing announcements on community sites, buying front page ads on Chamber of Commerce sites, and buying ads for sites that make sense based on your target market. If you are a local community store, you may want to setup pop-up tents at strategic points in the city and hand-out sales sheets, and samples if it makes sense. There is no wrong. There is just get out there and make it happen... but bump it up and do it loud.