A new or improved product launch can be a nerve-wracking experience, even for a seasoned promotional team. However, by planning strategic marketing efforts in advance, a product launch can be more successful – resulting in greater brand awareness and sales. To determine the success of a product launch, your team must present well-researched data combined with reliable results that your sales force can stand behind.
Here are three ways that your marketing efforts can predict the success of your product launch.
1. SWOT Analysis
Before you launch any product, whether a new or updated version, you must do your homework to determine your strengths, weaknesses, opportunities and threats (SWOT). Market research is the key to launching a product at the right time and avoiding potential conflicts with competitors, vendors, and even other products in your line-up.
Assess your strength in the market as compared to client demands and product trends. Find solutions to overcome any shortcomings you may have with solid vendor relationships and a skilled support team. Look for new opportunities to co-launch with complimentary vendors. Evaluate any threats and find ways to overcome them, or go to your competitors and see what they can offer in terms of future partnerships (the can’t beat them, join them approach).
2. Brand with a Unique Value Proposition
If you want to generate interest in your product, and get customers clambering after your offering, then you must find a way to target your marketing efforts directly to your market. You do this by establishing a strong brand combined with a unique value proposition. This is your message to a targeted market of clientele who will most likely be using your product, so use past feedback to build your case.
A brand creates an easily recognizable image for your company and the product you are launching. A value proposition provides a direct solution to the common problems your clients face. Take the time to make sure that these two marketing aspects are in synch with each other.
3. Use Multiple Marketing Channels
When it comes to rolling out a new or updated product, the more marketing avenues you utilize the better. This is for two good reasons. First, because your clients are generally tapped into many different forms of media, in their professional and personal lives. From television, radio and print advertisements, to email and website direct marketing – you need to create a marketing plan that will reach the masses.
Second, you will establish your product as a leading resource early on if you schedule a launch event party to kick it off. This will create a buzz in your industry, you will have a chance to give a demo and generate a high level of interest from your target clients from the get-go. Ask for feedback from attendees and use this information to further develop your marketing message – this information is highly valuable to determine if your product will be a success or a failure.
While it is always a good idea to conduct an initial pre-launch of a new product in a small test market, for many companies this is not possible. A product is a significant investment of time and resources, therefore having a carefully planned marketing strategy is pivotal for making the product launch a success. Use the above tips as you near your product launch event.
Author bio: Written by Mary Duncan. Mary writes for Marketing Resources. They provide sweepstakes and promotion management for companies looking to increase their brand awareness. When Mary isn’t writing she enjoys running and working out.