How to do Product Launches

Product Launches attracts consumers as well as corporate buyers and informs the public about your product and business. Your product launch needs to be exciting and informative, but it is not always easy to accomplish these goals. As you get ready to launch your new product, there are several things that you can do to make sure that the launch is a success.

1.Conduct research on your competitor’s products

Research products similar to the one you’re planning to launch, especially those already well-known by consumers. Check out trade journals, competitor websites and brochures, and any other source of information on the products that you can find. Use this information to orient your launch towards the ways in which your product is different and better than the competition.

2. Perform a SWOT analysis

A SWOT analysis of your product can help you take a closer look at your product and compare your product to a similar product made by your competition. SWOT stands for strengths, weaknesses, opportunities, and threats. You can perform a SWOT on your own or in a group setting as well. A SWOT can help you to:

• figure out how best to market your product before its launch
• identify problems that you may need to address
• find ways to make the launch more successfully
• address any problems before the launch

Related post: How to Manage a Product Launch

3. Identify your target customer

You can do this by deciding what demographic will be most willing to purchase your product. Try to pinpoint the age, gender, and socio-economic background of your target customer. This customer is the type of person that you should focus on when preparing to launch a new product.

• Try giving him or her a name to personalize the process, and attempt to put yourself in his or her shoes. For example, you might identify your target customer as a 24-year-old male from an upper-middle-class family and call him Ayden.
• Try to determine the needs, behaviors, and even mindset of your target customer. For example, perhaps Ayden needs headphones that will block outside noise so that he can listen to music as he rides the subway to work each day.

4. Design attractive product packaging

With your target customer in mind, create packaging that is bold, the right color scheme, pleasing to the eye, and even memorable. Packaging is the first step to getting your new product noticed.

• Consider including cusp shapes in your packaging. Cusp shapes are pointy and sharp, so they make some people feel like they are in danger. Including these shapes on your packaging are an easy way to get customers to take a second look.
• Stick to something simple. Busy designs may overwhelm customers, so having a simple looking package may also be a good way to go

5. Create the perfect product slogan

Choose a phrase or motto that is catchy, captures the essence of your product, and will speak to your target customer. The slogan should consist of simple language and could rhyme or contain words beginning with the same letter to make it catchier.

6.Get people to test your product

One great way to get some good publicity going and to find out what people like most about your product is to allow people to test it out. You can use their feedback to help you market the product, such as by gaining customer testimonials.

7.Launch a product website

Ensure that this website provides customer testimonials, appealing images of your new product, as well as detailed information for consumers. Include product comparisons, ordering information, and promotional offers to further entice buyers.

8.Purchase advertising

Multichannel marketing is often successful, so place ads in many types of media simultaneously to announce the pending launch of your product and reach the maximum number of target customers.Website ads are increasingly important. But also buy ad space in local newspapers or trade publications to expand awareness and build hype. Consider radio ads and, if your budget permits, television spots.

9.Hold an official launch

Invite reporters, bloggers, consumers, celebrities, and members of industries related to your product. Give out free samples and try to make the event memorable with respect to catering, lighting, and even musical performances. Doing these things will give people more reasons to attend the event and may also generate more interest in your new product.