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Second chances will rarely come along in business, particularly when launching a new product into a new market. A disastrous launch makes the worst first impression and, as you probably know, recovering from a bad first impression is among the hardest thing to do. To avoid wasting more money and energy making amends, it is imperative that you launch your products with the right vibes and as flawlessly as possible. In that context, it is highly critical that you cooperate with a reputable and experienced event production agency so that everything is properly addressed and it flows seamlessly.
One way of ensuring that you start off with the right footing is to take your time and only launch at the right time. You should never make the mistake of rushing things through just because you feel like your new product should be in the market as urgently as possible. You need to forget about those stringent timelines you’ve imposed on yourself, postpone your product launch if necessary, and you will have a better shot at a successful launch.
What the Stats Show
According to statistics, there are about 30,000 product launches across industries every year. Of these, only about 1,500 of the new products succeed in the long run. Other stats show that only about 15-20% of new consumer-packaged goods that are launched within a year-end up succeeding. Clearly, these statistics are extremely skewed against you. Your product, unfortunately, has a higher chance of failure than success, so you must take your time to turn the tables.
How do you turn the tables? Well, by doing your homework thoroughly and ascertaining that your new product has a ready target market. You need to identify a gap within the market that your product is going to fix. Ask yourself: What do the prospective clients need, yet your competing brands can’t seem to address sufficiently? What makes your product unique from the existing products? You must be sure that customers will find more value in buying your new product over similar products out there. Now go ahead and launch your product in these 3 simple steps:
- Test your product
This is the surest way of ensuring that your product and the target audience are all ready for the main launch. During this time, you need to consider your production/manufacturing costs, attached overhead expenses, and your team’s level of preparedness for a powerful product launch. This is also time to determine the cost of your product in order to ensure that it is not only competitive but also sensible enough to make you some profit. The last thing you want is to launch your product at a price that leaves you short in the long run.
- Develop a marketing plan
How are you going to market your product once it is out there? Remember that the job doesn’t end with the launching. That is actually the point where the real task begins. You need to come up with a marketing budget, clear marketing goals, and a foolproof marketing plan before your mega launch. Take your time to research and find the most appropriate message to send out there; a message that resonates well with the target market. Also, you need to identify the right tactics and channels through which you will reach out to the customers and engage with them fruitfully. If you feel the need to invest in a marketing mobile app, do it before you launch the product as that will make your launch even more appealing to the target customer.
- Prepare your team
Your team of experts needs to be optimally prepared to market the product and to respond to customer queries and concerns. Remember that a new product will precipitate new processes, new routines, and new expectations. Your team will need to adjust physically and psychologically, so you must ensure that they have sufficient time for that. If you feel like they need new skills, give them the resources to acquire those skills. If you need them to familiarize themselves with the new production and marketing protocols, help them do that.
In the same breath, you need to prepare your team for the forthcoming spike in sales. The work will be more voluminous and more complex, new sales vocabulary will be introduced, and new goals will be set. Be sure to give every staff member the necessary motivation to succeed in the new journey. This is the momentum every new product needs for it to succeed in a new market.
Are you planning a product launch in the near future? If yes, it is important to hire an experienced event production agency to help you organize a flawless launch event. This is particularly important if you seek to expand in China because the country’s events industry has really progressed. The Chinese market expects you to impress with state-of-the-art launching event, failure to which your chances of success will shrink exponentially.