Unlike a product release, a product launch is an exciting and profitable exercise with an aim to gain maximum attention and interest in your latest product, while attracting new customers in abundance.
While you may have read that product launches can be notoriously unsuccessful, a fruitful launch tends to utilise all of the following:
- A press release – This should include all the necessary information, dates and details about the product launch.
- An online landing page – Social media can be used to spread the word, with the landing page link specifically for your new product attached.
- Product testing – This allows key influencers and people in your target audience to get to know your product up-close.
- A special event – Launch events should be an experience, with entertainment and activities suitable for your target audience.
- Influencers – It’s important to get key influences talking about the launch. This might include celebrities who appeal to your market.
- Timing – Know when to launch. Can your launch coincide with any related events or activities? Will your product be ready by the launch date?
But what are the benefits of using this strategy, and does it really work?
- Getting noticed is one of the key benefits to a prosperous product launch. Once your press release is published, people automatically begin talking about your business, which is never a bad thing.
- The interactive element of a product launch is also beneficial. You can invite people to actually try your product for themselves. This builds trust and allows for organic conversation to arise on social media and through word of mouth. It also gives you invaluable feedback about the product and demonstrates a sense of confidence that you believe your product is of optimal quality.
- An increase in revenue is one of the primary goals of product launches. A successful example of this was Coca-Colas launch of Smart Water and soft drinks range. Following an eleven year steady decline in the sales of ‘unhealthier’ fizzy drinks, Coca Cola launched an electrolyte-packed water in order to offset losses. The results were better than expected thanks to the sheer demand for bottled water in the United States throughout 2016.
- If you’re able to host an open day event to celebrate the launch of a product, then it’s advisable to do so. Opening up to the public while offering free samples, entertainment and refreshments is a great way to draw in new customers and show off what you’ve got. You can also invite people of influence, such as industry bloggers, to come and see for themselves what you’ve been working on.
- Product launches open up new opportunities for business expansion. By using a product launch to attract attention and put yourself on the map, other businesses will begin to take interest in you – possibly leading to new ventures and exciting growth prospects.
So, if you organise a product launch with careful planning, good timing and a substantial enough investment, you’ll benefit not only from increased revenue and an improved reputation, but will see new opportunities emerge also.