So, your company just made an incredible new product and now you want to inform your customers about it. Sadly, it is not always as easy as creating a post on your social media. In today’s competitive environment, there is a constant need for innovation and businesses keep coming up with new products to increase their sales and expand their customer reach. However, sometimes, the sales of the new product do not meet the expectations of the company even though the product is unique and up to date with the latest demand. In this case, the cause might be the lack of a well-planned product launch strategy. Customers need to be informed about your new product in a way that makes them eager to try it because the long-term sales of your product can depend on the initial launch strategy. That is why communicating effectively to customers about your new product is as important as the product itself.
Why a well-planned product launch strategy is beneficial for your company
Firstly, a product launch makes sure your company and your product are noticed by potential customers. The bigger it is, the more attention your product and your company will attract. More awareness about your company in the market is always valuable. Even if people who notice your new product are not interested in this one, they will probably take a look at your other products as well and those might interest them. This is why communicating about the launch of one specific product will be beneficial for your other products as well.
Furthermore, a well-executed product launch results in more people buying the product and thus, increase in revenue. This increase in sales revenue will not only help to cover the cost of the launch but also enable your company to invest in a long-term marketing strategy for the newly developed product.
One of the biggest advantages of a great product launch is the visibility it creates for your business among others. A launch strategy not only informs your customers but also captures the attention of other businesses in the market. They might be interested in any form of business partnership that could open new opportunities for your business to expand and grow.
Finally, developing an innovative and unique product and advertising it with an effective product launch plan will give your company the chance to become the market leader. Your company will be well known in the industry after a successful product launch.
How to create a product launch strategy?
The very first step in creating an effective launch strategy is to identify your target customers. Which market segment is your product aimed towards? For example, it would be unwise to use posters with cartoon character for an anti-aging cream made for the elderly. Therefore, it is important to know who your targeted costumers are and what their preferences and interests are.
Secondly, after identifying the specific group of costumers it is vital to use the right communication tools to appeal to them. There are various options to choose from, such as posters, social media, games, videos, giveaways, etc. However, in choosing the right tool you must be careful and creative for it to be effective. We at FromScratch take care of that for you.
Lastly, the timing of the launch is important too. For example, you have to make sure yours doesn’t clash with the launch of a product from a competitor. Timing can also be used in your favor, the holiday season is a good time for an airline to launch a new destination, for instance. Taking all the mentioned points into consideration, if a creative and careful product launch strategy is devised, it can guarantee the success of the product as well the company.
An example: Forever21 goes to China!
There are many examples of successful product launches. One of the most effective campaigns is the launch of the Forever21 clothing brand in China. The California based fashion brand targeted a completely different group than their usual consumers for their launch in China. They crafted a tailor-made launch campaign for their Chinese costumers by using locally popular social media apps like Weibo and WeChat. Furthermore, they created posts on these platforms on subjects that were engaging for the Chinese costumers and specifically targeted towards them, for example, topics like “Best places to visit in Shanghai”. The result was an overwhelming response from the Chinese people. The launch was very successful since Forever 21 is now one of the most well-known fashion retailers among Chinese people.