Ready. Set. Lift Off!
Having a new product launch is an incredibly complex affair. The finished product may seem flawless and not show the amount of stress, time and invested resources. Behind the scenes, the overall process is complex. At the end of the day, a winning strategy can mean the difference between a flying success and a dismal flop. To help you understand the ins and outs of what goes into a product lunch, brush up on the five key phases of a winning launch campaign…
Product launch specialists will always advise that key questions to ask at this point are “what does the product offer?” “who will purchase this product?” and “how much will they be willing to pay?” During this stage you should also develop a clear brand strategy based on your findings. This should include name, pricing, budgets, branding and anything else that will affect the long-term success of your product.
Very few products hit consumer shelves without having undergone a prototype phase. Here, you’ll create a fully functional version of your product and meticulously analyse it for faults, pitfalls and areas that could be improved. This stage is a critical part of launching a product that sells and generates positive consumer reviews.
Before commencing this phase it’s important to identify the promotion vehicles that will be most effective for your product. For example, will you direct your budget towards emails, banner ads, telemarketing, PR or multiple channels? Without adequate analysis you’ll essentially be pouring money down the drain. The secret to promotion phase success is consistency, frequency and diversity.
After channelling resources into product promotion, entrepreneurs enter the refinement phase. Here, it’s important to swallow any negative consumer feedback and digest it as fuel to create an even better product. You should also reassess your promotion budget, analyse the ROI of each method and decide whether to increase or decrease the budget accordingly.
Once you’ve aced the above four phases it’s time to propel your product onto the global market stage! Thanks to meticulous market research, early prototype analysis, a galvanising promotion strategy and a secondary refinement phase your product should be well positioned for instant success.
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