Photo by WILLIAM MURPHY
At this stage, it’s probably not what you want to hear, but the truth is that not every product launch plan is an unrivalled success. When it comes to knowing how to launch a product, it’s good to remember that doing so is an inherently risky undertaking. Because, no matter how much customer research you’ve conducted, how much insight you have into the market or how tremendous you think your product is, there is no guarantee of success.
Failure rates of new products vary quite dramatically depending on the source (as you can see from these stats). However, you will see that failure rates across the board are quite high. So, with the odds against you, it’s clear you need to do everything in your power to create a solid product launch plan that gives your new product the very best chance of success.
Here are our top tips on how create a product launch plan:
1. Focus on the people, not the product
The reality is that very few consumers care about the specifications of your product. All they want to know is how the product will improve their lives. Almost everyone involved in marketing will have heard the phrase coined by Elmer Wheeler in the 1920s: “sell the sizzle, not the steak”. What he meant was that marketing should be all about the benefits for customers and not the features of the product. Benefits include things like simplicity, speed, ease of use, productivity and style.
So, creating your product launch plan, think carefully about how you will convey these benefits to consumers. Creating a compelling picture of how your product will make their life better will generate interest and excitement.
2. Create a buzz online and off
Writing a press release and reading it out on stage or simply uploading it online is not the sort of product launch people will take note of. To grab consumers’ attention, you should create an entire event around the release of the product so as many people as possible realise it’s happening.
If you have a big enough budget then launching your product at an upcoming trade exhibition or show is a great way to reach your intended audience. If not, at least make a big noise online so prospective customers and potentially the media take it seriously and pay you more attention. That’ll be reflected in your product sales.
3. Make it revolutionary (or at least different)
Not every business has the budget or the reach to create a product launch event that will make waves in the industry, but every business can work to make their event different so it sticks in the minds of attendees. And importantly, different does not have to be expensive.
Hiring equipment such as iPads, virtual reality headsets, large screens and projectors can bring an extra level of immersion and interactivity to your launch without breaking the bank. This will allow you to communicate the benefits of your product in the most compelling way.
4. Encourage pre-orders
Don’t be so protective of the new product that you miss out on what could be a low-cost and incredibly effective way to boost sales. If you already have stock on the shelves, a simple way to build on rising enthusiasm and to create a sense of exclusivity is to offer a limited number of pre-order sales.
Creating regular online updates about the progress of the new product and providing a link so customers can pre-order will help to generate excitement before the official launch.
5. Develop your product launch plan early
To build excitement, you should start developing your product launch plan long before the actual event. Drip feeding prospective customers with details will help to create a sense of mystery around the product and give the rumour mill time to kick into action. Offering snippets of information to industry blogs and magazines in your sector will also create a buzz.
Hopefully this article has given you good insight into how to launch a product in a memorable way. At Hire Intelligence, you can hire the technology and equipment you need on short-term and long-term deals to create an unforgettable product launch event for less. Need some advice? Get in touch with our team today.