Creating a new product is an exciting time for any business. When first released you’ll want as many people as possible to know about it – this is where a product launch can come in handy! In this article, we will be discussing exactly what is a product launch and how you can best plan one.
Planning and implementing a product launch takes time and dedication, you’ll want to invite the correct people, make sure you choose a venue with enough space and facilities for your needs and ensure the whole day is on point with your brand.
First things first, what is a product launch?
What is a product launch?
A product launch is when a company decides to launch a new product to the market. It can be either of an existing product which is already in market, or it can be a totally new product. There are various steps that need to go into the planning process to ensure a successful event.
The primary goal of a product launch is to make sure that everyone inside the company, partners and target customers know about the new product. Without a well-planned product launch, your new product may not hit its profitability and revenue goals.
What is a product launch plan/strategy?
The very first step is to create an informative and well thought out product launch plan. As with any event, dedication and time is needed in the planning process. It is vital you have a well-thought product launch plan in place, and you need to make sure you have planned out all the fundamentals.
A good idea is to download a free product launch template to help you out.
The main elements to focus on when doing your product launch plan are:
A positioning statement is a brief description of your product, the target market and how the product fulfils a particular need of the target market. The main purpose of a positioning statement is to convey the value and purpose of your product. You will need to have a good idea on who you serve, what you offer, how you offer it and why you do what you do.
You can find some great examples of positioning statements on Hubspot.
Competitor analysis is an assessment of the strengths and weaknesses of current and potential competitors. This is a crucial step in your product launch plan because it provides a strategic context to identify opportunities and threats. A competitive analysis lets you learn the ins and outs of how your competition works and enables you to create a plan that allows you to outperform them.
A market analysis provides information about industries, customers and competitors. Based on these insights, you can make informed decisions about your marketing strategies. A market analysis will also allow you to determine exactly how useful your offer is for a certain market.
Your product strategy will be a high-level plan describing what your business hopes to accomplish with your new product and how it plans to do so. You can use elements of your positioning statement, competitive analysis and market analysis to create this strategy.
One of the most important factors of a product launch is understanding your target audience. Who is your target audience? Why are they going to like your new product? How does it benefit them? What marketing channel do they use most? Some of the main things to consider about your target audience is age, gender, location, education, income, occupation, marital status and ethnicity. This data will print a basic image of your buyer’s persona.
What happens in a product launch?
Different things happen at different product launches – it totally depends on the product/company. One thing for certain, however, is that a product launch is usually an event. There should be enough buzz and hype promoted before this event that the product launch starts well before the actual release date and the effects will be felt long afterwards.
There are a tonne of successful event ideas you can think about when launching a new product – just look at some of the most successful companies in the world such as Apple, who undoubtedly know how to create anticipation about a new product.
Read up on product launch ideas.
Why is a product launch important?
A product launch is vital for any new product brought to market. A successful product launch event can be the difference between a few sales to millions of sales. A product launch will not only promote your new product but also helps with brand awareness and getting your target audience to know who you are. Primarily, a product launch is important for two main reasons:
Launching a product through articles and events ensures that the campaign gets noticed and that people become aware of the product. This is the main purpose of a product launch. It will create a good customer base and in return, create sales.
Planning and staffing
A soft launch can give an idea of the strategies that re to be implemented, resources and staff’s requirement needed to take care of once the product I released to the whole market.
Types of product launch
There are two types of product launches: soft launch and hard launch.
A soft launch is when the product release is limited to a small set of the target audience or limited demographics. This is usually done to get feedback and make any required changes before launching the product to the whole market.
A hard launch is when a product is released in full force to the whole market with extreme marketing efforts from the very first day in order to spread awareness and excitement.
What is a product launch? The last word!
Hopefully, you now have a good understanding of exactly what is a product launch. We have discussed a number of different things in this article including:
- What is a product launch?
- What is a product launch plan/strategy?
- What happens in a product launch?
- Why is a product launch important?
- Types of product launch
At Kettering Conference and Exhibition Centre, we have been host to many different types of product launches. We are based in Kettering with excellent transport links to the A1(M), M1 and M6. We can accommodate from five to 2,000 people in our event space for hire. Our arena is 2,000m2 so we can host large events and product launches. We have up to date technology as well as superfast internet so your presentation will be sure to be a success!
For more information, visit our dedicated webpage.