Product Promotion and Product Launch

Product Promotion and Product Launch
Both product promotion and product launch initiatives quite often go hand-in-hand are still predominantly about communicating with customers and prospects.

Product promotions can, of course, be a promotion of an existing product by special offers, the production of brochures, editorial, advertising and of course via the internet etc but much of this has already been covered during the marketing sections.

In the past I have been invited to product launches that have been very glitzy affairs full of razzmatazz that have felt a million miles away from the reality of the average small business and nowhere near its average customer!

Press coverage was always the big catch-all and it seemed necessary at that time to try to both capture and impress the media which tended to mean that the main product promotion or launch took place in London and was usually very expensive to undertake.

So let’s assume you have, what you believe is a good product and now you want to undertake a product launch.

Let’ also assume that you have already tested the product and service in-house rigorously to make sure that customers don’t have to be the test guinea-pigs.

Finally, let us assume that you are a fairly small business without a large budget.

The product launch

• The most cost-effect method is to launch only at your known key target market – those who are most likely to buy the product. Target your existing customers and those customers who go to your competitors.

• Know your competitor’s products well - their strengths and weaknesses.

• Understand the price differences between your product and your competitors but do not try to sell on price.

• Understand and be very familiar with your competitors sales and marketing materials.

• Highlight the additional benefits of your new product - remember - you are already preaching to the partially converted.


• Understand your customers and potential customers and how they purchase and what influences them to buy - via the internet, mail shots, local advertising, leaflet drops, via distributors etc - and set your strategy accordingly.

• Be prepared to run and manage several of the above campaigns at the same time - minimising it to run one or two will almost guarantee failure - your message has to be reinforced.

• Be prepared to constantly modify your strategy as it progresses

Assuming that your product launch is as successful as you would wish, there are some points that I feel are worthy to mention:

1. Make sure that you have the infrastructure in place and the capability to support a dramatic increase in Sales.

2. Make sure that you have the sales capability to handle a large upturn in enquiries.

3. Make sure that you have adequate cash-flow to cope with possible high demands in raw materials, staff increases etc.

For further information or to see how the High Reach Marketing team may help to support your product promotions and launches contact us Today.

 

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