Launching a New Product: Basic Suggestions

New ProductLaunching a new product is almost like nursing a new baby in that you have to give it everything it needs to survive. Eventually, if you’re successful, your new “baby” will have a life of its own. People will know its name and your company will earn popularity points, not to mention money.

In business, the more people know about you, the better. When launching a new product, you need to generate even more noise. The success of your new offering depends on it. Sometimes, a successful launch can even save an entire company from bankruptcy.

To help you cover all bases, here are a few suggestions.

Have a Budget

Generally speaking, to earn money you have to spend money. So while you plan your launch, include the cost of every activity, material, etc. Don’t forget the small stuff like transportation and food allowances for staff who will handle trade shows, interviews, deliveries, etc. Include your leaders in the planning and brainstorming sessions. If there are vital contributors, involve them as well, regardless of position in the company. Their input matters, particularly if you are trying to minimize the expenses while maximizing output.

Have Unique Freebies

Freebies are not just for the customers; they’re for you — they remind the audience of your brand. But don’t just give away pens with your name on them; be creative. For example, hire a company to print heat shrink sleeves for bottles if you’re launching a new drink, and have them design something that will make your product more attractive on store shelves. But don’t forget to consider the brand recall part; the design should be in line with your company’s style and vision, suggests

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Have an Audience

It’s important to know your target audience. Knowing whom to market to is a lot better and cost-effective than getting by with a shotgun approach. Demographics have always played a part in commerce; no point in ignoring them now. Do an in-depth research into your market’s buying habits, spending power, and product preferences, among others. While you’re at it, find out what the competition is doing. This is the only way you can separate your product from theirs, by offering what they are not, or making your product better than theirs. This is the reason smartphone manufacturers are always touting higher capacities, better cameras, clearer screens, etc.

Making noise is not hard when you really think about it. But ensure when you make noise that it isn’t empty, but rather, that it resounds among your customers long after the initial bang.