A product launch is when a company decides to launch a new product in the market. It can be an existing product which is already in the market or it can be a completed new innovative product which the company has made. Product launch involves various steps which involves understanding customer needs, product design, testing of the product, marketing & advertising and ensuring that the product reaches out to all its audience. A successful product launch provides a sales momentum for the company.
Product launch
Our Launching Activity
Antora Communications is the well-known name in the industry for offering the best quality Product Launch Event service. Launching a new product, premises or service must be done in a way that reflects your brand accurately and in the way you want it to be seen. Your launch event is a key element in achieving this. We believe first impression is the last impression. We give kick start to your upcoming brand in the competitive market. And ensure that, the product launch events organized by us, help our client in a range of consumer-targeted and corporate clients to help them put on the perfect event to achieve their goals. We help companies all of sizes plan and design winning product launches, and we utilize advanced technology, While rendering these product launch services. Our product launch events team will help your staff match new product capabilities to specific markets, develop clear product positions, define messaging, set solid launch goals, leverage the media, and execute your launch with perfect timing.
A product launch generates attention for your company. When you issue a press release that gets published, people read about your new product and, at the same time, learn about or get introduced to your company. People often click through to your website when reading the story online to learn more about the product; potential customers might read up on your company, especially if it is relatively unknown. This attention can lead to a larger customer base and more sales for both the new product and other of your company's products.
When you launch a new product successfully and it sells well, it can cover the development and launch costs -- generating a profit for your company. If the product is evergreen -- something that people will need or use for a long time -- the revenue stream that begins with the product launch can be consistent for many years.
If your newly launched product sells well or fills an unaddressed consumer need particularly one ignored by other companies -- your company can become an industry leader with a reputation for developing industry-changing products and bringing them to market. When consumers or target customers trust your company, your next product launch is likely to sell well initially, based on the success of your previous product and your overall company reputation.
A product launch can generate new partnerships or business relationships. If your company is a startup, a successful product launch can lead to larger companies making offers to acquire your company. Others might want to invest in your company, based on your new product, or might want to form a business relationship to sell your product to more people in a revenue-sharing model.
1. Geographic location (city, town, etc.)
2. Brand (of newspaper & magazine), and
3. Space (how much & which part of the page you are booking).
- Company and Product Attention
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A product launch generates attention for your company. When you issue a press release that gets published, people read about your new product and, at the same time, learn about or get introduced to your company. People often click through to your website when reading the story online to learn more about the product; potential customers might read up on your company, especially if it is relatively unknown. This attention can lead to a larger customer base and more sales for both the new product and other of your company's products.
- Increase Revenue
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When you launch a new product successfully and it sells well, it can cover the development and launch costs -- generating a profit for your company. If the product is evergreen -- something that people will need or use for a long time -- the revenue stream that begins with the product launch can be consistent for many years.
- Company Reputation
-
If your newly launched product sells well or fills an unaddressed consumer need particularly one ignored by other companies -- your company can become an industry leader with a reputation for developing industry-changing products and bringing them to market. When consumers or target customers trust your company, your next product launch is likely to sell well initially, based on the success of your previous product and your overall company reputation.
- New Business Relationships
-
A product launch can generate new partnerships or business relationships. If your company is a startup, a successful product launch can lead to larger companies making offers to acquire your company. Others might want to invest in your company, based on your new product, or might want to form a business relationship to sell your product to more people in a revenue-sharing model.
1. Geographic location (city, town, etc.)
2. Brand (of newspaper & magazine), and
3. Space (how much & which part of the page you are booking).
Product launching process:
Depending on the goals the company has for a product, the budget and marketing activities planned to support the product launch will vary. Along with advertising and promotion, companies must prepare for the production, distribution, packaging and all other logistic and production/distribution activities. Additionally, plans must be made to ensure that products are available for purchase and appropriate inventory is distributed to regions, stores, and sales outlets where consumers will demand the products.
There are three main phases of the product launching process, each with several steps:
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Data Gathering and Analysis Phase:
- Product Definition
- Strategic Objectives
- The Customer
- Market Analysis
- Competition
- Distribution Plan
2. Market Strategy and Programs Phase:
- Market Strategy
- Message Development
- External Marketing
- PR and Advertising
- Internal Marketing
- Marketing Plan
3. Launch Planning and Implementation Phase:
- Planning Process
- Launch Team
- Launch Schedule
- Launch Budget
- Launch Plan
- Launch Implementation
Creating a Cost Effective Marketing Plan
The small business owner needs to conserve capital and spend money only on marketing strategies that have a high probability of securing significant numbers of customers. One approach is to research which methods are working well for other companies like his. His plan should take advantage of marketing methods that are very low cost, such as sending out press releases about the new product which may result in free publicity.
Introducing the Product's Benefits
The small business owner must be able to clearly articulate why the product will be of benefit to the target markets he has selected. Benefits are often expressed as solving a problem for the customer or meeting a customer need. Benefits can include saving the customer time or money. The product may also help the customer get more enjoyment out of life, such as sporting goods that help the user be more competitive in his favorite sport. For products marketed to business, the marketing message many times stresses that they will improve the company’s productivity.
Building Customer Awareness
The marketing plan for the new product must include strategies for building customer awareness — bringing the product to the attention of potential customers. Building awareness is difficult because consumers see and hear numerous marketing messages each day through many different media including print advertising, television advertising and the Internet. Marketing professionals refer to this challenge as being heard above the “noise” in the marketplace. If the company is effective at building awareness, the target customers will become curious about the product and want to learn more about its uses and benefits.
Positioning the Product vs. the Competition
Particularly if the small business owner has entrenched, larger competitors, when introducing a new product it is critical he determines what aspects of his product are superior to competitive products and emphasize these points of differentiation in the marketing message he delivers to his target market. He must also market the product based on his company’s own strengths and not try to beat out the competition in areas where they are perceived by customers as having the clear advantage.
Positioning the Product vs. the Competition
Excelling at customer service and maintaining high customer satisfaction provide immediate rewards through increasing the likelihood the current customer will purchase the product again. Encouraging word-of-mouth recommendations of the product from extremely satisfied customers is one of the least expensive and most effective marketing strategies a small business owner can use. Minimal cost is involved — perhaps just rewarding customers for making these recommendations with discounts on future purchases. Recommendations are powerful. Consumers rely on the opinions of current users of the products — associates, friends and family — to determine whether they want to purchase them as well.