Successfully Launching a New Product Into a Crowded Marketplace

It’s official, half of the year is behind us – and fourth quarter is around the corner. For many companies, this is the ‘bread and butter’ of their financial goals and can make or break a year. Having a great product is only half the battle, launching a product that will be profitable and even disrupt the market – requires a great deal of planning, strategy and hands-on effort.

Once upon a time, a company could launch a product by simply attending an industry specific trade show or hiring a PR company – all in one shot. While those outlets remain critical elements in a launch strategy, a myriad of platforms now exist that reflect the shifting market and rise in technology. In order to implement a launch that will truly make an impact – several alternate methods must also be tapped.

Create Anticipation

Don’t wait until the product is ready to ship – you’ll no doubt be sitting on too much inventory and wasting precious resources. Utilize all social medial platforms, direct marketing (email blasts, print mailing, billboards, white papers) to ‘tease’ the market with bits of information up until the full roll out or release date. Even more, pre-orders can help to build excitement and momentum.

The Influencer Effect

Taking a page from the traditional PR playbook – brand influencers, otherwise referred to as bloggers or stylemakers – can be an invaluable tool in putting a product in front of the right customers. Their ‘seal of approval’ has the ability to catapult a product into game changer. Placements with influencers can range from single posts on a blog or social media platform, to a full campaign with styling and photography.

Make Information Accessible

Traditionally, detailed product information was provided only via press release to identified press and vendors. Today, customers expect to be able to access all details of a product, it’s value and use via the click of a button. Whether it’s on the product’s packaging or the company website, provide product specifics in an easily accessible, intuitive format.

Build Community

Once the product has launched it’s easy to go into production mode – watching stock levels, shipping and fielding customer issues. Take advantage of the large amount of customers receiving the product by encouraging online reviews and feedback. If selling online, ensure your ecommerce page has a section where customers can provide their ratings. Closely monitor social media platforms to provide immediate customer service.