Tips for Planning a New Product Launch

If you are going to release a fantastic new product, you’ll need an earthshaking product launch. Drafting a press release and then sitting back and hoping for the best is not going to cut it. You need to do more than that. To hold a successful launch, one where the users actually show up, you need to have a plan that takes you through all three phases of a product launch. I will be walking you through some of the important tips to consider when coming up with your solid plan below.

Do your research

Don’t be over excited and forget to do proper research. You need to know what problems your product aims to solve and understand the underlying dynamics of the industry you wish to venture into. What tactics and strategies are your competitors using? How does your product fit into this market? What makes it unique? Skipping this step is the reason why many product launches fail.

Test your product’s viability

Creating a great product takes time and patience. It is highly unlikely that you will nail it on the first attempt. Therefore, you will have to do a lot of testing and re-engineering before you can release the final product. You can also use surveys to acquire feedback from consumers. But take care not to treat the feedback as validation but as guidance.

You don’t have to achieve perfection; don’t waste a lot of time working on a single thing. That said, there is no excuse for releasing faulty products into the market, especially if the fault poses any danger to the consumer. According to lawyer Paul Zappettini “the seller or manufacturer will be held responsible for dangerous product defects.”

Define your objective

What do you hope to achieve during the launch? If you can answer this question, you will have an easy time deciding how the event is going to look or feel. For example, you can choose to give attendees a dazzling experience or tone things down to a more intimate level. The experience will be dependent on what you intend to accomplish. However, you should avoid approaches that take the attention away from the product. It is a product launch; the product should take center stage. If you concentrate too much on personalities, you will lose the plot.

Set goals

You will only know whether your product launch was a success or not if you can define what that success should look like first. Make a point of setting targets and goals so that you can measure your achievements. Your goal could be venturing into a new market, creating brand awareness or increasing your customer base. Whatever these goals are, they should align with the overall growth plan of the company. The product is useless otherwise.

Pick the right venue

The site can make or break your launch. Take time, and pick the right one. The first thing to consider is space. All your guests should be able to fit into the room. Also, avoid places that are so big that they appear empty no matter the number of your guests. Look for a place with spacious entries and exits. The venue should also have enough parking space.

You don’t want to end up with a logistical nightmare as your guests arrive and depart.

Maintain the momentum

The product launch should never be an end in itself but rather the start of a long and fruitful marketing campaign. Only 35 percent of all product launches are successful. Launching a new product can, therefore, be very exciting. But the excitement should not distract you from looking into the future. You should already be thinking about your next move going forward.

Bottom line, a successful product launch requires a solid plan. The tips outlined above will ensure that your product does not become just another statistic. But even as you implement these tips, don’t be afraid to be creative. The launch does not have to be a traditional event. For example, you can challenge consumers to come up with innovative ways to use the product.

Finally, don’t shy away from seeking advice or help from other entrepreneurs or mentors whenever you get stuck.

Adam Richards

About Adam Richards

Adam Richards is a semi-retired business professional originally from Bangor, Maine. He spent the majority of his career in sales and marketing where he rose to the marketing lead of a Fortune 1000 company. He then moved on to helping people as a career counselor that specifically helped bring families to self-sufficiency through finding them rewarding careers. He has now returned to Bangor for his retirement and spends his free time writing. This blog will be about everything he learned throughout his career. He'll write on career, workplace, education and technology issues as well as on trends, changes, and advice for the Maine job market and its employers.