Almost all businesses need to occasionally introduce new products for growth and profitability. Yet research shows that more than half of all new products fail in the first year. Product introduction builds upon initial plans made during product development. But getting the message — and your product — out effectively requires attention to every detail.
Your launch strategy should start with:
- Identifying sales channels
- Ensuring you have enough supply on hand
- Planning a media campaign
Consider an agency that specializes in new product introductions
Unless you have the expertise in-house, it pays to call in the experts for positioning, branding and other advice.
Educate your sales force and other employees
Make sure the front line — and anyone else with a need to know — understands the new product and the message you want to convey about it.
See how others have done it successfully
Take advantage of case studies and sample plans for product launches.
Get patent- and trademark-savvy
You can end up in court if you don't get it exactly right in these areas. Someone can steal your idea or logo or slogan, or you may unknowingly trample on another company's property.
US Patent and Trademark Office.
Measure your success
Gauge the buzz you've created — find out what customers are saying on blogs and through word of mouth, for instance.
- Don't be afraid to try new media for your message. New magazines and Internet sites are springing up all the time.
- Begin to build buzz through your employees. They're your first line for word-of-mouth advertising.
- Consider the product lifecycle and make changes to your campaign accordingly.
