Purchasing Resources for Product Research

Launching a New Product

A successful rollout can mean increased profits and growth.
By Patricia Olsen 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:

1. Identifying sales channels
2. Ensuring you have enough supply on hand
3. 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.
Try:  Check out Schneider Associates, Entity Marketing Consulting and OpLaunch as examples of firms with this kind of expertise.

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.
Try:  There are companies, such as Maritz Learning, that specialize in providing pre-launch training for your sales force and service team to ensure a smooth, successful product launch.

See how others have done it successfully

Take advantage of case studies and sample plans for product launches.
Try:  Download a free product launch guide from Biz 360.

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.
Try:  Use an attorney service such as Patent.org, or head straight to the 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.
Try:  Listen to Podtech's podcast on measuring market metrics, or use measurement tools like BrandPulse offered at Nielsen BuzzMetrics, which is designed to gauge consumer response to your product or brand.

• 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.

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