For a brand, a product launch is an important event where the right to make mistakes is not allowed. Here are 5 tips for applying for a successful sales strategies:
- Know your product perfectly
- Analyze the strengths and weaknesses of your competitors
- Identify your target
- Make your selling proposition unique
- Communicate around the launch
Many companies lose sight that a product launch is a significant event that a real strategy must support.
They also take the risk of seeing their product fail to attract customers, which can lead to financial losses but also a deterioration of the brand image.
It is to prevent you from finding yourself in such a situation that today we are offering you 5 keys to making your product launch a success.
Table of Contents
1 – Know Your Product Perfectly
It may make you smile, but it is impossible to have a successful product launch without having developed an in-depth knowledge of it.
Usually, if you’ve been involved in product development, that’s not really a problem. You effectively know what needs the product has been created to meet, what its key features are, but also what benefits users can derive from it.
You also need to be able to identify the features that are most likely to make a difference and push the product into the hands of consumers. Once it’s done, focus on them at launch events, and there’s no doubt consumers will buy into it.
If your product fills a consumer need and meets their expectations in terms of quality and price, there is a good chance that the sale of the product will be successful.
Some marketers consider that “a good product sells itself”. Skype, for example, has conquered a large audience simply thanks to the advantages it provides.
2 – Analyze The Strengths and Weaknesses of Your Competitors
Whatever product you plan to put on sale, you are necessarily faced with competition, even if it may be more or less strong.
Also, to successfully launch your product, it is essential that you take the time upstream to analyze your competitors and especially their strengths but also their weaknesses.
Indeed, there is no point in wanting to challenge your rivals on their strengths. On the other hand, if you have identified the weakness of the competitor’s product, tell yourself that this is where your product should hit hard. There is certainly an opportunity to be seized.
By listing the strengths and weaknesses of your direct competitors, you will therefore have excellent indications of what your product must offer so that it has real added value compared to those of your competitors.
If you manage to achieve this during product development, you will no doubt know what arguments to put forward during the promotion to make your product sell.
3 – Clearly Identify Your Target
When creating a product, it is essential that you know exactly who it is best for. In other words, you must be able to identify your target.
Once the target has been identified, you must be able to collect as much information as possible about its members. What are their needs? What are their expectations? Are they really listening to what’s new, and how much are they willing to pay for a product like yours? These are all answers that it is interesting to know for a successful product launch.
For example, the choice to launch a new product in order to expand a range is often linked to having a good knowledge of its target.
4 – Make Your Selling Proposition Unique
In order to successfully launch a product, you must ensure that you make a unique selling proposition to consumers. It was Rosser Reeves, a marketing expert who broke the codes of advertising in the 1960s and 1970s, who formalized this concept.
According to him, “each advertisement must make a proposition to the consumer”. Very concretely, an advertisement must invite a consumer to acquire a product by clearly explaining to him the benefit he will derive from it.
Then, “the proposition must be unique”, that is to say, that no competitor must do the same.
If “the unique selling proposition is strong enough,” it will stand out, and you should be successful.
5 – Communicate Around The Launch
While it is obviously essential to promote your product, it is also relevant to communicate about the product launch. To do this, consider defining a strategy that includes both elements and try to create a buzz around the launch.
It is for example, interesting to organize an original event to launch the product. There are many possibilities, the main thing being that the event is talked about and indirectly about the product.
Also Read: Types of Branding and How To Use Them
Imagine that the event imagined for the launch of the product (concert, sporting event, parade, etc.) benefits from a relay in the press or even on television; it is a fabulous publicity stunt for your product, and this even if it is only quoted.
Designing and launching a product that will drive sales figures into a panic is impossible without a well-honed strategy.
Also, take care to respect these few essentials of marketing to know how to identify your target, conduct a competitive intelligence, know your product or even make your proposal unique if you want to meet success in your project.