5 Ways to sell more with your next product launch
Whether you have launched a product in the past, whether you have launched many, or whether you are just beginning a new business and are looking to successfully launch your product there are five important steps, laid out in a business model, that will help your product to sell more successfully.
Your first step when planning to launch a product should be doing market research. Market research consists of gathering information about the market you are trying to break into, the customers interested in your product, and your competitors.
When gathering information about the market you are releasing your product into you will want to find out answers such as, what is the current demand of this product? How saturated is the market with this product? Are your competitors fulfilling the needs of your potential customers or are there needs for this product that are not being met?
When gathering information about the customers you are trying to reach you will want to find out the age group, amount of population, and interests of the customers you are trying to reach.
When you are gathering information about your competitors you will want to be very thorough in your research. Who are they targeting? What needs are they meeting? How do their prices compare to yours? How does their product compare in quality to yours?
Market research is very important to launching a product because you must be aware of who you are selling to, what their needs are, and how your competitors are meeting those needs.
The second step when planning to launch your product is deciding whether or not to use a public relations service to help market your product. A public relations service will be able to reach your market through media outlets other than normal advertising and hopefully create a better image for your company through those more personal, less advertising outlets. If you choose to select a public relations team they will need to be included in all steps of your launch. Though a public relations service is generally used to reach your customers through other means than advertising, when launching new product advertising will be necessary. Using both your market research and yourpublic relations team you can decide which ways of advertising will be most affective
The third step is deciding on a promotion that will bring more customers in to try your product rather than your competitors. You will usually want to launch the product with a sale of some sort that offers your customers a competitive product to what they have been using, at a lower price. This will bring them in, and if your product is the better choice, you will then have gained new customers.
The fourth step is simply a product logo. Is your product and everyday household item? Is it food? Is it entertainment? When trying to decide on a logo it is important to come up with something that links your product back to its main purpose so that when your customers are thinking of that item, service, or entertainment, your particular brand is what will come to mind. Keep it simple, yet catchy so it can easily be remembered.
The last step in launching your product is simply naming your product. You want to keep the name similar to its purpose (Double Bacon Cheeseburger: Hamburger with bacon), or to your company name so that people think of you and know the purpose of your product when selecting your product.
With these five simple steps you should be able to implement a program to launch your product that will ultimately find success if it is planned out well and followed through with thoroughly.