BusinessHow To

How to successfully launch a new product

Launching a new product has never been easier. With the right strategy, you cannot just launch your brand but get numerous customers too. Please read this article to get some inspiration on brand launches. 

Identifying need

Buyers will buy only when they feel a need for a particular product. That need could be related to price, packaging, content, etc. Therefore, before launching your product, you should do some market research on what customers want. If you have never launched any brand yet, please get in touch with experts such as Pro Motion Industries. Market research deals with understanding the tastes of customers. This study has two dimensions- Quantitative and Qualitative. 

Working out Costs

What is the cost of production of this product? The answer to this question lies in the estimated market share. Suppose you want to corner a 25% share of this product’s market at a given price. Work backward and find out the production cost of your brand. 

Margin

Margin means profit, and every good marketer knows how much profit he is going to make per unit sales. It is up to you to identify the product margin. Please note that your targeted customer should be ready to buy your product at your price. 

Production

The next step in the launch process is to decide about production. Would you make this product or sub-contract this process to another entity? If you are a marketing-focused company, it is better to let someone else make your brand. 

Target Market 

Who is going to buy your product? Is your buyer a man or a woman, a boy or a girl? You need to identify your product’s target market. This exercise should also include information on his media consumption and other habits.

Distribution Channel 

This section deals with the question; how will you sell your product? What will the distribution channel be? Will you sell your product physically or through e-commerce portals? At this stage, you would need a sales team; if you don’t have this yet, please set up one. 

Product Branding

People don’t buy products; they buy brands. Does your target customer like your brand? Does she connect with it? There are many marketing agencies that can help you in the branding exercise. Every brand is a combination of People, Product, Promotion, Place, Packaging and Price. 

Launching the brand

When you have figured out all the above elements, it is time to roll out your brand. Your brand launch can include the following media options:

Print

TV

Internet

Direct Marketing

Out of Home

Radio, etc. 

Each of these options has a unique advantage. Experienced marketers combine all these options for a highly effective product launch. 

Advertising

Don’t forget to engage a professional advertising agency to make your brand ads. Ideally, this agency should also develop your media plans. 

Once you have launched your brand, it is time to check the launch effectiveness. This should take into account the number of people reached, etc.

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