Product Launch Strategies That Can Accelerate Your Product's Market Value

By Aveek Pal Chaudhuri Thursday, 12 March 2020

Feeling nervous and anxious for the big occasion is just a sign that you are ready to deliver the best to your customers in terms of a new product launch. What is more joyous for you than launching this new product successfully? You might have prepared a speech to read or might have prepared yourself to present the product in front of packed media and crowd like the very best – Steve Jobs. However, it didn’t go as planned. What could be the reason behind this? Any fault in your reading the product description? Well, it could also be the since you did not strategize well before getting ready and grooming yourself.

Since product launch is the gateway to the market, through which you acquire new clients, and create networks for generating revenue, there are certain norms and plans you need to multiply the essence of your product launch and make it more successful. How can you do that? Through proper product launch strategies. What are those? Let’s find out.

  • Organize A Pre-Launch – In a report by Harvard Business School, we get to know that every year more than 30000 newly made products are launched, among which only 5 percent reach the level of anticipated success. Therefore, to be in the success bracket, one strategy you can rely on is pre-product launch marketing. Through this, you can organize contests and give away a few sample products to the winners. This will create a craze among consumers. Social media is one option that can spread the contest details in minimum time. Also, you can use email marketing or text marketing. A survey report by Nielsen tells that 57 percent of the participants bought a new product when they went for grocery shopping. You can also organize live contests at grocery stores and give away prizes or product samples.
  • Banner Advertisements – Did you use this advertising form that comes with various options before launching your product? If not, well this is the traditional and one of the most successful ones. Before a product launch, you can use different banner advertisements like Vinyl Banners, Billboards, Mesh Banners, Digital Sign Board Banners and Printed Shade Cloth Banners to inform the consumer’s group about your upcoming product. Hire professional copywriters to create engaging content and designers to give a visual appearance for your upcoming product.
  • Make Your Product Acceptable – Another Nielsen survey report says that 63 percent of the consumers do no praise a new product from manufacturers. When this is the case, don’t just showcase what the old product lacks or how relevant products from your competitors are not meeting the demands. At the time of conducting the contest and supplying the samples to the winners, ask them to give reviews on public forums. Through this customers will know the quality of the upcoming product.
  • Keep Your Product Available For Everyone – One more survey report by Nielsen suggests that when they asked consumers about the feasibility of a new product, 43 percent said it was unfeasible. Keep a check on the pricing of the product and make sure you offer discounts while keeping profits intact.
  • Customer Service – Your product would have been the best if you had planned for after-sales. It is the most critical one as consumers often have queries and they try to reach the solution by contacting the manufacturer. Having efficient and adequate members in the customer service team is the solution for you. You should determine what type of problems customers can come up with and plan with the team accordingly. So, providing training to the team is up to you. Words spread quickly, therefore exquisite customer service can help in maintaining the reputation.
  • Filter Audience – From reviews and past user lists find out your loyal customers. Invite them to the launch party and let them use your product. If they are satisfied, then you are on the right track, if not – take their suggestion on what they want to be added in the product and remarket, re-launch your product.

Market acceptance is what you require when you launch the product. In addition to grooming yourself properly, follow these for a successful product launch.

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