A product launch refers to the process of introducing a new product to the marketing. It indicates the point at which consumers first have access to a new product. A product launch is integral for any business that creates and offers items for public consumption, as it can determine whether or not a product will be well-received. In this article, we offer an overview of the product launch process.
Businesses invest a great deal of money on the development of new products, carefully monitoring and controlling the entire process, from the inception of the idea to the completion of the finished product. However, once a product is created, many companies don’t invest in the launching process of the product. As such, the product that a company spent a great deal of money and time on creating may not be well-received by the public, and in turn, the success of the product – and the company – could falter.
How can companies ensure that their products will be received by the public? – By investing in the product launch process.
Why a Product Launch is Important
Today’s marketplace is more competitive than ever. As such, it is important for companies to present their products and get them out in front of their targeted audience. Doing so ensures that consumers are aware of the product and what it can offer.
Businesses make their money by selling the products that they create. It is for this reason that the product launch process is so critical. By definition, a product launch introduces a new product into the market. While product development is crucial, launching the product is just as important, if not even more important. A product launch has been determined to be the most critical and most vulnerable aspect of the process of the production of a product.
The Purpose of a Product Launch
The main purpose of a product launch is the growth of a business. When a business masters the product launch process, it can improve the growth of the company because the product will be successfully introduced to the market. Product launches help to create sales and build revenue because they can expand customer base. When a product is launched, a company has the ability to target customers that they previously did not have access to. Moreover, they can capture the attention of existing customers by introducing a new product.
Elements of a Successful Product Launch
In order for a product launch to be successful, and in turn, for a business to generate revenue and increase their success through the introduction of a new product, the process must focus on key elements.
The elements of a successful product launch include:
- Evaluate opportunity within a market. There are several elements that a business should take into consideration during the product development sage when determining market opportunity. These include:
- Audience. The audience should also be taken into consideration.
- Competition. Any competition that is within the same market space should also be taken into consideration.
- Finances. The financial environment of a product should also be considered, from development to distribution.
- Testing. To find out how the market will respond to a product or how successful the product will be, testing is crucial. Businesses can do this by gathering a collection of loyal customers and have them test a product and offer their feedback. This will allow a business to gather information that will allow them to make improvements to a product prior to the product going on the market.
- Timing. The timing of a product launch is crucial for attracting consumers and gaining the most revenue for a product. It is important to launch a product within a time frame that offers the most opportunity. The product should be launched when there is a demand for the features that it offers within the marketplace.
- Establish goals. The goals of a product launch also need to be established in order to ensure that the purpose of the launch is understood. Once goals have been determined, a company must decide how they will be measured and what tools will be used for measurement.
- Positioning. Proper positioning when launching a product will shape how customers evaluate a product against the products that a competitor offers.