Enter Booking Details
A Product Launch is a process that has a lifecycle.
Thinking of a product launch as a process may change your entire perspective about launching products. Many people think of a product launch as an event, something that happens with a big bang. There may very well be a launch event as part of a launch process, but it may be just one of the things that are part of a winning launch.
The purpose of a Product Launch is to build sales momentum.
So why take the time to plan and execute a product launch? It’s to build sales momentum. Sales momentum enables your company to grow and prosper. You will add more customers, expand your influence, hire more people and grow even more momentum.
Product Launch may include :
Four elements are key to the success of a product launch: distribution, commitment from the sales force, an effective support infrastructure and targeted marketing. To plan and coordinate the launch, put together a team representing marketing, sales, product development and training. Prepare a launch plan and allocate responsibilities for each aspect of the launch. The launch budget should be adequate to cover sales training, launch events, marketing communications and retail support.
The product must be available for purchase. An effective product launch generates high levels of customer interest, so it is important to ensure that the product is available at the point of purchase. If you sell products through retailers or distributors, offer incentives to encourage outlets to buy stock for the launch and inform customers where they can buy the product. Provide outlets with sales support material to promote the new product. If you sell directly to customers via a sales force or website, build launch stocks to reduce the risk of delivery delays.
To sell the new product effectively, the sales force requires sound product knowledge and a commitment to its success. Provide training on the important features and benefits of the product and explain how the product meets customer needs. Highlight the sales opportunity and offer incentives to encourage commitment. Holding a high-profile launch event hosted by senior executives helps to build enthusiasm for the product and demonstrates the strategic importance of the launch to the company’s future.
Providing support for a new product is just as important as selling it. When customers ask for product information or need support, it’s vital that the customer service team has the knowledge, skills and resources to handle calls efficiently. Quality service is vital from the outset.
A launch marketing program targets existing customers and new prospects. Build on your relationships with existing customers by emailing them with information on the new product and offering exclusive discounts on initial purchases. If the product is aimed at prospects in a new market sector, you should engage in a broader marketing campaign to raise awareness of your company, as well as your new product.