A successful product launch is a critical stepping stone in the life of every startup. After all, once your product is ready and out in the market, you can start working on attracting new customers and increasing your sales.
However, according to the Marketing Research Association, of the products that make it to market, only 60% will actually generate some type of revenue. In summary, 40% of newly launched products are destined to fail. Not to mention that, even if successful at first, a product still has to pass the test of time since most customers tend to lose engagement once the novelty factor runs out.
So yes, there is a lot at stake when it comes to launching a new product. Still, when done right, it is the perfect way to promote brand awareness and boost sales. Therefore, today we’ll take a brief look at the elements that contribute to a successful launch and why brand awareness is dependent on it.
The top 3 Elements of a Successful Product Launch
In a world where product launches happen on a daily basis, the only way your product launch can be successful is through thorough preparation. This involved everything from product design to get to know the target audience at an intimate level (and the steps in between).
Now, if the product is ready to be launched into the world, you also have to prepare for the actual launch event. This step is equally crucial for the success of your product since, if it’s not entertaining enough, it can easily go unnoticed. Therefore, if it’s an online event, start by identifying the best channels and mediums for your audience. On the other hand, if it’s an in-person event, you have to choose the right venue and send out the invitations.
Quick tip: For in-person product launch events, good event floor planning and organization are important, so it’s best to invest in or use an agency that has access to event floor plan software to create custom floor plans and adjust the flow of the event accordingly.
#2: Send a Clear Message
A well-prepared launch event must send out a clear message so possible customers will understand exactly what you’re offering. Otherwise, you run the risk of losing their interest in the first few seconds.
Additionally, make sure to keep it short. People today want a clear, easy-to-understand message that can be read in one quick glance.
#3: Be Prepared for Failures
Yes, we used the plural because it’s rather rare to work at a launch event without having to deal with a few mistakes and mishaps. Therefore, it’s crucial to have a plan B (maybe even a plan C), for the situation when plan A doesn’t seem to happen.
Product Launch & Brand Awareness
Due to the broad use of the Internet and the wide range of social media channels, nowadays businesses have lots of options when it comes to building brand awareness. The amazing thing is that you can be as original as you like in your approach – from using paid social media to creating your own engaging content, everything goes.
Still, a successful product launch will boost your brand via the best possible channel – word of mouth. If your launch falls on the right ears, the media will start talking about it. Next, you’ll see the topic rolling around on various blogs and channels, and finally, the topic will spark the interest of possible customers.
Moreover, this has the potential to lead to new business relationships and forging new connections that may prove useful in the future. Overall, a successful launch is bound to put your brand on the map!