Most product launches fail, according to a feature in the Harvard Business Review. That’s because, since ‘American families, on average, repeatedly buy the same 150 items, which constitute as much as 85% of their household needs; it’s hard to get something new on the radar.’ The biggest obstacle to success appears to be a lack of focus on marketing. The days when it may have been possible to find the world beating a path to your door because you built that better mousetrap have been consigned to history, if they ever existed at all. Generally, the love you have for your product or brand translates into a lot of time spent on design and production. Then suddenly, you have a product or service, which you’re scrambling to sell because your product launch strategy still requires the following elements:
Know the Market. Market knowledge means being aware not only of the general economic climate but how your competitors are faring in it. Like a general preparing for attack, you must know the terrain that your forces will navigate, as well the deployment and strength of the enemy. To do otherwise is to court disaster. QualityStocks will help you perform a SWOT analysis that identifies your strengths and weaknesses, as well as the opportunities and threats that lie ahead.
Know Your Customer (KYC). There’s more to KYC than identity security. It’s helpful, for example, to create “Customer Personas” by segmenting a broad market. A market segment is a part of a wider market defined by certain attributes. Coke Zero, for instance, targets men 20-40 years old who want a low calorie Coke but think Diet Coke is feminine. It’s only when you know who you’re selling to that you can determine the message.
Tailor the Message to the Customer. Your Unique Value Proposition (UVP) or Unique Selling Point (USP) must tell your customers in clear terms what’s in it for them. Here’s Uber’s UVP: “Uber – The Smartest Way to Get Around”. That tagline sums up the entire Uber business in seven words. If you can sell your brand as succinctly as that, then you’re on your way to success.
Prepare to Fail, if You Fail to Prepare. Lots of brilliant ideas and optimism is not a strategy. Your genius has to be transcribed into workable phases with clear objectives that can be measured. Likewise, objectives without a plan are simply wishes. Part of this planning process is deciding on your marketing channels. The “messenger” can be just as important as the message.
Test the Product or Service. Product testing can help you fine-tune the offering, but, generally, it should only be conducted when you’ve almost finalized the product. There shouldn’t be too much change between what is offered to the test market and what the actual market will see. The QualityStocks team can help tweak the market offering by providing vital insight into factors such as price points and product sizes.
Rolling out your campaign. QualityStocks understands how to create the right buzz for any product launch. We can set up a spectacular launch event with press coverage and other publicity. Those first few weeks and months are crucial to your success, and we stay on top of social media, investor relations and marketing efforts. Our goal is to fully explore every viable means of marketing while building on the momentum of the initial launch.
QualityStocks understands how to apply the keys of a successful launch to any business. We work with any budget, using innovative technology to gain market exposure and customer loyalty. Contact us to find out how to make your product launch a successful one.