Considerations for Your Next Product Rollout
How successful was your last product rollout? Chances are, even if your product performed well, you may still have some room for improvement.
Consideration #1: Have You Scheduled a Physical Showcase?
One of the most effective ways to sell products is by letting potential customers see, hold, and even sample your new product. There’s simply nothing like physically getting your product into the hands of the people who will use it. Additionally, even if you do not make sales that day, impressed trade show and convention goers are likely to spread news about your product to their friends, leading to increased visibility and sales down the road. Conventions and trade shows, as well as open house and pre-order events are all fantastic opportunities to stage your rollouts. If you can’t find one, consider hosting one yourself!
Consideration #2: Have You Developed a Prototype?
As we said above, there’s really nothing like getting your product into the right hands — after all, that’s what this is all about, right? If you really want to get customers amped about your product, make sure to at least develop a prototype to be displayed during your rollout. Allow customers to pre-order, so you have an idea of what types of customers may be interested in your product and how much demand there may be for it. Allowing for potential customers, even at an early stage, to get as close to a sale as possible can net you a wealth of information about how to market it.
Consideration #3: What is Your Launch Plan?
In order to have a successful product launch, it is essential that you develop a well-thought out plan and stick to it. There are a number of factors to consider as part of your launch plan, including:
● What is your target audience?
● How much are you willing/able to spend?
● How much inventory should you stock?
● How much money do you need to set aside to stock inventory?
● How much revenue do you anticipate?
● What are your sales goals?
● What deadlines do you have for each part of the launch?
● How long will the launch take?
● Do you need to make additional hires?
● Will new or existing employees need additional training?
Consideration #4: Have You Analyzed Your Product?
In order to successfully launch your product, you must analyze it. You’ve probably asked yourself many of these questions while engineering your new product, but it’s a good idea to revisit the following:
● Does the product fulfill a need in the current consumer market?
● Does the product have any weaknesses that will make it hard to market?
● Are there any competitors already selling this product?
● What is the outlook for its success in the current market?
● Are there any research or changes that are needed to make a better product?
Consideration #5: Have You Prepared Your Company for the Product Launch?
It is more than just the product itself and the plan for its launch that drive your success. You must also consider whether or not your company is prepared for the product launch, and the success you hope to achieve. Here are some things to consider:
● Which staff members will be key players in the launch?
● Who should be the product manager or lead of the product rollout?
● Which staff members should have advanced training on the product?
● Is the product launch going to change any processes in the work environment?
● Are you prepared to handle your anticipated sales?
Consideration #6: How Are You Communicating About This Product?
Nearly every step of your new product’s success is going to rely on your ability to reach and inform your target market. This includes everything from a prophetic “coming soon” display in an existing retail location to the press release announcing its availability for purchase. There have never been more ways to get in touch with your market than there are today, and each has its own reach, advantages, and limitations. If you have a regular physical presence, whether it’s a dedicated storefront or consistent trade show appearances, consider displaying custom flags pertaining to your new product before or during your soft sell period. Set up a specific email marketing campaign, so you can spread the word and get a feel for the kind of response you may get from the open market. A social media campaign through high-visibility platforms can also help to give your next launch new legs. If your business works with influencers, make them aware of your activities — they may even have ways to help spread the word through their activities that you may not have thought of, yourself.
In any case, find the methods and strategies to reach out to your market and make sure they know you’ve got the next big thing for them. It’s not enough to simply build it, you need to lay a welcome mat in front of every door that leads to your new product. Then they will come.