Importance of an Effective Product Launch Marketing Strategy A well-planned marketing strategy ensures that your brand new product is recognized, used, and talked about by your target audience prior to its release.
Such chances of product failure are dramatically reduced when a sound marketing plan helps to gain new prospective consumers right at the very beginning of your product launch. The plan should be comprehensive enough to cover not only the marketing aspects of the product but also the distribution aspects as well. It must be able to cover all the planned stages of the product launch from planning to launch, with specific date-targeted time frames for each stage.
A comprehensive product launch marketing program, therefore, should be able to address everything from product development, through product testing, marketing, promotion and customer service.
It must be able to build a strong support network consisting of a nationwide network of distribution centers that can handle all the product launch requirements. Most importantly, it must be able to provide the expertise of a nationwide personal sales force to help answer any questions or concerns that customers may have. This team of professionals should consist of knowledgeable, friendly and experienced individuals that are ready to help your customers within hours of their purchase. They should be located in all major cities in the USA, where they can be easily accessed by customers, so that they can provide the answers and support that they need in a timely manner.
There are many advantages associated with the execution of an effective product launch marketing strategy.
The first advantage is the reduction in product risk – the less the risk involved, the higher the chance of a high sale. This means that the whole marketing campaign becomes highly targeted – something that every successful business likes. Furthermore, it also means that you won’t have to spend a fortune on marketing before the product launch date. All you need to do is to make sure that the launch date coincides with a big marketing campaign that will attract many new customers, thereby increasing the likelihood of making lots of sales.
Another advantage is the increased return on investment (ROI) through better customer relations. You’ll realize that the marketing strategy you implemented actually increases the level of customer loyalty. If you already have a good customer-sourcing and customer care system, then it will be easier to execute your planned promotions since you won’t need to make use of any additional channels. This also reduces the costs incurred during the execution of the promotion as you don’t have to hire additional personnel for the execution of your planned promotions. It also reduces the costs incurred in the form of operational expenses.
Brand recall is one of the greatest ways to enhance the loyalty of customers to your brand. Product launches are great ways to achieve this since your brand will be introduced into the market and there will be a need for people to know who you are, what you do and where you come from. A successful launching of your product will not only establish your brand but also provide an opportunity for greater brand recall. The launch will help in building awareness about your brand and help in convincing more people to start engaging your product. If the launch does well, then the chances of your brand being purchased by other consumers will rise.
Digital Marketing: Digital marketing is a very important aspect of product launches. Digital marketing encompasses online marketing, social media marketing, search engine optimization, web 2.0 strategies and email marketing. A digital marketing campaign can be a great way of promoting your product when you are launching it online because the internet allows you to reach more people at a faster speed. Many of the top marketers pay attention to the growth of their digital marketing strategy and incorporate it into their product launches.
Your marketing strategy should include a mix of all the above-mentioned marketing channels.
However, make sure to only use those marketing channels which have the potential to draw in customers. This means that you should not be focusing all your efforts on Search Engine Optimization. You need other marketing channels for this purpose, and those include social media, online advertising, pay per click, e-mail marketing and other digital marketing strategies.
Product launches can sometimes be a daunting task. They require a great deal of preparation and a well thought out plan. But a planned and executed digital marketing campaign will help in giving you an advantage over your competitors and ensuring that your launch date is successful.