New Product Launch Article
By: Bob Cannon
Launching a new product or service is an exciting time
and it is possible to overlook something in the rush
to get that product or service to market. I developed
the following checklist to make certain that I didn’t
make the same mistake twice. Hopefully it will keep
you from making a mistake the first time.
1. Target the Audience
Over my 30+ years of experience, I have been involved
in lots of new product introductions and have witnessed
even more. Failing to target the market is the most
common mistake I see in new product introductions. If
you haven’t adequately defined the market, how
can you be sure of what they want or need? Furthermore,
how can you develop a plan to reach them? If you only
get one thing from this article, make sure that you
target your market.
2. Train and Focus the Sales Force
If you want your sales force to sell the new product,
then you better make sure that they know and are comfortable
with this product. Practice, role play, make calls with
the sales force, but make sure they understand and can
sell the product.
It is also important to make sure that selling the new
product is their focus and that you have not confused
them with multiple initiatives in the same or relatively
close time frame. Clear the decks and make the new product
launch their only focus.
3. Samples and Demos are ready
and in place
New products generally need to be explained and samples
and demos provide some of the best ways to do this.
If you are going to use either, it is going to be critical
to your success to insure that they are ready and in
place prior to the launch.
4. Pricing is set
Your launch will not be a success if you don’t
sell your product or service and you will not be able
to do that unless you have completed your pricing and
terms. If you are selling through distribution, it will
be important to provide them with guidelines as well.
5. Promotions are in place
Frequently new products are introduced with promotions,
so making sure the details of that promotion are clear
will be critical. It is also possible that there may
be programs like co-op advertising or volume rebates
that will be affected and making sure those bases are
covered should not be overlooked.
6. Displays are ready
Merchandisers and displays can be very effective
in a new product launch. First you must decide if that
is a part of your plan and if it is, then to make sure
that they are in the right place at the right time to
make your launch a success. Nobody needs a merchandiser
or display after the promotion and the product is taking
up regular shelf sapce.
7. Distribution is ready
Make certain that your means of getting the product
or service to the end user is in place and ready to
go before your press releases and advertising kick in
or you will have wasted your budget. Promotion without
product doesn’t serve you or the prospective customer
or client.
8. Inventory is in stock
It isn’t enough to have product in the channel
of distribution. If your estimates are wrong or your
sales exceed expectations, your future success will
depend on being able to react to that customer demand.
Make sure you have inventory on the shelf or coming
off the production line in time to replenish your supplies.
9. Advertising is set
Making people aware of your new product is going to
be an important part of your launch. Most media have
a lead time that has to be a part of your consideration.
Print publications can run several months. Getting your
website listed in Google or some of the other search
engines can take even longer. Production for websites
and broadcast commercials take time as well. Don’t
wait till the last minute to begin this process.
10. Press Releases are timed
Just like with advertising, press releases need to be
timed to the introduction. Lead times are long and talking
to the outlets for your releases will be important in
making sure that their timing and your timing work together
to benefit the launch.
Different products in different markets
will have variations on this checklist. Use this not
as the end of your checklist, but rather as the base
and build additional issues as required for your product
or market.
If you would like to learn more about
marketing your new product, please visit http://www.marketingnewproduct.com
and discover how the Quickie Market Analysis
can help you.
# # #
©Copyright Bob Cannon, The Cannon Advantage,
2005. All rights reserved.
Byline
Bob Cannon helps inventors, imagineers, importers and
manufacturers successfully introduce new products to
the Hardware / Hardlines Marketplace. Check out his
blog at http:www.takingaim.blogspot.com.
Bob can be reached at (216) 408-9495 or mailto: bob@marketingnewproduct.com.
This article courtesy of http://www.marketingnewproduct.com.
You may freely reprint this article on your website
or in your newsletter provided this courtesy notice
and the author name and URL remain intact.
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