Today the business world is extremely competitive, if you are looking ahead to launch a new product, you must know that time is the most crucial factor. With too many competitors in the market, what you are planning to do tomorrow is something that your competition is doing today.
A product launch strategy is not just planning and designing the launch, it is planning and designing the launch before anyone else. Though there has been a lot of new inventions in the field of marketing, the basics are still the same. The 5 P's are still the most effective mode of a product launch.
Product Your product is your trump card. No strategy or planning can help a bad product, specially with so many options available to the consumers. Do a research on what the consumers want in your product and try to implement it. Remember that your ultimate objective is to have happy customers. A great product will always do it, strategy or no strategy.
Price Fixing your product's price is an all-important part of product launch strategy. Make sure that you have the right price that will get you both revenue and happy customers. Proper research must be done on the target customers and their income to expenditure ratio, remember that no price is right, only customer is right. Price and quality of competing products must also be taken into account before fixing the price tag to your product.
Promotion Once you have made a great product and fixed the price according to your target customer, promotion is your next product launch strategy. This is where all the brainstorming comes into action. Choose the medium of promotion in reference to your target audience. If your product is for the working men, stress more on outdoor marketing like hoardings, billboards, moving ads etc, instead of television and radio.
Place Launch the product where your customer can find it. For example, if you are launching a new toy for kids it should be at a kids toy store not a jewelery shop. Your strategy will fail if your product doesn’t meet its buyers.
People People in marketing refers to you and your team. Of course the team and you are responsible for creating and marketing the product, however, that is not all. Sales and customer service unit will maintain your product's position in the market. It will give a great over all experience to your customers and they will spread the good word. Which in turn will ensure a completely successful product launch strategy.
Make your Product Launch a Success with the 5 P Strategy