Developing a new product or service can be an exciting venture for any business owner. But it also takes a lot of work. Regardless of how innovative and interesting your new product or service is, it can’t generate desired results if you have a poorly established launch. A product or service launch is basically a way for you to inform the market and make your new offer available for purchase.
Such a launch can also serve your company’s purposes, from collecting valuable feedback from early customers to building market momentum. In this guide, we’ll show you how to launch a new product or service successfully.
Choose the right theme
First and foremost, you’ll need to select the theme of your launch event, as it’s essential for determining any entertainment or décor you might need. Launch events are a great idea for businesses with physical locations or stores. In choosing the best theme for your product launch, you need to consider the event’s goal. Are you promoting your overall brand personality? Or, you want to focus on the new offer itself?
You’d also want to consider your audience. If you’re targeting younger customers, creative and playful themes are ideal. On the other hand, if you’re serving the older market, a more sophisticated and reserved event is better. Make your theme relevant and inspirational at the same time.
Make it an official event
Speaking of the theme, you’ll need to treat your product or service launch like an official event. That means you need a venue. Let’s say you’re doing the launch in-person. Find a venue that complements your theme. If your store or business location isn’t suitable or has limited space, find a different place that is modern, unique, and creative. You can opt for a modern studio, an art gallery, or a classy restaurant.
However, if you’re operating a business related to sports or outdoor activities, a park, courtyard, or public garden is ideal. Plus, these locations can even attract big crowds while giving you a larger space for demonstrations. Just make sure that the location is convenient, making it easier for you to set up and allowing your customers to attend without hassle.
Be clear while building the hype
Customers or audiences always need to know what exactly is happening. A good business should provide a simple and clear message about the new product or service on launch. One way to help you craft a clear message is to consider your primary goal for the launch event.
Let’s say you’re a local gun range business that will be introducing new shooting range solutions. If that’s the case, your goal could be to demonstrate how they work. Create relevant and compelling content around that goal, from the promotion to the actual event itself.
You can also create pre-launch videos showing a short demonstration of your new shooting system, helping people visualize how it will work. Or, better yet, keep it a secret and use sneak peek videos to build curiosity and hype around your new offer.
Watch your budget
Product or service launch events can easily go over your budget if you’re not careful. Keep an eye on every spending and stick to your initial budget as much as you can. You can start by factoring in the costs of venue, supplies or materials, promotion, or any essential legal costs.
The costs you incur will greatly depend on how you what to launch your new product or service. Are you planning to hold the launch at a physical location or an online event? How much you want to spend on promotion? Will there be samples or freebies for the customers? Before actually spending on anything, be sure your cash flow can withstand the spending.
Create a project timeline
Lastly, keep in mind that starting early is smart to give yourself the flexibility to get everything done on schedule. Expect that tasks will take longer to be completed and that things can go wrong. Give yourself time to deal with the unexpected. For this, you can create a project timeline containing the planning stage, budgeting, messaging, and promotion. Generally, a product or service launch needs several months of preparation, and a project timeline can help you keep track of the tasks and activities involved.
By following the steps in this guide, you and your team can foolproof your product or service launch. Just keep in mind that these strategies should also come with a company-wide effort to be effective. Craft that solid launch event now and ensure your new offers can make a great impression in your industry.