Product Launches

  • The Product Launch

    Imagine making an entire year's worth of sales in one week using a product launch. Although it may seem incredibly ambitious, most successful product launches manage to hit that target. Product launches help businesses in part by encouraging them to focus and hone their efforts. This concentration of energy ultimately benefits the business long-term by creating new opportunities and generating greater client interest.


    How does a product launch manage to stimulate future growth? By momentum building, beginning an ongoing conversation, and list building (not to mention a big revenue boost) a business benefits greatly from a well-orchestrated product launch.


    Product Launch Momentum Building

    Product Launch momentum is perhaps the greatest asset of any business. People always want to be part of a success story, and a steady momentum is the engine of success. A business that is continually innovating and launching products will automatically attract new customers, partners, and investors because it is continually demonstrating its viability.


    By their very nature, product launches force a business to focus on what they do best. New products and refinements to existing products become a regular part of a business's operations. Having a regular schedule of product launches keeps investors and customers interested. In some cases, the product launches themselves may become large-scale cultural events that are hotly anticipated by the media. The company may watch its annual sales figures dramatically increase based on its product launches alone. Apple Computer transformed itself from an industry underdog into one of the largest most dominant companies in the world through its use of highly anticipated product launches. There's no set rule as to the frequency of product launches, although having at least one product launch per year will generate substantial interest.


    Once the product launch momentum starts, all a company has to do is continue to perform. As long as the product is of a certain quality, each product launch serves as a way to keep the momentum going. Product launches keep the company in the minds of new investors and clients while keeping employees busy and engaged in their work. Ultimately, product launches aren't just about a given product; they're designed to create a successful and thriving company.


    PRODUCT LAUNCH CONVERSATIONAL BENEFIT

    The product launch is finally here. The balloons are up, the champagne is flowing and your team is ready. Few people realize that the opening hours of a product launch offer a business the rare opportunity to build beneficial relationships with future clients and longstanding customers simply by virtue of conversation.


    A product launch is ostensibly about a given product. Customers and potential clients will ask questions about the product. During this time, the business owner is primed to answer questions and objections during the launch. It is also in the best interest of the business to ask questions and raise their clients objections early in the of their clients. Clients frequently can help business owners design an even more desirable product simply by talking about what they would like to see in a product or service. By carefully listening to each client and taking notes, business owners can start working on their next product as soon as the product launch is over. This creates a cycle of continuous innovation.


    The conversational benefit is a bit like a legal version of insider trading. Instead of performing months of painstaking research, a business owner can simply ask a potential client what he is seeking in a product. Often, a product launch inspires new ideas in clients. They may not necessarily realize that they wanted a particular feature until they glimpsed the new product during the product launch. As an example, consider a company that is selling a vacuum cleaner that is embedded into a wall. Clients may suddenly realize that it would be much easier to clean commercial properties with an embedded vacuum system than a portable one. They may begin to list the various commercial properties that they manage. In this way, a savvy business owner can begin to design a commercial vacuuming package based on the product launch conversation knowing that there are already several interested buyers. By virtue of spending some time in informal conversation, the business owner will generate ideas for the next product launch.

    PRODUCT LAUNCH LIST BUILDING

    It may seem tedious at first, but list building is one of the most powerful weapons a business can use to beef up its profits and generate new leads. The key is in putting together an excellent list that has a relatively high response rate. In the past, these lists were distributed primarily through direct mail. In the information age, email has made it incredibly easy and cheap to put out the word about a product launch. But this doesn't mean that a list should be made up of random names. It should be carefully cultivated over a period of months so that the people on the list are more likely to respond to the emails or notifications they receive. Product launches are a powerful way to build a targeted list of interested prospects


    List building is easier when a company reaches out to its affiliates or joint venture partners and asks them to email their existing clients about the launch forming a joint venture. A list that is built using names from a variety of companies that sell similar products or are in the same industry is much more likely to generate a higher response rate. In email marketing terms, an open click through rate of 40 percent or higher is considered excellent, especially for large lists.


    How large should a list be? Again, a business benefits from a list of people who will take action, not a random assembly of the phone book. A list comprised of 10,000 solid leads is worth far more than a list of 50,000 random names. However, a list of 50,000 solid leads will continue to generate revenue for a business for literally years, if not decades.


    Businesses should not be afraid to work hard at assembling a high quality list. Managers should contact their partners, associates and clients and ask for names.


    Once the product launch date finally arrives, the business can realize the many other benefits of a successful product launch.

     

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