Product launches are the springboard for a new product, so it’s important to get it right. From the launch venue and guest list, to the media coverage and engagement with your target audience, a product launch is a chance for you to start building momentum and gaining exposure.
As a result, you need to prepare to impress stakeholders, customers and the media, ensuring your launch is successful and the delivery of your product is smooth. To help you host a product launch that succeeds, here are the answers to some frequently asked product launch questions.
What is a product launch?
A product launch is an event to mark the introduction of a new product to market. It involves a great deal of preparation, from understanding the needs of your target audience, to product testing and effective marketing and advertising.
What is a product launch strategy?
Product launch strategies are plans and actions that need to be taken in order to have a successful product launch. They may include the development of the product, market assumptions, target audience, product testing, product features and soft launches. They are effectively comprehensive plans to ensure a product doesn’t fail before it’s even had a chance to succeed.
When is the best time to launch a product?
This is completely dependent on the product itself. You need to ask yourself first and foremost, is the product ready? Once you know this, you need to think about your industry and what season or days experience higher engagement, as well as the best days for online engagement to spread the news.
Why do product launches fail?
There are a number of reasons a product launch can fail. The main reasons being:
- Failing to understand the market
- Wrong pricing
- Delays in developments and launches
- Wrong positioning
- Lack lustre marketing
What is a product launch checklist?
A product launch checklist is exactly that, a checklist to follow in the run up to the launch of a product. Find out more with our ultimate product launch checklist.
How do you announce a product launch?
You need to have a strategy in place to announce a product launch. Make your announcement at least a week before the launch to build some excitement and give the media a chance to reserve dates in their diaries. Firstly, write a press release to send to journalists who will hopefully pick up the story. You also need to spread the word via social media channels and even word of mouth throughout your industry.
Here at The Grubstreet Author, we have three spaces that are perfect for hosting an exciting product launch event. Catering for between 30-120 guests, you can fully customise the space in-line with your product and brand, as well as serving tailormade menus.
All of our rooms have a built in DAD PA system, coloured LED lighting, electronic signage and complimentary Wi-Fi. We even have a dedicated in-house team who can work with you to source props, assist in the planning of your event and organise all of your visual and audio needs with the help of our audio-visual supplier, AVC Live.
To find out more about The Grubstreet Author and how we can help you host the perfect product launch event, get in touch.