Why launch a product

Louis will be giving the inside scoop on the problems business owners and entrepreneurs face everyday and how to overcome them. Louis is a respected journalist and media consultant having worked in Australia, England and Japan. Timing Timing is everything for a product launch. Price Many a product has failed because the pricing strategy has been wrong.

Packaging Packaging comes in many different forms and whether it is a consumer good designed for the shelf of a retailer or a new app that you have just finished designing, it needs to be attractive and welcoming to the human eye. Promotion You can have the best product in the world but if no-one knows about it, how will they be able to purchase it?

Louis White. The Home of In-Demand Talent. Get Started. Keep an eye out for the next one in your inbox. A product launch generates attention for your company. When you issue a press release that gets published, people read about your new product and, at the same time, learn about or get introduced to your company.

People often click through to your website when reading the story online to learn more about the product; potential customers might read up on your company, especially if it is relatively unknown. This attention can lead to a larger customer base and more sales for both the new product and other of your company's products.

When you launch a new product successfully and it sells well, it can cover the development and launch costs -- generating a profit for your company. If the product is evergreen -- something that people will need or use for a long time -- the revenue stream that begins with the product launch can be consistent for many years. If your newly launched product sells well or fills an unaddressed consumer need -- particularly one ignored by other companies -- your company can become an industry leader with a reputation for developing industry-changing products and bringing them to market.

For example, swimming accessories should have a spring or early summer launch date, and new-technology snowboards should have fall or early winter launches. A comprehensive new product launch strategy provides a plan for maintaining the momentum gained during the pre-launch activities and launch event.

People often enjoy reading about the details of new product development and the anecdotes can gain consumer trust and loyalty. One your sales are, look at not only the newly launched product or service, but also if it's had impact on your existing offerings.

Consider if adding the product to the current line-up will augment brand equity or detract from it. Brand equity is an intangible asset governed by consumer perception of the overall company brand. Introducing products that do not align with business objectives and vision may detract from brand equity, causing customers to back off from the brand entirely. Make certain new products offer value in conjunction with current products or keep with the product theme. In addition to the product, a launch relies on the right pricing, distribution and promotional strategies.

A launch that doesn't work can do long-term damage to your company's brand.