A lot rests on the shoulders of an event organizer setting up a product launch. How the event turns out and the kind of impact it leaves to the public can make or break the brand. Thus, careful planning should be made to make sure all elements of the product are presented clearly and that the manner by which they are displayed is congruent with the company’s vision.
Seasoned event planners know that even with a relatively safe approach, it is the market’s first impression of the product that’s crucial. When a customer feels disappointed in the product as early as the launch level, that impression will be difficult to change.
What makes a product launch successful? Here are the 5 key elements.
- Identify a single buyer persona and build your event around that
Many startups fail because they are trying to market to everyone. Because of this hunger to please everybody at the launch, you run the risk of making short and shallow entry approaches that have you ending up with no support whatsoever. The first big mistake businesses make is proceeding with the launch without first identifying who their target market is. We place emphasis on “single” because that will help you create a more solid campaign. While it will not speak to everybody who attends, it will certainly offer a higher chance of a conversion.
- Focus on solving a specific problem
Sure, you know that your product can do so many things. However, during the launch, it’s best if you focus on one or two highlights that fits your identified target customer. Having a Swiss-Army-knife approach to marketing makes you look like a jack of all trades but a master of none. Identify an issue that your product fixes and put all the spotlight on that. You don’t want to give out everything at the launch because they will definitely turn out half baked. You can introduce the other benefits of your product in phases for the next campaigns or events.
- Position your product well
This shows how you fare against your competition and can cover a wide range of elements in your product launch, including copy, design, entertainment, and more. How customers will see your brand and the kind of feeling that they have whenever they see you will depend largely on your initial positioning strategy. Critical to the success of a launch are your company’s internal culture, your marketing capabilities, and how you separate yourself from others offering similar items.
- Take advantage of pre-launch marketing opportunities
Don’t just put all your eggs in the launch. Take advantage of the exposure that you get before the big day happens by being aggressive on social media, sending out emails, delivering teasers and samples, publishing viral content, and more. Start creating a buzz early to give your event a boost when it finally goes live.
- Timing is everything
Admittedly, it is difficult to measure timing but the right time to launch is usually determined by three questions. 1) Is the market ready for your product? 2) Is your product ready to face the market? and 3) Is your team prepared to release it?
Mounting a product launch is not just about putting the product out there, throwing some entertainment and snacks, and giving out flyers or showing fancy AVPs. Your team and the company’s representatives at the event are the best resources for the product on the day itself. Make sure that everyone is on board with your campaign strategy and nobody fumbles when asked the most important questions.
To be sure, hold a briefing a few days before the event so that everybody is one the same page. Prepare a list of FAQs and guide people on how to answer them. More than your fancy setup, it is the people who will be representing the brand that matters at the launch.