Developing a new product that will fit the market gap and appeal to its target audience is quite a challenging task; however, when the official launching date arrives, you realize it is one of the most stressful times. According to Robyn Sachs, the president of RMR & Associates, new products get the chance to earn almost 50% of their profits earlier in the product cycle.
Still, not everyone can handle the pressure of holding an actual event; many do not have the experience, nor the organizational skills needed to handle what is ahead of them. That is why we are here, to list some of the most crucial elements you have to pay special attention to.
Determine the purpose
One thing is certain – the purpose of the event is to trigger a sales boost of your new product, but it is essential that you determine in which way do you want to achieve that, and how the event that you have in mind is contributing to that achievement. Define whether you wish to distribute your product, drive media coverage, raise consumer awareness, or draw attention from the influencers in your industry. As soon as you have planned the end goal, you can start assembling the right team to help you achieve it. Note that you should not attempt to organize an event to appeal to different audiences – you will need to narrow down the purpose of your product and clearly define your target market. Focusing on one particular type of customer is bound to yield greater results.
Find the ideal location
Once you know who you are targeting, organize the event in their proximity to ensure more people arrive. Furthermore, you will want the chosen location to reflect the product – note that glitz and glam will not necessarily work for you, and in some cases, holding an event at a trade show might be precisely what you need to achieve success. On the one hand, you will benefit from the number of people who will appear, while on the other, you will have to work twice as hard to outshine your competition. Whatever you chose, the important thing is that you dare to think outside of the box, and if creativity is not your strongest suite, you can always consult with special events management services that will, owing to their expertise, be able to devise the best strategy for your product launching event.
Provide customers with a reason to come
In most cases, it will not be difficult to decide on the place and the people you wish to invite; the real challenge will be creating a worthwhile experience. It is essential that you add value to your audience; find a way to address their requirements and concentrate on telling the story in such way that they understand the benefits of the product you are offering to them.
Additionally, contact the media and make sure you provide them with enough information so that they can do their part to the best of their abilities. In this extremely competitive market, consumers are flooded with tons of information, and in order to grasp their attention, you will have to create a truly unique offer. No, not every product will be a revolutionary one, but it should be presented as such. It is always a smart move to hire a spokesperson or get to a celebrity who will agree to be connected to the cause. This way, the event will be more exciting and appealing to the audience.
Final tip: Follow up
To build momentum for a new product, follow up with your target customers, since the product launch event is only one of the first steps in a greater product-launch process.
Do you think you are ready to cope with what is ahead of you?