Product Launch 101 – Advice for SMEs

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There are many advantages associated with establishing a product-oriented business, not least the fact that firms can focus heavily on quality and offering tangible value to their customers.

Successfully launching a new product or range as an SME can be extremely challenging, however, particularly as smaller businesses lack the financial and human resources of their more established rivals.

In this article, we'll consider advice that can help you to successfully launch your product, regardless of the market or industry that you operate in.

Make Data your Key Watchword

In the modern age, data can be an extremely effective tool that remains relatively accessible to small and medium-sized business-owners.

With big data also enabling firms to collate large swathes of data and analyse this in intricate detail, it's never been easier to determine the your core target audiences while identifying viable gaps in the marketplace.

This is also increasingly cost-effective, as the technology behind analytical CRM systems becomes more available within the marketplace.

By successfully harnessing and leveraging key data sets, you can optimise its design while ensuring that it is marketed at the right audience.

Define your Goals to Optimise the Success of your Product Launch

With a viable product and market identified, the next step is to define your individual goals and ensure that they help you build towards a successful launch.

These goals should be detail-oriented and measurable, while it's also crucial that you set realistic timelines to help drive attainment.

The most common goals include creating a buzz around your product and converting launch attendees into customers, while SMEs may also want to use the event to cultivate wider brand awareness.

With clearly-defined goals and a strategic outlook, you can create an effective product launch that is part of a wider marketing and brand building campaign.

Don't Forget the Logistical Side of the Event

Your product launch will culminate in a public event, which may target the media, trade partners or potential customers depending on your business model and the nature of your proposition.

While there's always likely to be a strong focus on your product and marketing efforts, however, it's imperative that you do not lose sight of the logistical requirements when planning your event. Partnering with event industry experts can help with this, particularly if they have corporate experience and access to a diverse range of potential locations.

Remember, it doesn't matter if you delegate the organisation of your event, so long as you give this careful consideration and communication your vision clearly to service providers.

Failure to do this could undermine your best laid plans, leaving even the most innovative products incapable of penetration.

 

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