Product launches are keys to success in business in the global market
Concept Definition & Key ChallengesNot all launches meet expectations. To be successful, 'classic' product launch pitfalls need to be avoided.
- The product or service should be launched to address customer needs. This is obvious, but is probably the biggest cause of launch failures. In today’s competitive world, there is a shortage of customers, not of products or capacity.
- The company launching the product should know what specific needs its product will address. Which customers (target)? What offering (position)? Why is it better (differentiation)? It is not only because it works that customers will pay for it.
- Companies tend to overestimate revenue forecasts for the new product. They have not fully understood the market they are addressing, their ability to deliver and provide service, and how their current situation may hinder the launch process.
- A product launch should be executed by a clearly defined, cross-functional launch team, integrating key members of corporate management, R&D, sales, service and supply chain. It is not only a job for marketing.
- A product launch process should be supported by a clearly defined launch plan: objectives, goals, timelines, toll gates, tasks, responsibilities, report lines, performance measurements.
- A product launch is a process, not an event.
Concept Definition & Key ChallengesThe new product launch is the second step of Product Lifecycle Management and it determines the business success of the new product
Scope: New Product Launch in the Product Lifecycle
Wevio focuses on fact-based and actionable analysis and recommendations
Services for a New Product LaunchWevio’s Process Involves:
- Industry & Competition Analysis
- Product Branding Strategy
- Getting Partners Involved
- Preparing Marketing Strategy and Tactics
- Setting Up the Concept and Marketing Approach
- Targeting the Ideal Customers
- Product Campaigns
- Event Promotions & Management
- Participating in Trade Shows & Events
- Free Trials, Downloads, Product Videos and Demos
- Press Releases
- Building Wholesale and Retail Customers Relationships
- Consumer Feedback Analysis
- Continuous Suggestions for Product Improvements
ApproachThe three step process for New Product Launch
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