When you’ve spent months developing a new product or range, you want to ensure it enters the market with a bang. However, without careful planning and preparation, there is a chance your big launch could be more of a damp squib.
So how do you plan a product launch that creates a buzz among your target audience, without breaking the bank – and which delivers return on investment beyond the event?
We’ve brought together our expertise from years of providing retail display hire services to retailers and brands to bring you expert guidance on creating a great launch event.
How to plan the perfect product launch: questions to ask yourself
1.Who are you targeting?
Ideal customer profile is very important when bringing a new product to market, as you need to build the launch around your target demographic. For example, the look and feel of a high end product launch is going to be very different from FMCG, because they are aimed at two very different audiences.
The better you know your prospective customers, the easier you will find it to create a product launch that resonates with them. Working with a retail display company who are familiar with your target audience and market will provide another source of insight here.
2.What are your rivals doing?
In the highly competitive retail environment, you need to stand out from the crowd. Therefore, take some time to analyse how your market competitors are presenting and marketing their products – not just how they launch them, but their advertising, retail displays and such like – to see how you can differentiate your brand from their proposition.
3.What’s your budget?
Before you start planning the product launch itself, set out a clear budget and objectives. This will enable you to ensure the event delivers ROI, and provide you with a financial framework around which to make practical decisions.
4. When is the best time to launch your new product?
After budget, a time plan is the next essential resource. Make sure you leave your team an adequate amount of time to prepare; last minute events can push up costs such as retail display hire, as you haven’t left yourself enough time to shop around and negotiate, and not all hire companies have short notice availability.
Equally, look for calendar hooks that could support – or detract from – your big launch. Never plan anything on the same day as a competitor launch.
5. What’s your event theme?
With a budget and time plan in place, now comes the fun stuff! An effective way to ensure your new product launch draws a crowd is to put a creative concept in place. This could be inspired by the product itself, the story behind its development, even the time of year. Let your imagination run freely to scope out how the theme can play out through the launch event materials and agenda. Again, working with an experienced retail display partner will give you access to retail design and account specialists who will be able to help and contribute to your planning.
6. Is your product the star of the show?
This might seem like an odd thing to say, but you’d be surprised how many retailers and brands get too carried away with the theme, and the product comes second to the concept.
Your product should be the centrepiece of your launch event, and that means finding the ideal display unit to showcase your new item or range to its full potential. You don’t want the overall look to be let down by a display stand that does not have a high end finish, so work with an experienced retail display hire company to find the right solution for your exact requirements.
7. Can your product launch be adapted for future events?
One thing to ask yourself during the planning stages is whether you are likely to be replicating this launch in other venues and locations, as this will determine the flexibility of your plans. More often than not, retailers and brands need a concept and execution that can be utilised going forward in other markets.
If you’re planning multiple UK launches, talk to your retail display hire company about the agility of your showcase unit. Ideally, you’re looking for a product display that can be easily transported around the UK, adapted for different venue styles and product ranges, and can be hired for flexible periods should you need to extend your product launch campaign.
8. What do your colleagues think?
With a concept in place and the equipment ordered, it’s always best to have several practice run-throughs, using your colleagues as a critical audience. This will enable you to overcome any technical challenges, and iron out any glitches that could detract from the overall impact. It also enables people who haven’t been involved in the launch process to add a fresh perspective.
9. How successful was your launch?
By asking yourself these key questions, your business should be in a position to host a really slick and exciting product launch. However, the hard work doesn’t end when the curtain falls; in order to continually improve and impress consumers, make sure you ask all those that attended for their feedback.
Particularly if you’re planning a series of events, getting responses from your audience will enable you to make tweaks and adjustments between launches, so that each one is better than the last.
For versatile retail display hire support, speak to Precision Displays about our agile retail solutions for your next product launch. We design, develop, manufacture and install bespoke retail display solutions for some of the largest retailers and brands on the high street.