How to Launch a Product in Department Stores
The launch of a new product will often indicate its future's success. It is important to remember the five Ps--product, packaging, place, price and promotions--when determining a product's launch. Creating an accurate and relevant product positioning and evaluating both the competition and product positioning in the market will reveal a product's differences among the competition. Understanding the potential buyer and her behavior, as well as analyzing profit and margin goals, are also crucial aspects of product launch.
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Instructions
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Determine the product brand strategy, including its name, positioning against competition and messaging to potential buyers. Place focus on differentiating product features. Special attention should also be paid to product messaging, as it is a crucial aspect to a successful product launch. You want the product's message to highlight the benefits of the product, explain how it stands out from the competition and use language that appeals to the target customer.
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Consider what the packaging must do for the product. While some packaging is designed to sell the product, other packaging efforts validate the value of the purchase after the transaction has been made.
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Determine the most appropriate launch vehicles to use. Options include advertising, email, direct mail, public relations campaigns, hosting events or other online options like contests. It is important for the product marketing to have variety, frequency and consistency in its messaging.
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Build a promotional schedule. This will create visibility into the upfront work required to launch the product, and demonstrate the promotion levels for each day, week or regular promotional period. It will also help determine if all that is planned is realistic, given the resources available.
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Avoid over or under-shooting the initial product by carefully analyzing the expected demand. Sales based on returning customers, advertising and media attention should all be accounted for. Depending on the product, the public should be notified of how many units are available to entice people to come in and buy sooner rather than later.
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Send demo units to industry writers and the media when the product is being launched, if possible. Trade magazines and large newspapers can review and provide general feedback regarding the product, as well as give the product and the department store publicity.
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Start analyzing data and sales figures immediately after the product has launched. This will help figure out how to sustain the launch momentum, as well as whether you have a problem with ineffective marketing or pricing issues negatively affecting sales.
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References
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