Marketing Plans for a Product Launch

A strong product-launch strategy is vital to the success of any business.

Launching a new product is an exciting stage for any company, especially a new organization working on its first product. Developing a strong product-launch strategy is essential for the success of the product and the business. Developing that strategy requires careful planning and a keen understanding of the marketplace.

Types

Product-launch strategies are normally integrated into the overall marketing plans of new businesses. For established businesses, the launch strategy is a separate document from the overall marketing plan, although the marketing plan also references the launches of new products. Strategic plans can be formal in a large organization or in one that is seeking funding, or they can be simply a series of notes in a small marketing department not dependent on outside funders.

Factors

A strategic plan addresses success factors as a product's features, how the product compares to competitors', the number of competitors, and pricing and distribution strategy. Each of these factors must be addressed holistically in an effective plan.

Stages

Many technical products are released in trial versions, known as alpha and beta versions, to some customers with technical knowledge. These early versions are not perfect, and customers receive these versions for free in exchange for trying out the product and helping to fix early problems. Beta versions frequently receive extensive publicity and are released to a wide audience, while early alpha versions may be released only to those within a word-of-mouth network, who can be relied on to understand that the product is not in its near-final version.

Channels

A new product launch often utilizes many marketing channels, beyond what will be utilized in the day-to-day marketing of the product. Social media, event marketing, print and digital advertising, and extensive PR normally play a role in a new product launch strategy. After the launch, product marketing channels are pared down to those which are the most cost-effective, with advertising and events normally reduced.

References

• Business Week: Countdown to Product Launch
• MoreBusiness.com: Sample Marketing Plan