It might seem trivial, but when it comes to a product launch, you need to keep it simple. Remember the fundamentals. Remember Marketing 101? Remember the five “P’s” of marketing? That’s what we are talking about here. If you are a vet in the marketing game these rules have probably been replaced by the new popular buzz words and concepts. If Marketing School wasn’t on your path, we’ll let you in on the little secret. Product, Price, Packaging, Place, and Promotion. It’s simple...and it’s all you need.
Product. Make sure you have a good product. Don’t release until you have a product that has been tested internally, has been market researched with your specific target, and can do what it promises it can do.
Price. For consumer products, it’s simple. Research your competition and see where your product lines up. Make sure you set a price point that will reach your margin goals and meets the perceived-value. For intangible products, a secret we found for price comparisons is to look at media reviews of your competitors' products. Media articles usually to insert the prices for new release products.
Packaging. Yeah, everything needs to be packaged. But, one of the areas where you can formulte your customers perception of your product is with the packaging. For example, having quick access packaging is always popular or having packaging made from recycled products for your environmentally minded customers.
Place. Make sure to understand where your customers are going to get the needed product. With the marketplace shifting to the online world, you need to know where these places are and make sure you're right there when they click that mouse.
Promotion. Today’s world of advertising is in flux. The method of spattering ads here and info there is starting to die. A new trick emerging is to find the new trendsetting customers and target them. These are the customers that will get behind your product and let everyone they know about and why it’s so good. Let them do all the work for you. Linking up with customer types could be the difference between product success or products demise.