PRODUCT LAUNCH: What Determines its Success?

The very word "launch" brings with it, mental images of a forceful and powerful forward thrust that will catapult new product far ahead of the ordinary. But is it actually possible in this age of information overload to launch a product with such finesse and direction that it absolutely hits the Intended target market? The answer to that question is a resounding yes. A Product Launch is a process that has a lifecycle and this exercise is the result of years of scientific research, trial and error and precise formulas. Breaking a product launch down into its simplest terms for guaranteed success is not as difficult as some brand owners make it seems. Many people think of a product launch as an event only, something that happens with a big bang. There may very well be a launch event as part of a launch process, but it is just one of the things that are part of a successful launch. David Daniels, president of Launch Clinic in America in his book “6 Secrets to a Winning Product Launch” highlighted the following as the key factors to hosting a successful product launch. They are: matching product capabilities to market needs, clear positioning and messaging, setting clear launch goals, using the power of leverage, priming the pump, timing the launch to maximize sales. Summarizing the keys, the writer said a winning product launch starts with matching the capabilities of the product (or service) to the needs of target market. ‘You have to know that your product is solving real problem that buyers are willing to pay you to solve. You can’t just believe there is a problem that needs to be solved. A winning product launch can’t happen if the market wants one thing and you are delivering another. The perfect storm is to have your product ready, your partners screaming at you to ship, your buyers foaming at the mouth in anticipation, and the media wanting all they can get. It’s a good day’ Giving professional details on how a product launch should go, Kunle Onime, Managing Director of Marketing Promotions Company (MPC), the first indigenous experiential marketing agency in Nigeria mentioned steps to put in place to achieve a successful product launch. He highlighted basic steps that must be in place and that event launch shouldn’t be given too much priority as its common today. ‘There are basic steps that must be in place for a successful product launch and they include the prelaunch, seeding your market, obtaining endorsements among few others. The prelaunch is about planning for your product. Advertise without giving every detail away. Build some anticipation. It will work wonders. Then follow up seeding your market, how do u do this? Once you've conducted your prelaunch it's time to seed your market. Get your product into the hands of influential consumers. Offer limited trial offers, send out free products to review sites and saturate your target market with prizes, discounts and freebies. This will stimulate sales and build credibility. Obtaining endorsements gives credibility. Credibility is a key factor to product launch success. Take the time to meet with influential industry leaders, analysts and of course-the media. Let's face it, if you can get an industry leader or a highly recognized figure to put their seal of approval on the product, you are home free. The product launch event shouldn’t over shadow the whole essence of the launch and its unfortunate that what its obtainable in our society today’ he revealed. Also Demola Adedoyin, Managing Director of a group of company that has Integrated Troops as the experiential outfit is of the opinion that consistent delivery on brand promise is very salient for survival. He made mentioned of distribution and Visibility as key factors to follow immediately after product launch. ‘Product launch is to build sales momentum. Sales momentum enables your company to grow and prosper. You will add more customers, expand your influence, hire more people and grow even more momentum. When a consumer believes that you won't leave them hanging if they have a problem, your product is poised for success, that’s brand promise. A strong support base with excellent customer service will give your product the high powered forward thrust it needs. We live in an IT world; this is probably the most important step because it will keep your product from experiencing the fifteen minutes of fame syndrome. Have a killer website built that is pleasing to look at, easy to navigate and even fun. Once your site is set up, do everything you can to reach your customers and develop meaningful relationships with them. Listen to their suggestions and grow with the changing times. Website is a 'must have' in today's ruthless market. Distribution and visibility are key factors. Why will you launch a product that in the next few months you can see it again in the market? i don’t want to mention names but there are a lot of such in this country’ he claimed On his part, the Managing Director of Neo Media & Marketing Limited, Ehi Braimah who recently launched the new Omo Multiactive detergent is of the opinion that the launch event should be given appropriate consideration and there must be comparison of market share before and after the event. ‘The Launch event should be considered. Its all about Where, When and How the launch will be done. Key Industry Personnel should present at the Launch because this will serve to promote credibility for brand image and third party endorsements. The quality of PR coverage received also is key. Scope of amplification and talkability generated and availability of the product in the market after the launch must not be ignored. Another thing that must be considered with product launch is that the creative direction of the advertising and media deployment pattern must be the one that matches the product. Then the brand owner can ask:: will the launch influence favorable long term perception? Consumer engagement activities after the launch and how the product gets to consumer must to be taken with levity. There must be comparison of market share before and after the event to determine the future of the product’. David Tyreman,a brand expert who launched the likes of Polo Ralph Lauren, Nike, Guess and Disney some years ago said before launching new product there are considerations that must be accounted for to assure product launching success. On his blog, he mentioned factors that are very important as they consequently mold the assets of sales after launching. ‘(1)Timing of the launch You may want to launch your product as an add-on to a product you are already launching. Try to avoid launching a new product at the same time your competitors do unless you are sure that your products is far more superior to theirs. (2)Introductory price A great idea is to lower your preceding price for the launch period, then conjure it again later. Every choice has its pros and cons, and you must think hard about this particular factor. (3)Relevance Maybe your product was relevant at the time of its conception but this may have changed at the time of the launching, you should always keep your finger on the pulse of the market and target audience, so that even if your product loses some of its relevance, you can fix the problem with a few tweaks here and there before the launch.(4) offering a second item on the purchase receipt of the first item Perhaps you should think about allowing your customers to return faulty new products after launches and immediately give them a working replacement. This will remove any bad feelings about the business or the product and will help your launch success despite having a bumpy start.’ He concluded with these words ‘Be careful not to force or pressure people to buy from you. Your launch campaign should meet potential customers where they are and move them through the buying process. Remember that people are interested in your product because it solves a problem in their lives. In addition it will take consistent, sequenced communication to increase their buying interest. How will your launch campaign help people move along the buying process should be your primary target’.