The ultimate goal of most marketing efforts is to convince suppliers to stock a certain product, in order to make it available to the consumer. For products that are new in the market, it is even more important to ensure the product launch is almost flawless by coming up with a well-thought product launching strategy. To have a successful product launch, the following factors must be put into consideration.

  1. Whom/ target market

One of the worst things that any brand can do is to launch a product without having a clear customer in mind. At the end of the day, the person who determines whether the product succeeds or fails is the end consumer, making it extremely important for a brand’s decisions and strategies to be driven by the customer. It is no wonder that in recent years many brands have begun adopting customer-centric marketing strategies with continuous learning and enabling, as well as human-centered designs.

We often advise our clients to come up with customer personas for their B2C markets and buyer profiles for their B2B markets, as well as updated customer journeys in order to keep up with the needs of the customer at any one time. Other important customer learning strategies include segmentation and customer targeting.

  1. When/ time strategy

The time a product is introduced in the market is critical to the success of that product, and getting the time wrong may be a precursor for failure, even if the product and the target audience is right. A mismatch between the time of need of a customer, and the time when the solution is presented can mean the whole world to the success of a product strategy. Before deciding when to enter, it is important for companies to look at other factors such as associated costs, customer reception as well as its brand strategy among other factors in order to make sure their product launching strategy succeeds. 

There are several kinds of market entry which include;

First entry – the firm that enters the market first, often referred to as a pioneer, benefits from acquiring the assets such as distributors and the attention of customers, with little to no competition. While it is good to be the first, there is often a temptation of rushing through projects in order to remain number one, which can be extremely costly in the long run.

Parallel entry – in this kind of entry, a brand may enter the market at the same time with another brand. Both brands can enjoy increased market attention as there will be more buzz caught by two companies and like one company.

Late entry – in this kind of entry, a company may delay its entry to the market until after a competitor has already entered. This is advantageous because the late entrant may benefit from the infrastructure and market awareness already built by the first entrants. Additionally, it helps a lot and try to improve their strategy, having land for the mistakes of the first entrants.

  1. Where/ location strategy

It is important for a company to evaluate, understand and decide the geographical scope of the market it intends to serve. This can be important in helping the company maximize its marketing efforts by concentrating on the places that matter most to its overall brand strategy. A company can choose to serve a single locality, a region, several regions, the national market, or the international market.

Different geographical regions have different advantages and limitations, which make it critical for companies to have a clear geographical strategy right from the start.

Your target marketing should be clearly defined.
  1. How/ market penetration strategy

Even if one has the right product for the customer, presented at the right time in the right place, there is still a possibility of failure based on how the brand chooses to enter the market. The first stage of introducing a brand to the market is often creating awareness which can be done in a number of ways including giving customers financial or value-added incentives, conducting influencer marketing, free trials among other entry product launching strategies.

Adopting a wrong strategy could be detrimental to the success of a product in the market, and may cause irreparable harm. It is, therefore, important that a brand comes up with a clear market penetration strategy that will foresee and plan for any possible challenges likely to arise.

Planning a product launch and you need to do it right? Reach out to us for support.

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