Effective Marketing For A Successful Product Launch

A new year is around the corner, and for many businesses, this means that there will be new products to launch. To capitalize on these launches and attract the greatest number of customers possible, follow the five steps detailed below.

1. Do your homework

A launch that falls flat is often due to a lack of planning at the outset. You should perform due diligence and undertake the necessary market research to ensure that the product you are going to launch has a purpose and an audience willing to buy it. This may involve some soft product testing, researching your competition and reporting back to your franchisor.

2. Get the branding right.

As a franchisee, you will be using your franchisor's choice of branding, characters and positioning but will be in charge of your messaging campaign and the way in which you communicate with your customer base. To ensure that your new product meets your customer's expectations, you will need to personalize the way in which you promote the new product based on what you have already determined to be effective with your customer base.

3. Follow the marketing plan.

Your franchisor will have a plan for marketing the new product, but it is essential that you know where you fit into this plan. Engage early and often to ensure that your launch is aligned with the overall business strategy.

4. Engage with your team.

Your team may be just you and your franchisor, it could include other franchisees who are launching at the same time, or it might include staff that are working for you and have their own responsibilities. Whatever the size of your team, it is important that each person involved understands their role, responsibilities and areas of accountability. For the launch to be a success, everybody involved needs to work as a cohesive unit, maintaining consistency of branding and message to reduce the chance of accidentally putting a confusing or conflicting message out into the public arena.

5. Seek feedback.

Once you have launched the product and the sales have started to come in, seek feedback from customers on why they chose it, whether it meets their expectations and whether they would buy it again or recommend it to others. This engagement helps the customer feel looked after and also generates useful data for the franchise, both when it comes to their products and the way in which they were launched.

Lessons will always be learned from every new marketing campaign, and it is important to record them, review them regularly and act upon them.