The most crucial factor in product launches is timing. On the surface, it’s easy to see when the timing is right. Some business owners would say, the timing is right when it feels right.
When you’re already so familiar with the business landscape, this rule rings true. Now, being familiar with the business landscape means being able to measure the effectively of these two key factors:
The most successful product launches happened when the market showed a need for your product or service. Notice that, that’s a “need”, not simply a “want.” You want your target market to treat your product as a necessity, not an option. And the key here is to tell them how your product affects them.
When you’re building up your presence for your product launch, tell your consumers how your product would improve their lives. And do make sure that this pre-publicity messaging is consistent with how you’ll present your product in the actual event itself.
It’s best to get help from live event and media production companies. ADM Productions explains that they can help you better convey your message during your launch whether through presentations or event design.
Remember to capture the market at the time they’re most needy about your product; otherwise, you may be launching to an unready market (launch too early) or a stale one (launching too late).
The timing of your launch also depends on the timing of other brands’ launches. Sometimes, businesses beat each other to launch in order to capture eager customers. But some wait until others have launched.
This allows them to see how the market receives the product. This will give you an idea which features received negative reactions and to see how you can improve yours.
Another benefit of launching after a competitor’s launch is, you’re able to take advantage of the growing demand. When you’re introducing a new technology, which the market may have little to no knowledge about, the competitor’s launch can help in warming up the market to your new product.
Product launches are good strategies to establish brand credibility and create a buzz. But remember, you can only hit these rewards through the right timing.