Top 5 Ways to Build Buzz for Your New Product Launch
Developing and marketing a new product is not an easy task, especially when it comes to launching a new technology product. Given the multitude of new products available in the market, it becomes extremely difficult to set yourself apart from the global competition. Knowing how to launch a new product is half the battle, but businesses sometimes get caught up in the marketing effort itself and lose sight of what is more important- the product itself.
A product launch strategy is important and involves a true investment of time and energy, especially when your planning for a new product launch that is expected to be successful and well received by your audience. After all, an enormous amount of resources go into the development of new products and or services, so it deserves a launch to match. Here are the top five ways to leverage your product launch efforts:
- Focus on the people- not the product
- Change the way people think about the entire product category
- Draw out the suspense for as long as you can
- Plan and develop a sound product launch strategy
- Set clear goals and act accordingly
Client’s Profile
The client- a multinational tech industry player, currently focused on the healthcare and home automation segment.
Predicaments Faced
A recent research suggests that 75% of new product launches fail to deliver expected outcomes. Launching a new technology product can be extremely difficult given the rapid rate of development and the multitude of different products available in the market. To overcome such odds a leading tech industry player approached Infiniti Research to help them successfully launch their new product line in the market.
The tech industry player had developed a new product line completely focused on home automation. But with several competitors out there in the market, the tech industry player needed to develop a successful product launch strategy to leverage the growth potential of their product. They also wanted a new product launch strategy with a unique marketing approach that will help them reinforce their image as a purveyor of high-quality home automation systems.
Our Approach
The ultimate aim of this research assessment was to create an innovative product launch strategy to aid the client’s new product launch. It revolved around targeting the right message to the right audience to enhance the market success of the tech industry client’s new
product line. Our first recommendation was to implement a value-based prioritization framework to help identify the most critical milestone that needs to be focused on to give out the right message to the end-users. The new product launch strategy model was devised to aid the smooth launch of the new home automation systems.
We also offered solutions that helped the tech industry player to strengthen the strategy behind their new product launch initiative while improving brand loyalty and reputation among existing and potential customers.
Business Impact
It is a well-known fact that launching a new product is no easy task, it requires a detailed product research to understand the affinity and market value of the product. With the help of the devised new product launch strategy, the tech industry player was in a better position to communicate the technology behind their home automation systems. The new product launch strategy helped them generate much-needed attention by attracting customers and generating huge profits for the company.
Also, the new product launch strategy helped the tech industry player to cater to the unaddressed consumer needs. Ever since the client has turned into a well-known player in the global tech industry with a reputation for developing hi-tech home automation systems.
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