Strategy and Checklist If You Are Planning a Product Launch
The costs and investment put into product development demand that the process of launching it is smooth and successful. These important checks and to do items are critical determining factors in the response obtained from the market.
Product Launch Checklist
- A check of the competitions prices would be necessary before a launch to ensure the company is not getting undercut.
- A check to find out how well positioned the brand’s product is in the market place, its potential market share and marketing channels.
Popular product review
- Any product needs to be checked by a small sample group and the results analyzed.
- The performance of the product in the sample group needs to be up to the standards set by the company, relevant standards set by laws as well as meet the need that consumers have.
- It is essential to have technical personnel available to address any pressing questions or malfunctions in the product. Any relevant documentation or manual that comes with the product should be present and complete.
Operations and procurement
- A check should be performed to ensure that the necessary documentation required for production are present, these include manning plans, CNC programs and the like.
- All production processes should be proven using actual production lines. All production and raw material supply data should be established in the enterprise resource planning software.
- All suppliers should be vetted and their merchandise qualified for it’s purpose. All necessary parts or needed materials are in stock or have been ordered, as well as the requirement for adequate personnel to be available to handle production.
Sales and marketing Strategy for Product Launch
- It should be known whether the market receptivity of the product, focus groups and market tests have been evaluated.
- A check of the advertisement campaign should be done to ascertain whether it is present and the ability of the campaign to reach the market and attract the desired sales volumes.
- There should be a check of whether there are trained sales personnel.
- The product prices should be established and approved. A check of the company website and the information that it contains. There should be check of the general availability of information on the product among the targeted consumers.
- The final packaging should be checked for appropriateness and fitness for the purpose. The sales forecasts need to be checked for consistency with the latest forecasts of the customer demand.
- Advertisements in mot media houses needs lead time before it is considered and approved and finally broadcast or printed, so this should be considered in the product marketing plans.
- If the company has a website the lead time that it take before it gets on the search engine listing needs to be considered in the marketing plans. The availability of press releases should be checked to ensure no delays if the event is covered by the media.
- The timing of the press release should be made in concert with the media to benefit both the company and the public.