Product Launch Strategy – The Five P’s of Your Launch
Even though times have changed, the traditional methods of being able to have effective product launches still remain the same. Even though we are faced with a difficult financial crisis at the current time, this does not mean that the foundations that have been followed for many years need any change. The basic marketing tools known as the 5 "Ps" are still the most effective way to product launching. The 5 "P's" stand for Promotion, Place, Price, Product and Packaging. These are known to be effective regardless of whether you're launching a product online or offline. If you are planning to launch a product any time soon than make sure you give the 5 "P's" some form of consideration.
1. Product - This is the main part of your entire marketing campaign. Without a great product you don't really have much to work with. For this reason you have to make sure that you have got your market research right. It is very important to make sure that you have met all the requirements that a consumer would want in the product you are offering. You need to make sure that all your products are of great quality and that can be relied on as well. After all it is not a stroll through the park in order to achieve the trust of your customers. The product you are offering will be the so called first impression on your company's reputation. For this reason it is very important that you get everything right. The main goal in terms of your products is to meet your customer's expectations.
2. Price - This is also quite an important factor in more terms that one. Seeing that you will be competing against other competitors, you have to make sure that you offer a price that will make customers want to come and buy your product instead. Don't just price your product out of thin air. Make sure you do your market research and based on the quality and benefits of your product, price your item accordingly. One thing you should keep in mind is that with the current credit crunch, many will be looking at ways to cut down on their spending. For this reason you have to make sure your price appeals to a wide range of audience.
3. Packaging - The packaging of your product is also like the first impression of what you have to offer. You need to make sure that your packaging is both attractive and safe. Safe in the sense that it provides adequate protection to the product it is holding. Unless you have an attractive packaging, you won't be able to attract possible customers.
4. Place - This is one of the most important factors when it comes to the actual launch of the product. You need to decide on the perfect location that will allow you to maximise the possible customers. Try choosing a location that has a lot of people passing by on a regular basis.
5. Promotion - This also is known to play a key role in advertising and the launch of the product itself. You need to carefully decide on the approach that you will promote your product in comparison to your other competitors.