Countless times I’ve sat across the table from enthusiastic manufacturers eager to jump into the market with their latest whiz-bang product. I’ve listened politely as they described how the product was conceived and the rigors they have endured to find a production partner, design an initial prototype package concept, and plow through a horde of letters from consumers who have benefited from the revolutionary new item.
Then, I ask one question that quiets the room, “Is the product really market ready?”
Honestly, I never intend for that to be an off-putting question. Rather, I am genuinely interested in helping manufacturers chart a navigable course to success with the launch of their brand. Here’s a snapshot of key questions taken from HRG’s proprietary product launch methodology, Concept through Commercialization™.
What type of product launch are you embarking on?
- Early-stage product
- Existing brand
- Expanding portfolio
Have you done enough homework in advance of your launch?
- Market need
- Competitive landscape
- Consumer interest
- Channel strategy
How will you drive interest in your brand?
- Product packaging
- Shelf placement
- Product pricing strategy
- Initial product trial
- Promotional tactics
What are your plans to support the brand in the future?
- Promotional strategies
- Brand line extensions
- Strategic partners/alliances
Careful preparation for launch and ensuring market readiness are essential to the success of any product introduction.