A new product launch is a critical component of just about any business or industry. Some companies spend nearly as much time on their new product launch strategy as they do putting together their new product. While new product launches are fun and exciting, they are also critically important, as you never get a second chance to make a first impression, or so the old saying goes. You need to make sure everything goes as well as possible with this mission, as a strong new product launch can take your entire operation into the stratosphere.
Kinney Group Events has been helping clients with their new product launch process for more than a decade. We understand the ins and outs and the importance of such an event, and we’re here to help you move the needled for your entire organization. Below you’ll see what some may consider a general new product launch checklist of ideas to keep in mind as you get ready for your big day and step forward.
1. Understand Your Product
Your new product launch strategy starts with the product itself. You need to understand it thoroughly and through the correct contextual lens. You obviously know a lot about how your product works and what it’s intended to do, but have you really thought about how to properly present it at a new product launch event? Is your product something that can be passed around or demonstrated with users, or is it more virtual and therefore requires some type of screen interface in order to see it and experience the new product launch properly? Are you going to need to look into AV rentals, for instance?
These are questions you’ll need to answer first and foremost, as new product launches can go awry if you have an event planned that’s best for one type of product but the product itself is better suited to a different approach. You should spend some time thinking about this with the Kinney Group Events team, as we’ll know what type of events to recommend based on what you tell us about your new product.
2. Understand Your Audience
One of the most important aspects of any new product launch process is figuring out whom to invite. Obviously, your potential customers should all be invited whenever possible, as that’s the whole reason for the new product launch in the first place. Your primary job in this regard is to understand which potential customers to invite, as you don’t want to waste your time trying to woo those who are never going to attend the event for one reason or another. You’ll most likely have a very good feel on who’s likely to be there and who isn’t and put that specific list together accordingly.
Beyond that though, your new product launch strategy should include a look at who else will be invited. Are you going to invite industry executives from competitors? How about members of the press? If you’re going to invite members of the press, which ones and from what types of publications? What about people from the academic world? Does it make sense to invite them to your new product launch? Once again, those who are experienced at putting these events together can help you with that decision.
3. Understand Your Timetable
One of the keys for how to launch a new product is to know when to launch it. For instance, you don’t want to launch a children’s product that’s going to sell well over the holidays in February. You don’t want to launch a new snowblower line in April. You need to understand when to have your new product launch event such that it gets ahead of the market to a degree but such that it’s also going to remain on the minds of potential buyers when the market naturally shifts towards that type of a product.
There is a finite window for success in that regard when it comes to new product launches. It may only be days in duration, but regardless, you need to know what that is before you choose any type of date on the calendar. The team of professionals at Kinney Group Events can help you define that timetable and help you further define it based on the types of venues that may be available for event rentals during those times.
4. Understand Your Budget
Your new product launch event is just one of the costs associated with that new product. Like most things in the business world, your event is going to be decided at least on some levels based on cost. The budget for your new product launch is going to help you decide what type of equipment to have in place for that occasion. If you’re going to have a speaker, how much will it cost to rent a podium? If you’re going to have food, how much of it should you have, what type should you have and where should you turn to in order to provide it? Will you have music or some other form of entertainment? Let Kinney Group Events help you prioritize these answers based on your budget and how to make the most of it.
5. Understand Your Goals
Finally, and perhaps most importantly, every new product launch checklist should come with defined goals so that you know what you’re pursuing while you’re pursuing it. Are you going to be looking to sell a certain number or amount of product at your event, or are you more looking for potential customers there who you can contact at a later date? Is there a certain amount of revenue that needs to be tied to your new product launch event in order for that to be considered a success, or is it solely going to be defined based on how sales on that new product go into the future?
The new product launch checklist above may be very specifically tailored to your thinking right now or it may be more general, but every new product launch needs a strategy and a team to help make sure things go as well as possible. If you find yourself in this position, contact Kinney Group Events today to learn more about how we can help you.