The point of marketing is to get an effective and compelling message across to a consumer abo
ut your brand and your products at an opportune time. Events provide the opportunity to do precisely this, in person, to people who you know will be interested in your brand and product.
In 2020, 3.2 million professional events will take place on an annual basis, globally. An event is one of, if not thee, best way to launch a product. The reason for this is because you can showcase the product to interested consumers who are there to find out about the product. It also provides an experience of both the brand and the product, making a connection between the consumer and the brand or product. In addition, it opens up the floor for questions consumers may have, and the answer to these questions may, in fact, be the selling point for many consumers.
How to create a successful marketing strategy for a product launch;
Of course, the first thing to do is to determine your target market. However, using metrics and data to determine your target market is not sufficient. You need to build a consumer persona in order to understand their needs, wants and motivations fully.
Secondly, selling the product itself is not going to rake in the consumers. You need to find a unique selling proposition – what makes your product and brand exceptional, what problems does the product solve, why should they choose your product over the other similar products?
Before the launch you need to create a webpage and start taking pre-orders of the product, this creates a feeling of exclusivity for consumers as well as works in your favour when stating the demand for the product thus far during the launch.
The webpage is obviously pivotal. Without a webpage, people lose interest, they can’t order your product, and they can’t find out more about it. This webpage needs to be bulletproof. It needs to be fast, as with just 100th of a millisecond delay drops your conversion rates by 7%. Also, it needs to be mobile-friendly, 72% of people prefer mobile-friendly websites.
Shipping and returns policies need to be implemented and stated in full on the website. A shipping and returns policy really eases consumers’ minds that they won’t receive the item and hate it and not be able to return it.
Make sure that the stores that will distribute your product have enough stock in-store or on-demand, also make sure that the campaign that you are going to use to launch your product carries through to all stores and online. Consistency is key.
Social media; an underestimated tool. If used correctly, social media enables your brand’s product to reach thousands, if not millions, of people – both organically and sponsored/boosted posts. Another option with social media is to employ a social media influencer to promote your product, which has been proven to be very effective.
Reasons for product launch failure
1. You invited the wrong people to your event and targeted the wrong audience. This is why a consumer persona is so important.
2. Making promises to your consumers that you cannot keep. How to lose trust 101.
3. Unprepared for fast selling and growth of the company. Be prepared for the best and worst outcome; being unprepared for either situation can have dire results for your company.
Hosting events is hugely beneficial but also very risky should you not prepare correctly. This is where we at the Exhibitionist come in. We specialise in events and exhibitions, making sure the execution is flawless from start to finish, according to your needs and wants.
For more information on our offerings, and our portfolio, visit: http://www.theexhibitionist.co.za/pages/eventing/
Contact us today to get your quote for your next event or exhibition! Our specialised service is sure to leave you thrilled with the final result. Contact us on 087 551 1555 or send an email to sales@theexhibitionist.co.za today!