A product launch event is mainly a promotional tool where you get to announce the next big thing your company has been working on. The goal of planning a product launch event is to initiate a big boost in sales as well as making the customers aware of the product being launched. In this digital age, companies can’t just draft out a press release before any product launch in a hope that the users will come in anticipation.
Hence, planning an event to launch a new product is not just a smart marketing move but also an initial step to promote any new product. So if your company has big news in the form of a new product then you must inaugurate it with an event.
Below is a list of Tips to plan a product launch event that’ll get you going-
First and foremost, you would want to choose a location for your event that allows your product to be highlighted in the most proper way. It is obvious that your product is the only thing that should be emphasized more but a well facilitated venue can help the company to market their product to the attendees. Along with general faculties, the venue should have creative displays, décor and spacious rooms that can enhance the branding of a product.
One of the things that have played a pivotal role in making a product launch event a success is associating the product with the venue. Suppose if your company is launching a new software, then you must opt for the venues that has been used earlier for numerous tech and I.T shows
Know your Target Audience
Events like product launch works as a communication tool between the audience and the company. It allows the company to make a distinctive strategy based approach towards the targeted audience in such a way where product can take the centre stage. Targeting or knowing your audience refers to identifying the group of attendees that are specifically influenced or receptive towards your event marketing efforts.
In other words, your event will be as successful as the company’s efforts to pinpoint a specific group of audience that may come and react positively to the launch.
Proper Market Research
The current market is overly saturated with consumer products yet the quest to develop and release new products still remains number one business objective for established companies and startups. So, a proper market research is what the doctor prescribed amidst the hub of launching new products.
Conducting a market research will not only give your company an in-depth insight regarding intended customers but also reduces instrumental business costs such as packaging, production and advertisements. The purpose of market research starts from recognizing the market needs of a product to testing and identifying the product’s place in the distant future.
For example Starbucks has been into the game of market research through their “Transformation Agenda” since 2008 and that has helped the company in many ways.
Build Hype and Anticipation
Many small companies make the mistake of perceiving that only the biggest of brands can build hype and anticipation around their products. As the market gets competitive year after year, generating hype before a product launch is a mandatory step. Creating hype will trigger the initial boost before a launch hence, stabilizing the companies’ targets to reach n number of sales in a short period.
Today social media and email marketing has enabled many small and big companies to create hypes without having to spend much money on hyping the product. Many companies often share sneaks peaks of the product or announce giveaways through social media posts to create a necessary momentum. Companies like Glossier created cult following for their product fans in numerous social media platforms and that has helped the brand to build hype and anticipation before any product launch.
On the D-day, event production is what makes or wrecks the event. Event production is one of the most important segments of planning a successful launch event. Production covers a wide range of elements starting from decorations and activities to creating something memorable for the audience attending the event. Customers are bombarded with product messaging on a daily basis so a launch event is what makes a certain company stands out from its competitors.
Nowadays, many companies opt for reputed event production teams that can liven up the event to the already build hype. With the help of any production experts, your company can create an engaging and memorable experience for the audience as well. Many big brands such as Ray Ban, Audi, MAC cosmetics turns to MKG creative agency, whenever they need to create spectacular product launches.
With the increase of real-time communication options, new doors for business communications have opened and breathed life into old method called press release. A press release is one of the most cost effective publication tool which especially benefits growing small business. For grand opening to new product launch event, each press release publicizes useful information regarding any upcoming event or one that has occurred. So, in terms of product launch event, one can easily draft a press release and get their event news found on all of major social media networks and search engines.
A successful press release will improve the brand image as well as driving people to events through images, videos and other multimedia. Hugely renowned companies such as Amazon and Cadbury uses press relases to announce new product or information.
Event Goals and Objectives
Having a clear vision of what the objectives are for a product launch event will only keep the company a step ahead in the race. Whatever your company’s visions and objectives are, it should be expressed in key phrases and art so that these phrases are used consistently throughout the event for the purpose of communicating. Some companies tend to dazzle the audience with event experience or want to create a vibe for intimate conversations while some let the product to take the centre stage. The visions or objective may vary but the goal of any product launch event is to create a brand experience for the attendees.
For Example, Apple’s product launch event may look simple but it is carefully manicured to expand and echo brand values.
Messaging and Positioning
Messaging and positioning has got to do with refining a product narrative that focuses solely on the valuable aspects of any given new product through messaging. Most of the B2B companies make the mistake of not spending enough time on messaging and positioning before product launch thus affecting the event. The proper kind of messaging at launch events can make the customers evaluate your product against the customers. While every company has the urge to communicate the features of a new product in an elaborate manner, but at launch event, messaging needs to simple, short and persuasive at the same time.
For Example, Apple’s messaging while unveiling their iPhone was “With the power of 128GB storage built in and up to 512 GB of expandable storage, you’ll have room for what matters most”
Launch Event Invites
Inviting potential clients, prospects or customers to an event is one of the aspects of doing a business. Extending an invitation creates a personal touch that can make the selective attendees at your product launch event feel special. In order to ensure an influential turnout for the event, you would want to invite individuals who can boost your product sales such as analysts, journalists, influencers, and bloggers.
Through invites, you must properly inform the attendees about the event location, program, parking facilities so that there aren’t any grim faces present in the event.
You have followed all the rules and procedures to plan a perfect launch event but a certain error in the product can ruin the event. With beta testing, you can choose a group of users or beta testers to use your company’s product before the launch. They would provide you with valuable feedbacks in exchange of the early access and with those feedbacks your company could make the necessary changes in the product.
Beta testing provides an idea of how the product will be received on the launch day and at the same time it ensures that the product provides outstanding user experience.
The Right Time
For a new product to be launched on the event day, the timing of the event is instrumental in attracting crowds and optimizing revenue and profit. Product launch timing is often overlooked by the people who are new to the norm of product launching. In order to have a good crowd for the product launch event, you’d want to time your product launch event to the point when the market is ready for the features and benefits your product has to offer. If launch too early, the customers might not understand the value of the product and if launch too late, you may miss the window of opportunity.
For Example Over the past 12 years, Google has been launching Santa tracker, an educational yet fun game enjoyed by both parents and children during Christmas. Although there are some industry-specific holidays or explore times of the year that you can choose where the industry sees a peak inactivity.
Whenever there is a whole new product to be launched by a certain company, the product takes the company itself into a new space or domain where the company doesn’t have much authority or experience. So in those circumstances, the best thing to do is to be market ready and start creating contents based on that new space before the product launch.
In this way, you will have the chance to see what kind of content that resonates with the people prior to the launch. Now, the created contents should be seeded for SEO purposes which will eventually establish your company as experts in the market even before the product launch.
For example, Red Bull media house continues to impress the word through their inpirrtional content and large events.
In this digital age, word of mouth is still a priceless way to create a buzz around the event. Creating or investing in a PR plan is as important as ensuring the food and beverages for the event. Majority of the companies already has an internal department dedicated to public relations so that any upcoming events are publicized in the best way possible. So if your company has the budget to hire a PR agency then hire one to work out the influential guest list and share your vision for the event.
For Example, some of the biggest brands like Starbucks, Microsoft hires America’s the best 60-year-old Edelman PR agency.
A company can have the greatest product in the world but yet the event won’t sell itself without a proper product launch event plan. One of the most important parts of planning a product launch event that people often forget is the email strategy. While building a communications strategy for an event, it is pivotal to build an email list through a simple landing page.
With the help of email list, you can herald the arrival of your new product to the people and entice them to attend the event. Make sure the emails are persuasive in nature so that you can convince them into accepting your product.
Social Media Activity
In the weeks leading up to the event day, you have to put together a marketing strategy that promotes the event through all social media platforms. Some of the ways involved in are posts written in facebook, Instagram and Twitter as well as email newsletters, social media contest, and specific hashtags.
While each and every aspect of social media is there to help but using hashtags to promote product launch is one thing that generates most amount of interests. With the use of hashtags, you can also encourage customers to use your brand’s very own hashtags to win giveaways. One of the things that social media stands out from is that it allows different companies and brands to influence the minds even after the product launch.
Although, entertainment is last on this list but certainly not the least important for an event. Nowadays products are being launched in a new interactive way that provides a fun experience to the guests while educating them about the product. With the introduction of such modern marketing method, you can actually connect with the audience instead of telling just about your company’s product story.
So it’s time we say goodbye to those un-engaging factors and elaborate explanations and instead an experimental event. The event would make a lasting memory for the attendees when you are able to create an experimental and interactively entertaining event.