5 Steps for a Successful Retail Product Launch

5 Steps for a Successful Retail Product Launch

According to Harvard Business Review 75% of product launches are unsuccessful – so it is important to make yourself stand out and to really understand the challenges that your product launch will face to ensure you will be in that successful 25%.

Step 1: Preparation

Preparation is everything and that is no exception when it comes to launching a new product. It is important to have as complete an understanding of your target market as possible – who are your intended customers and what will they expect from your product? Who are your main competitors and what is it that is going to set you apart from them? Do your research and really know the answers to these questions.

Step 2: Solidify the Brand

Solid branding will really help you set yourself apart and it is here that the skillset of an experienced brand specialist is really useful. A good brand specialist not only helps with brand building, but they can also be an expert in brand positioning and be able to help you really differentiate yourself from your competitors.

Step 3: Goals

Setting yourself goals will enable you to stay on track and will help ensure you are managing your time and resources well. It would well be worth your while to enlist the help of an expert brand strategy consultant to help formulate these goals.

Step 4: Engage your Customers

After establishing who your customers are and what they expect, it is important to make sure those expectations are being met. This is where social media can be really useful, or the old-fashioned route of customer feedback surveys.

Step 5: Ensure your Product Excels Every Step of the Way

There may be several stages before your product reaches the hands of the consumer and it is important that your product stands out throughout this journey. This may include branded distribution and unique packaging or specific guidelines and in-store POS material if the product is to be sold on the high street.

All of this is integral to our process at Kaleidoscope Concepts, where we have been offering high-quality, professional product launch services for over 20 years. As a leading product launch marketing agency we are able to offer commercial solutions specific to your needs. Do not hesitate to contact us and we can begin to work with you to formulate your ideal product launch strategy.