Product Launch Tips for Retail Stores
Launching a new product to market is one of the most exciting times for a retail store.
There is a lot to consider to ensure a smooth introduction of your new product in the retail market.
From doing your research to creating an effective marketing plan, here are some tried and tested tips to help you get the highest return on your investment.
1. Set goals
The very first step in launching a new product is to set some SMART (specific, measurable, attainable, realistic, time-sensitive) goals to keep you focused throughout.
These goals could be anything from selling your product in a certain amount, getting your products in a certain number of stores, or enhancing brand awareness.
2. Do research
It is clear that doing research is essential when considering how to launch a new product.
If you want to reach your target market, a good place to start research is with your current customers. Looking to some of your top customers for advice and feedback on your new products will gauge how they will land with your larger audience.
If you are trying to change the direction or break into a different market, you will need to start by profiling your new target customers.
3. Know your competitors
Knowing your competitors provide insights into how to approach your new products’ development.
You should think about how are your competitors positioning their products, who are their target customers, where and how they promote the products, and more.
You should also identify your products’ unique advantages, features, convenience, and price, etc. How can you draw the attention of your customers so they trust that your new products will fulfill what your competitors cannot?
4. Create a market plan
A market plan is a road map for reaching prospective customers and gaining competitive advantages.
You will need to be strategic about your budget, resources, current performance metrics, and more. The next important part is to think about how to increase sales while decreasing costs.
5. Make some buzz
After creating a market plan, the next important part of your product launch is marketing campaigns.
There are several different marketing formats you can use to improve your product’s profile: a press release is a great start and social media is a good way to spread the word about your new products.
Use email marketing to inform your customers and create a website to promote your products also help you with the advertisement and promotion of your new products.
6. Cooperate with influencers
Nowadays, consumers tend to rely more on online customer reviews and referrals to decide which products to purchase. So, it makes sense they would be more likely to build trust in your new products from a real person.
For this reason, making connections with influencers would help you reach your target audience and provide the needed push to get your customers to come trooping into your retail store.