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5 Steps to Successfully Launching Your Industrial ProductPosted by IndustryNet on Monday, March 14, 2022
3 MIN. READ Every year, over 30,000 new products come to market. Unfortunately, 95% of them fail to make a successful launch. Leaping the hurdles to put an industrial offering into the hands of purchasers takes meticulous and exhaustive preparation. Following the recommendations given here will increase the odds in a seller’s favor. 1. Develop the WhyVendors need a clear vision of their customer's pain points and how a product will address them. For example, fast-food restaurants need to adjust to plastic straw bans. Chain A needs paper straws. However, the paper straws A has tried, fall apart in drinks, creating an unpleasant consumer experience. Chain A is selling fewer drinks and making less profit. That’s an opportunity. To take advantage of it, Company B, a supplier, needs to show test results proving its straws maintain their shape to increase drink sales. The time and effort to produce that data will put Company B ahead of its competitors to supply Chain A. 2. Demonstrating the Value PropositionIf a product looks like another product and serves the same purpose, how can it promise better value? An example of this problem is lamps used to dry printers’ ink. Company C’s bulb costs $50 and requires changing every 1,000 hours. Company D wants to launch a new type of lamp. To make a profit, Company D’s bulb will sell for $75. However, the light will maintain intensity for 2,000 hours. Clearly, in the long run, Company D’s lamps will save customers money as well as the time and labor of changing bulbs. Still, since the initial cost is higher, Company D will need the data to show the change's value. A successful product launch depends on having that information in hand. 3. Reaching OutTo purchase a product, a customer must know it exists. For both business-to-business and direct-to-consumer companies, the pandemic engendered significant changes in marketing methods. NielsenIQ Connect data shows a 50% jump in omnichannel U.S. shopping. Companies, regardless of size, need an array of integrated sales channels to reach buyers. These can include: • Email. All of these channels should work in concert to introduce the world to a product. 4. Marketing Nuts and BoltsNo matter how innovative the product, the product launch will determine how the public receives it. The required tasks for a successful launch may include completing photoshoots, writing ad copy and crafting displays. However, before the production of these sales materials, a company must establish answers to the following questions: • How will the company position the product? Particularly essential to small and mid-sized enterprises (SMEs) is figuring out how to pay for the campaign. That may determine whether the promotional work is performed in-house or by an outside firm. 5. Post-LaunchWhat a company does after a launch can be as crucial as the preparation and takeoff. A new product may appeal to existing customers. The sales team must introduce it and reintroduce it during ongoing interactions. Continuing marketing activities should include gathering feedback. These responses can be used to modify messages and create new ones. Negative comments may even be used to improve a product or make it more attractive to potential customers. Integrating post-launch undertakings into a launch timeline from the beginning will facilitate a smooth transition. Resources for a Successful Product LaunchAn IndustryNet listing can help your company and your new product stand out in the market. Get the word out on the IndustryNet blog, link your new product page to your IndustryNet listing, upload videos, photos and more! Learn more about how IndustryNet's marketing solutions can help your business here. Article Sources: https://hbr.org/2011/04/why-most-product-launches-fail (Older source.No link. Background only.)
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