IndustryNet Account
For Buyers:
  • View Search History and Save Searches
  • Save Supplier Listings and Add Notes
  • Save and Review RFQs / RFIs / RFPs
For Suppliers:
  • Update Your Listing Information
  • Upgrade Your Listing or Add Categories
  • View and Respond to Leads

 Keep me logged inForgot?

Don't have an account? Create a FREE account now!
close
IndustryNet
      

IndustryNet Blog

5 Steps to Successfully Launching Your Industrial Product

Posted by IndustryNet on Monday, March 14, 2022

100000702_ProductLaunch

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 Why

Vendors 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 Proposition

If 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 Out

To 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.
• Short message service (SMS), such as texts.
• Social media, i.e., Twitter, Instagram, Facebook and LinkedIn. For some products, influencer marketing can play a significant role in launching campaigns.
• Websites. These can incorporate online marketplaces.
• In-person events. For smaller companies, these can be as inexpensive as renting a stall at a farmer's market. Larger firms can set up booths at industrial shows and schedule launch parties.
• Announcing your news on IndustryNet is an excellent way to reach a highly relevant audience for your product. 

All of these channels should work in concert to introduce the world to a product.

4. Marketing Nuts and Bolts

No 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?
• What tone will the advertising take?
• What types of messages will be used on individual channels?
• How many messages will go out?

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-Launch

What 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 Launch

An 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.)
https://medium.com/@ardiantagedep/three-key-elements-to-prepare-the-great-product-launching-38be2d3edaf2
https://www.manufacturingsuccess.org/blog/manufacturings-9-step-process-for-a-successful-product-development-and-launch
https://www.forbes.com/sites/forbesagencycouncil/2021/12/09/how-to-best-launch-a-product-or-brand-in-2022/?sh=2d2cda6573ec
https://www.shopify.com/blog/product-launch
https://nielseniq.com/global/en/insights/analysis/2019/bursting-with-new-products-theres-never-been-a-better-time-for-breakthrough-innovation/#:~:text=Incredibly%2C%20an%20average%20of%2030%2C000,and%2C%20of%20course%2C%20competition.
https://theticker.org/5624/opinions/nyc-businesses-need-to-take-the-plastic-straw-ban-seriously/
https://www.linkedin.com/pulse/why-product-launches-fail-how-fix-yours-brian-de-haaff/?trk=articles_directory
https://www.industrynet.com/blog/
https://www.industrynet.com/marketing/

 

Get Your 600
FREE Leads from
IndustrySelect!
Reach manufacturers, suppliers, and industrial service providers with
B2B company profile data
IndustrySelect
Researched firsthand by real people for unrivaled accuracy and detail, trusted by over 40,000 professionals at small businesses and Fortune 500 companies alike
IndustrySelect is the Industrial Database
Sales • Marketing • Recruiting • Research
Check  Identify prospects by location, industry, size
Check  View complete company profiles
Check  Executive contact data with direct emails
Check  Get instant counts, build unlimited lists
Check  Export profiles to your CRM
Check  Locate top executives by name & title
Check  Collaborate with your sales team
Check  See parent company and family tree
Check  Discover a company's key competitors
Check  Uncover hidden prospects with Intent Data
Check  Clone your best customers Customer Match
Check  Pricing levels for all budgets
Check  Use on your PC, Mac, tablet, or smartphone
Get your 600 FREE leads now!
A service of MNI
 Find a Supplier  About IndustryNet  Contact IndustryNet
 Get a Quote  Buyer Reviews  Link to IndustryNet
 IndustryNet Blog  Marketing Solutions  Terms of Use
 Create Free Account  Add or Upgrade Listing  Legal Information
 Account Log In  Browse All Categories  Privacy Policy
 ISO Standards & Certifications  Browse All Companies  Do Not Sell My Personal Information