Ready, Set, New Product Launch!
You’ve done the research, you have buy-in from internal stakeholders and now the fun part begins - new product commercialization!
This can be a long process, with lots of steps in between. However, after launching dozens of new products, we’ve identified three key steps to focus when bringing new products to market.
Step #1: Costing & Pricing are Key
So many products don’t make it out of development because margins can’t be met. Don’t let this discourage you! When looking at ways to improve costing consider a good, better, best strategy.
What adjustments could you make to the product and still be competitive?
Is there a different packaging substrate you could consider?
Can you make adjustments to the proposed portfolio and consider a phased launch?
The same goes for pricing. It’s imperative to understand your competitors pricing strategy and how these new products will help you to win market share.
Step #2: Packaging is Important
This is both the fun and detail-heavy part of a project. How will you bring your new product to life on pack? When designing your new packaging, you’ll want to consider how this new product fits within your existing portfolio.
Are you going to follow a similar packaging structure as your existing products?
If creating a new packaging design, how does that impact your existing portfolio?
What claims are going on the pack? It’s always important to complete a competitive audit to ensure you have the most impactful claims.
Step #3: Don’t Forget Go To Market Support
How are you going to support these new products and help drive demand for your retailer? Marketing strategies will differ but three areas that should always be included are:
Website: Don’t forget to add your new items to your brand’s website! A lot of times this is one of the last steps in a new product launch and can often be forgotten.
Social: Share about your new products across your brand’s social platforms. It's free and a great way to help drive awareness.
Digital Brand Assets: We live in a digital world and it’s so important that both our copy and imagery work just as hard as you just did to get these new items to market.
Building these three steps into your new product commercialization process will help ensure retailer commitment isn’t far behind. If you need a little help, please contact us! The Marketing Lens has the experience and process to bring both manufactured and turnkey new products to market. Happy launching!