Introducing a new product to the market is an indication that your business is growing. However, you need to understand that introducing a new product is just one thing but ensuring success is where the challenge lies. According to Booz & Company, 66% of new products fail within two years. The Doblin Group reported in its 2012 study revealed that 96% of all innovations fail to return their cost of capital.
Introducing a new product does not have to be complicated. Promotional products like imprinted clocks, calendars, & planners with logo can help you get started with launching your new product. Here are some of the steps on how to ensure a successful product launching using clocks, calendars, & planners with logo.
STUDY YOUR COMPETITION
Start off by taking a closer look at your competition for clocks with logo. List down the businesses that offer similar products that you are going to launch. Even if you think that that the imprinted clocks you are launching is unique and currently without competition, put yourself in your potential customer’s shoes and imagine what they may be offering in lieu of the product you plan to offer. Review their marketing materials and strategy and then evaluate how they will become an obstacle to the success of your new product.
TARGET THE RIGHT CUSTOMERS
To ensure the success of your business, make sure to target customers whom you think will purchase the calendars with logo you are launching. These may include customers who are already using something similar but would want to try the new features your product offers. Your best prospects for imprinted calendars will have a perceived need for what you offer. It is always easier to fill a need than create a new one.
CREATE A UNIQUE VALUE PROPOSITION
In a highly competitive industry, you need to make sure that the imprinted planners you are offering is unique from the competition. Why will they want to purchase from you? What benefits and features will you provide that offers the most value? The bottom line is that the planners with logo you plan to offer should meet the needs and desires of your prospects.
DEFINE YOUR MARKETING STRATEGY AND TACTICS
What sales and marketing channels will you use for journals with logo? Using multichannel markets will increase your chance of success because your customers can shop whenever and however they like. You would want to reach as many potential customers as possible for your imprinted journals.
TEST YOUR CONCEPT AND MARKETING APPROACH
Launching a new product can be expensive and rushing its launch can prove costly without prior testing first. Examine imprinted duffel bags for service bundles plus your marketing message and marketing materials. Depending your marketing plan and budget, you can use focus groups, online research, mall intercept studies, or distribute duffel bags with logo to a select group of users for testing.
ROLL OUT YOUR CAMPAIGN
When rolling out your campaign, public relations will be vital to the launch of your notepads with logo. You can use media relations strategies to place articles and win interviews. Get coverage by allowing the press to review your imprinted notepads. You can also hold a launch event or grass roots marketing to create buzz. The most important thing is to ensure that your notepads with logo is already available. Monitor the results from all media and be ready to adjust your campaign and take advantage of what’s working best.
KNOW YOUR PRODUCT LIFESTYLE
Your campaign needs to be updated or modified as your product starts to mature. If you monitor the marketing of your pens with logo carefully, you will see your returns slowly decreasing which means it’s time to revise the product, alter your media message or phase out the imprinted pens itself. It is also means it is time to launch a new idea.
CAN YOUR PRODUCT EVOLVE WITH CHANGING TIMES?
You will also need to evaluate whether your imprinted travel cases will be able to keep up with the demands of changing times or run the risk of becoming obsolete within a short period of time. Your customers expect you to deliver travel cases with logo that can be upgraded to meet latest technology.
LAUNCH NEVER ENDS
Launching a new product is a never ending process. Just because you have rolled out purses with logo in the market already does not mean it is the end. The life cycle of your product does not stop during launch. You need to modify imprinted purses and make sure that it meets the demands of the times.
The success of imprinted adult coloring books you will launch depends on how well it can address the needs of your customers. In the thick of competition, launching adult coloring books with logo should not be done haphazardly as doing so can have a huge impact on the success or failure of the product.