Organising an event to promote a new product can be a smart marketing move. Planning a successful and memorable product launch, even if you have never done it before, can rapidly help to increase your product sales. The more people you have talking about your product, both via social media and at your launch party, the more successful it is going to be. A launch party can be a combination of increasing your new product’s brand awareness and a celebration of your team’s hard work for getting to this point. Follow our foolproof guide on how to devise and implement a winning marketing strategy for a new product launch.
Creating Goals and A Marketing Strategy For A New Product Launch
Ultimately, the goal of your product launch event is going to be to showcase your new product, boost customer awareness, and subsequently increase your sales. Through the successful execution of a launch party, this is achievable. It is essential to engage with and entertain your potential customers. You need to ensure your brand is personable and is outcompeting your competitors on every level. It is also worth taking this opportunity to try and build a relationship with media outlets who will be willing to write editorials about the event in question, along with any future events; this will further help to increase your brand awareness.
You will want to keep your central aim at the forefront of your mind while you go through the planning process. Don’t lose sight of your end goal and get too caught up in the creativity of your product launch event.
Determining A Target Audience
Ensuring that you have determined the target audience of your product prior to building a marketing plan is of paramount importance. For your product and ultimately your business to succeed, you must pinpoint a group of individuals who would benefit the most from your product. You must have a clear picture of precisely who you aim to reach before you begin planning how you will reach them. While participating in market research is effective in deciphering your target audience, it does require a considerable amount of time and money. There are other quicker, cheaper and equally as effective ways to begin building your customer profile such as brainstorming and competitor analysis.
Begin with focusing on the features, predicted lifespan and benefits of your product. Take a look at any competitors or existing products that are of a similar nature, along with how the businesses in question market their competing products.
The characteristics of your target audience are split into two categories – demographics and psychographics. Demographics relate to personal features of an individual that cannot be changed such as their age, gender and background. Whereas, psychographics are more towards lifestyle choices, for instance, hobbies, spending habits and values. Consider how your target audience chose to spend their free time, what their hobbies may be and how they will be able to incorporate your product into their lives with ease. HubSpot has put together a useful guide that delves deeper into the use of demographics and psychographics in marketing.
Deciding on a Venue
People will associate your product with the venue you opt for hosting your event at, so it is essential to choose wisely. While the venue you decide upon will help to brand and market your event, do not put your sole focus on this particular aspect, the emphasis should always remain on your product. Pick a venue that suits your company style. You will want to choose somewhere local to your business if you cater to a purely local demographic. Do not make it difficult for guests to commute and get to your event; it will put them off coming. When advertising your event to your target audience, you would most definitely benefit from providing transport information such as reputable taxi companies or bus, underground and tram links. Aim to make attending your event as straightforward and hassle-free as possible.
You may also want to consider whether your company’s physical location would be an appropriate and successful venue; is your company location important to your branding? If this is not practicable, then be sure to choose a venue that suits your company’s character and branding. Make sure that the venue holds the number of guests you want to invite and is suitable for presentations and your own branding material. Ultimately, the chosen venue must be capable of bringing your product vision to life.
Choosing a Theme
You must ensure that the theme you have chosen is related to both your industry and your new product. As you would have spent time researching and understanding the type of target audience that will be attending your event, you will then be able to ensure that the theme will be appropriate, interesting and engaging for them. You need to consider what style of event would satisfy your target demographic. Possible event styles could be a conference, seminar, three-course meal or team building activity. Think from the point of view of your audience and decide upon a theme that your guests will ultimately enjoy. Your branding strategy, along with entertainment and food, should all match your audience.
It is imperative to consider whether the time and date of your event is going to be suitable for most of your guests and will enable them to attend your product launch. If you are launching a seasonal product that is only relevant to a particular time of the year, this will prove a substantial contributing factor to the final date of your event.
If you are thinking of handing out goody bags or gifts to your attendees, then this can be incorporated into the theme of your event. Consider the types and quantity of promotional products you want to give away. This could be a sample of your product, or simply merchandise that is related to your brand and industry. Aim to provide your attendees with useful corporate gifts as opposed to those who will most likely end up being thrown away. Travel mugs, USB sticks and tote bags are all cost-effective gifts, yet will prove to be useful for guests. Again, you need to think about your target audience and ensure that your souvenirs are appropriate and will engage with your customers. Branded Corporate Gifts stock a plethora of different merchandise types, ideal for incorporating into your product launch.
While your product launch event should be first and foremostly informative and educational, you will also want to incorporate an element of entertainment. Ensuring that your event is enjoyable and entertaining is a sure way to engage with your customers effectively while actively promoting and increasing the awareness of your brand. Make sure that the person presenting your product is an engaging and effective speaker. You could hire a stand-up comedian or have a live band performing to guarantee a good night for your attendees.
Alternative and more engaging methods of entertainment could be hiring a digital graffiti wall. You could have this branded with your colours and let your guests loose on getting creative. This is the best way of getting your guests to interact with other attendees, encouraging them to build new relationships with fellow industry professionals.
Many of our clients who opt for hiring a photobooth in London customise the booth itself to reflect their new product, along with printouts that are branded with their logo. This way, attendees can enjoy fun, quirky entertainment and as a business, they will be taking home subtle product advertising to remember your brand.
Promoting your product launch event on social media prior to the day will be essential. The event itself has to be marketed as well as the product. It is vital that you put together an online marketing strategy involving a combination of activities on social media and newsletter emails. You may also need to apply some offline methods too – for instance, an article in the local newspaper or handing leaflets to local businesses. Nevertheless, when you are promoting your event, make sure not to promote the product itself overtly. You could run Facebook or Instagram competitions where winners could win a free ticket to the event in order to promote and gain more public awareness for your event. The more likes, shares and comments you gain via social media, the more free advertising and promotion your event will receive.
On the night of the event, you can incorporate other aspects of social media. Encourage people to take photos of the event and the product and ask them to share it on their channels. You can also create custom Snapchat Geofilters and hashtags to promote your product and business on Instagram and Twitter. Those who opt for utilising a hashtag must aim to implement the hashtag before, during and after the event – get your product launch trending. Hashtags must be short and unique but are still related to your event. For more information on how to create the perfect event hashtag, take a look at Constant Contact.
Market A Successful Product Launch!
Throwing a successful product launch party can dramatically increase your brand awareness and, subsequently, your sales. Use our helpful guide to create the most memorable experience for your guests and ensure your efforts were worthwhile. If you do not trust your abilities or don’t have the time to plan a full-scale launch party, then you could always seek the help of a professional event planner. Make sure to work together to ensure your event is as successful as possible!