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It’s no more something to argue that every product needs to be launched. There are tons of benefits launching offers to brands and products. I choose to help you know reasons why every product or brand needs a launch.
Product release doesn’t mean a launch. Why Microsoft releases products, apple launches products. Launching is a process, cumulative of some business strategies that drives a surge in demand for a product. This process can take months, weeks or perhaps couple of days. Understanding of this process would help you have a great product launch.
Read more: How to have a great product launch
If launch can take a couple of process, is it really worth the time and effort? No doubt, it’s worth it! Below are reasons why every brand or product needs a launch.
1. It increases your product awareness:
Awareness isn’t just the purpose for launching. Creating a surge for the demand of your product is, along side promoting your brand. However, awareness leads to that. No one would buy a product they’ve never heard of or have no image of and expectation of what satisfaction to derive.
This is especially the case when you’re bringing in a product in a market dominated by big fishes. If people aren’t aware of your entrance, it’s as good as no sales except you want to test the market. Most people would think coming unnoticed will shield them from the big fishes and competition. No! What you need is to disrupt the market. Yes of course, you’ll need to disrupt the market to gain dominance which doesn’t deny the fact that you need a launch.
2. Increase in market demand for your product.
Launching isn’t the 2hours event you cover with the media with glimpse of celebration. It’s more than that. In launching, you’re impressing in the mind of the people a brand, a promise of satisfaction the market should expect. This makes the market ready in anticipation, waiting for the product to be released. If this is done well, customers can even pay in advance if given incentives for “early birds”.
The apple launch for iPhone X kept customers in queues at different sales point before the release date waiting for the product to be released. Through the process of launch, apple was able to build a surge in demand for their product. They created awareness but they didn’t stop there. They also captivated the interest of the market too.
3. Raise capital:
Yes you might spend some money trying to do a great product launch, in the process, you can raise huge amount of money to develop the product you are launching. How? By having people pay in advance. Henry ford sold a thousand cars and then used the money to produce the 1000 cars he already has sold.
Publishers do this a lot, they create deep desire in customers and then add an urgency or incentives like “buy before the release date and get 20% discount”. They get people to pay. With this level of success, you are no more afraid if your product is sell-able. You can use this to test your product too.
Read more: Sales secrets that increase profits.
4. Gives credibility to your brand/product:
Launching can kill your brand faster or give it an up thrust in credibility. If the features you promise, satisfaction you made people expect and the curiosity and wait highly exceeds customers expectations and gave more satisfaction than the value they perceived, then you’ve earn their trust. Otherwise you’ve killed the brand.
In 2017, TStv wanted to launch in Nigeria, they offered so much “too good to be true” value to customers. They promised more value than any cable Tv has ever done yet with almost nothing for a pay compared to the value and far much less expensive than any cable TV has charged. Their launch was making waves that the government gave them 3years tax break. The awareness was viral, carried by the media, people were expectant. There launch would have been a big disruption where the big fishes like DStv and GOtv were gaining dominance. However, the result was nothing compared to the expectations and brand they projected. They didn’t secure permission for most stations, their services were horrible and guess what? The news did spread faster than their brand awareness. In less than 2months TStv apeared dead and gone. Nothing builds your brand than launching especially when you exceed the expectations of customers and offer more value than perceived. Otherwise, you’re setting up your brand for extinction.
Read more: 7 vital pillars to gaining customer loyalty.
5. Launching gives you a good market positioning:
If launching is done well with consideration to your Unique selling proposition, target audience and right timing as explained in the article, how to have great product launch, launching can give you a good market positioning, give you brand leadership with this surge in demand for your products. Never underestimate the power of product or brand launching.