Whether you are looking to add to an existing brand or are an entrepreneur that is excited to start building a brand, many businesses only focus on the beginning rather than the whole picture. The exciting start of anything can be somewhat overwhelming, but one must begin with the end in mind. The popular new age book The Secret, by Rhonda Byrne, advocates visualizing where you want to be rather than where you are as a means of preparation. While the idea is to get your emotions in order, the practical application goes a few steps further with preparation.
A product launch is not just an event – it is a detailed ongoing process. Launching a product line capitalizes on sales momentum that can be built up via social media and word of mouth. This is not the time to forget details.
- What type of products you will offer?
- What does the packaging look like? Is your branding and packaging of your product eye-catching? What colors will be used? See your containers in your mind’s eye and take notes. People are psychologically drawn or repelled by colors; do your research.
- What are the specific price points of each product? Aside from packaging, take the time to decode your price points – too much and you might turn off warm leads, too little and your product might not be taken seriously. Look at your competition to determine what price points will hold in the market.
- Does it address your customer’s needs? Your customer has to want your product because it is flawless and addresses their pain points.
You want your product to be in a customer’s hand, so you may be tempted to skip over important details. When visualizing your success, consider the details.
- Set a budget and get detailed with it.
- Will your product be manufactured in-house in small batches or contracted out to a private label manufacturer? Examine the costs of every step of the process. Get at least 3 estimates and test the samples of each of the products before you move forward with any manufacturers. There is quite a bit to research in the manufacturing process.
- Package design can be pricey, but they can cost more (i.e. not enough sales) if you try to cut corners. Packaging tells story of your brand visually and engages customers with your brand. With so many brands out there, it is important to establish a unique position to capture the attention of your audience. The most successful products invest in their ongoing branding. Many manufacturers provide this service, but often turns into generic looking product packaging. Best to work with someone who specializes in packaging. Most manufacturers will allow you to provide your own labels and packaging, which can save you costs and allow you to be creative with your package design.
- Marketing your product for a launch is a matter of planning. Decide how to produce your products and get the word out to potential customers. Is it through spas, boutique shops, trade shows, online, instagram, or directly to distributors? List all the ways you can connect with your customers. Then narrow it down to 2 or 3 you will focus on in the short-term. Then list out the steps of how you will get there.
A product launch is an exciting time for any businessperson. It is also a time to balance being present with your business with having an eye toward the future. Visualize the end result. See your product or line as a series of steps rather than an event. See the final product and take measures to make it a structured reality.