A new product launch is an exciting time for any business but some things can be overlooked in the rush to release your product to the market. This checklist will ensure you stay on task and take care of all the often forgotten details.
1. Promotions are Set
Most new products are introduced through marketing promotions. There are other programs like co-op advertising and volume rebates which could be included in your promotions. It is critical to have clear details around all your promotions before you launch your product.
2. Displays are Set
Merchandisers setting up product displays can be effective for a new product launch. You will need to decide this will be part of your marketing launch plan, and how and when you will implement it. Just make sure you have done your research so you are in the right place at the right time to make your launch a success.
3. Distribution is Set
Make sure your shipping and distribution services are working and ready to take on new orders. Launching a new product without getting it to your customer will damage your credibility.
4. Inventory is Available
Make sure you have substantial product in your distribution channel to properly supply your customers. You need to properly estimate your sales to ensure you have the proper inventory on hand. You also need to make sure your production and development process is working properly to replenish your inventory at the rate customers are purchasing.
5. Advertising is Set
Promoting your new product is important to a successful launch. Many media and printing companies have a lead time that will need to be considered during your planning phases. Development of your website and submitting it to search engines, and broadcast commercials should also be included in your plan. Do not wait until the last minute to begin your planning.
6. Press Releases are Set
Press releases need to be setup and properly communicated for your product launch. Lead times could be take some time so it is important to make timing is coordinated.
Different products in different markets have variations around this suggested checklist. Use as a guideline, not as your plan.
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