21 Nov 7 Top Tips to Maximize Your Product Launch Strategy
Hosting a successful launch party requires a lot of strategizing before the event. From the quality of your product to its readiness to hit the market, everything needs to be addressed before you even think about planning the event. If you’ve already tested and approved a product and it’s time to introduce it to the world, consider our top tips for a product launch strategy that will maximize the appeal of your company and your product.
1. Set an Event Objective
Setting an event objective should be the first item on your new product launch checklist. What do you hope to gain from the launch? Are you looking for more funding, are you hoping to attract the attention of third party buyers to increase sales, or is this a celebration for the employees who were critical in the development of the product? Once you know what your objective is, you’ll know who to invite, what type of entertainment to hire, and what to expect after the launch.
2. Know Your Budget
Part of a good product launch strategy includes proper budgeting. Knowing your budget keeps you from overspending and dictates exactly how much you’ll allocate for each line item. Since you’ve already set an event objective, you should have a good idea of what type of food you want, how much alcohol you need, and who your entertainment is. All of these will help you do your research to set your budget and find the right vendor in your price point.
3. Choose a Unique Venue
Many product launch strategies consider the importance of the venue before starting any other part of the planning stages. A venue that speaks to the product you’re launching or your company can create a memorable event for all involved. Consider hosting your launch on a cruise ship, in a museum, or at a spiritual retreat to maximize the effectiveness of your event.
4. Know Your Audience
With an event objective, venue, and guestlist already checked off your new product launch checklist, you should know exactly what type of party you’re hosting. Consider their needs, wants, and buying behaviors to cater exactly to their expectations of your event. While some launch parties are meant to interest potential buyers, others are for company employees. There are some product launch strategies that are attractive to every type of guest, including an open bar, delicious hors d’oeuvres, and photo booths.
5. Market Yourself at the Event
While the event may seem like it’s all about marketing yourself, there are many ways you can ensure that your product and company name stay with your guests. A favorite product launch strategy of ours is utilizing social media to popularize your product before the night is even over. With a hashtag printer, you get your guests to do all the social media work for you!
How it Works
A hashtag printer from Pic Station is a standalone printer (or photo booth add on), the uses cutting edge technology to scour Twitter and Instagram for hashtags that are associated with your event. Any photo posted by your guests using a hashtag you’ve chosen is available for printing instantly. Design a custom layout with your unique branding and give guests the opportunity to take home prints of the photos anyone has taken that day!
6. Have an Original Giveaway
Giveaways don’t always have to be a swag bag full of branded merchandise. They can also be something that’s truly useful for guests. Pic Station recommends offering a corporate headshot booth where your guests can pose for new photos that are appropriate for their business profiles. A few quick snaps and your guests can have fully edited photos with help from our on-site graphic designers. Every time they see this photo on their website or LinkedIn profile, they’ll be thinking of you! What a truly unique product launch strategy!
7. Follow Up After
This may not be part of your planning checklist, but don’t let following up with your guests be an after-thought. Your event generated new leads and interest, so don’t let it go to waste by not following up. Send a thoughtful “Thank You” card to your attendees within a week after your event, and then keep developing these relationships into something more meaningful and potentially profitable.
Maximizing Your Product Launch Strategy
Pic Station is the perfect choice for supplementing your launch festivities. Reach out to our team today to learn about our customizable options for your next product launch!