Product Launch and other branding tips

Product Launch and other branding tips

1. Launching a new business or product is both an exciting and risky venture even for well known brands. Before putting your business or your product out there set realistic goals for creating product awareness, consumer acceptance of your product and gaining customer loyalty. Becoming an overnight sensation is seductive and attractive who wouldnt want that kind of success, but how realistic is it? Well known brands such as Coca-Cola have experienced product failure, in the 80s Coke stumbled when it introduced the New Coke, consumers rejected the product and Classic Coke quickly returned to store shelves. More recently Coca-Cola introduced a low carb version of its classic with the C2, consumers have been harsh in their review of the new product; there is still a question as to whether this product will survive. To increase chances of success, your strategy for product launch should be based on market research, a realistic assessment of the current market and where you stand against your competitors, you should also include the right balance of push (trade advertising or events) and pull (focus on packaging, consumer advertising) promotion strategies.


2. Understand that your brand is more than just what you say it is, its what your customers says about it as well. To a customer your brand is the sum total of every interaction they have had with it good or bad. That could mean your voicemail, email interactions, product quality, awareness activities, whether or not you keep your word. Its all part of the brand experience, as a brand owner make sure that your brand communicates the right message


3. A brand management framework - you need one. A strategy for managing your brand is necessary to keep existing initiatives and products on track; additionally it sets the tone for brand extension opportunities. Your brand management framework should define your brand, where you want to be in terms of positioning and consumer reach, and should answer the question why you and why now. Your framework should include a process for continuously evaluating the impact of current brand awareness activities and making corrective action as soon as possible, spending marketing dollars on awareness activities that don't reach your core customers is a waste of time and increases the chance of product or even brand failure. Include a communications plan that describes the steps you will take for standard communications (press, media) and the steps for crisis communications - you hope that you never have to use it but you should be prepared just in case. Many small businesses don't take the time to document strategic planning efforts because they feel that it is not necessary for small scale projects, this is a mistake. Write your plans down, it increases the accountability factor and forces you to think about details you might otherwise gloss over.


Questions or comments are welcome!