How to launch a new product and measure the success
f you want to launch a new product effectively it’s important to know what your challenges are. In today’s marketing world, the biggest challenge that a business will face is not the task of coming up with an interesting campaign. With the help of professional experiential marketers, this part of the process can actually be fun. The hard part is really measuring the success of your campaign so that you can use it to your advantage going forward.
Of course this doesn’t mean that you can neglect the actual campaign itself. Below are our top tips on how to effectively launch your new product with simple experiential marketing campaigns – a professional experiential marketing company will be able to assist you with this:
- In-store demos – a great way to get your customers involved in your brand launch. This provides your customers with a first-hand experience with your product a brand. It’s an event they won’t forget.
- Realise how powerful free samples really are – create positive energy and association with your brand by offering your consumers free samples if they get involved and participate in your demo, display or event. Getting something of value for free is always viewed positively by consumers.
- Choose the right venue – it is pointless setting up an exceptional consumer experience in a venue that’s out of the way or doesn’t cater to your target audience. Be clever in your event location and consult with product launch professionals about the best options available to you.
Now for the tricky part: measuring the success of your campaign! You really need to start measuring the success of your campaign before you begin. It’s important to define your KPIs and goals before you get started. This way you can set in place various methods of measuring success in advance. As such, the goals of your campaign will determine how you measure success. Let’s take for example a product demo done in-store or at a busy venue. You would probably involve some sort of sampling or allow the consumer to experience the product first hand. Before sampling begins, ask the consumer a few questions regarding their feelings and opinion on the brand and product. Ask them the same questions after sampling to see how their opinion has shifted. You can also measure sales on the day of experiential marketing and compare this with average daily sales.
Create an experience for your customers – present your new product effectively
To truly make sales that convert regular customers into long term loyal customers, create an event and experience that you consumers will enjoy and appreciate. Your new product launch should perfectly represent your product / brand and what it has to offer. For more information and advice on how to launch a new product and measure success, contact us at Amuse Concept Events today.