Product Launches
The Advantages of Product Launches
by Chris Newton
Once a company has developed an idea for a product, tested it in the market and determined its readiness to launch, production begins and the marketing campaign commences. For successful product launches, you must get out the word about your product and entice people to buy it. Once the product is launched, the advantages for your company become evident.
Company and Product Attention
Product launches generates attention for your company. When you issue a press release that gets published, people read about your new product and, at the same time, learn about or get introduced to your company. People often click through to your website when reading the story online to learn more about the product; potential customers might read up on your company, especially if it is relatively unknown. This attention can lead to a larger customer base and more sales for both the new product and other of your company’s products.
Increase Revenue
When you launch a new product successfully and it sells well, it can cover the development and launch costs — generating a profit for your company. If the product is evergreen — something that people will need or use for a long time — the revenue stream that begins with the product launch can be consistent for many years.
Company Reputation
If your newly launched product sells well or fills an unaddressed consumer need — particularly one ignored by other companies — your company can become an industry leader with a reputation for developing industry-changing products and bringing them to market. When consumers or target customers trust your company, your next product launch is likely to sell well initially, based on the success of your previous product and your overall company reputation.
New Business Relationships
A product launch can generate new partnerships or business relationships. If your company is a startup, a successful product launch can lead to larger companies making offers to acquire your company. Others might want to invest in your company, based on your new product, or might want to form a business relationship to sell your product to more people in a revenue-sharing model.
