Product Launch Strategy: The Five P’s of Your Launch

Although times have changed, the traditional methods of having effective product launches remain the same. Although we are facing a difficult financial crisis at the present time, this does not mean that the foundations that have been followed for many years need to be changed. The basic marketing tools known as the 5 “P’s” are still the most effective way to launch a product. The 5 “P’s” represent Promotion, Place, Price, Product and Packaging. These are known to be effective regardless of whether you are launching a product online or offline. If you’re planning to launch a product any time soon, be sure to consider the 5 P’s.

1. Product – This is the main part of your entire marketing campaign. Without a great product, you really don’t have much to work with. For this reason, you need to make sure that you have done your market research correctly. It is very important to ensure that you have met all the requirements that a consumer would want in the product that you are offering. You need to make sure that all your products are of great quality and can be trusted as well. At the end of the day, it is not a walk in the park to gain the trust of your customers. The product you are offering will be the so-called first impression on your company’s reputation. That is why it is very important that you do everything right. The main objective in terms of their products is to meet the expectations of their customers.

2. Price – This is also a pretty important factor in more terms than one. Seeing that you will be competing against other competitors, you need to make sure that you offer a price that makes customers want to buy your product. Don’t price your product out of the blue. Be sure to do your market research, and based on the quality and benefits of your product, price your item accordingly. One thing to keep in mind is that with the current credit crunch, many will be looking for ways to reduce their spending. For this reason, you need to make sure that your price appeals to a wide range of audiences.

3. Packaging – Your product packaging is also like the first impression of what you have to offer. You need to make sure that your packaging is attractive and secure. Safe in the sense that it provides adequate protection for the product it contains. Unless you have attractive packaging, you won’t be able to attract potential customers.

4. Venue – This is one of the most important factors when it comes to the actual launch of the product. You need to decide on the perfect location that will allow you to maximize potential customers. Try to choose a place where a lot of people pass by regularly.

5. Promotion – It is also known to play a key role in the advertising and launch of the product itself. You need to carefully decide the approach with which you will promote your product compared to your other competitors.