Strategies for Successfully Launching and Phasing Out Your New Product

Whether you’ve come up with a completely new product or improved an existing one, your next step should be to get it into the market and make it widely available to as many consumers as possible. This will require some strategic planning, but it’s achievable by working with well-known retailers and key influencers in your industry.

Timing is crucial when introducing your product. There are specific times during the year when retailers are more inclined to promote new products. This timing usually depends on the industry, so if your product crosses into multiple sectors, decide which primary industry it serves. For many products, the holiday season is the optimal time for placement. However, you’ll need to submit placement requests well in advance, as retailers require time to make decisions and competition can be tough.

Once your brand has built some credibility with smaller retailers, it’s time to aim higher. Research the specifics of larger outlets where you want to sell your product. For instance, if you want to place a new kitchen cleaner in a big box store, you’ll need to understand the store’s target demographic.

Using this information, you can craft an elevator pitch, highlight the key benefits your product brings to the retailer, and present evidence of how well your product has performed with smaller, independent stores. Once your pitch is ready, reach out to store owners or managers to arrange a face-to-face meeting.

Getting your product on store shelves doesn’t guarantee high sales volumes. To maximize your sales, you can create a marketing campaign to generate consumer interest and buzz. This might involve advertising, direct mail, and email campaigns, but an effective in-store display can be incredibly powerful.

Here are some tips for creating a compelling product display:

– Design your display with a creative theme to grab shoppers’ attention. Think of how soft drink companies make impressive themed displays by stacking different varieties of 12-pack cases or how cleaning products are often showcased on end caps with a video demonstration.
– Consider the lighting where your display will be set up. Natural light in a large open space is ideal, but you can still create eye-catching displays in smaller areas with artificial light. The key is to understand and work within your lighting constraints.
– Rotate your displays for different promotions and seasons to keep them fresh and relevant. Avoid letting them become stagnant and dusty.

By following these steps, you can enhance your product’s visibility and attractiveness to consumers, boosting your chances of success in the marketplace.