Launching and commercialising new products
Introducing a new product into the market is a significant business achievement. Launching your new product is your final, important step in the new product development (NPD) process. Deciding when, how and where to launch your product will determine its early impact on the market.
Your marketing strategy and marketing plan will direct your product launch and help you make the most of your business and product exposure opportunities. Consider including some or all of these approaches in your new-product marketing:
Develop a direct marketing campaign
Create your advertising plan
Plan and book your advertising well ahead. Analyse where your target market customers get their product information. Book advertising in industry print and online publications and consider product innovation publications.
Create communications materials
To support your launch you can create a product brochure and point of sale posters to draw attention to the new product.
Develop a public relations and news media strategy
Use public relations (PR) to your advantage. Mainstream media often pick up innovation stories. Launch a print and online news media campaign and target interested industry journalists.
Develop a sales plan
Develop a pricing strategy
Your pricing strategy should identify an entry-to-market price, a premium price and a minimum sale price.
Contact your distributors
Give your distributors plenty of forward notice of your new product launch. Use your forecasts to calculate the product numbers you'll need to meet your anticipated sales volume.
Get professional advice
A number of public and private sector organisations provide support to businesses investing in innovation, commercialisation and NPD:
- The Australian Government offers a range of information and resources to Australian businesses.
- AusInnovation runs the Australian Innovation Festival and provides resources and advice to support Australian innovation and entrepreneurship.