Every company’s core team and entrepreneurs are super excited about the product they’re about to launch. With advancements in manufacturing, over 30,000 consumer products are launched every year, says an article published by the Harvard Business School.
The article goes on to saying, however, that out of all the launches, only around 5% reach profitability. This low success rate does not stem from the shortcomings of the product. Rather it’s due to the lack of preparedness to market the product.
Entrepreneurs and top executives often get so busy honing the product’s features that they miss critical decisions like how to popularize the launch event and share details of the product and company in the most effective manner. Making the brand visible by placing a vinyl banner at every strategic location can trigger initial sales and set the desired momentum, say experts at Print Banners.
How to Plan a Product Launch Event
When planning a product launch event, here are the four things you must do:
Define Your Target Audience:
Consider the people who will use the product. Will these be business executives, parents of young kids or seniors. The demographics will be key to your other decisions for the event, from venue to the messaging on your vinyl banner signs. Also, you may want to invite people from the press and media. Determine the number of people you would want to attend the event.
Choose the Right Venue:
Select a venue that can accommodate the total number of people you will be inviting. Ensure that the venue is located centrally and has easy accessibility. Also, ensure it has ample space for displaying your brand on vinyl posters and banner stands.
Promote Your Product and Event:
There are various ways to reach out to your target audience. This could be through direct mail postcards, distributing flyers, and placing vinyl posters at different locations with details of the product and event.
Create a punchy hashtag for the event and generate buzz on social media. Ask your team to use their personal profiles to promote the event. You can also create some fun behind-the-scenes videos and share these online to create curiosity about the new product.
Be Discerning When Selecting the Venue Décor:
Make a list of everything you would need for the product launch. This may include presenters, speakers, podiums, chairs, and tables. If your venue does not provide what you need, consider renting them. Make a floor plan, keeping adequate space for people to move around.
This will give you an idea of whether to place trendy chairs or comfortable couches, whether to have large or smaller tables and where to position your vinyl banner stands. A day before the event, check to ensure that all presenters and speakers are working and there are no glitches in the sound system.
Most importantly, market your product aggressively at the launch event. Ensure that the stage backdrop has a large vinyl poster with your logo and the most attractive features of your product. The marketing doesn’t have to end with the event.
Consider printing attractive vinyl stickers and handing them out at the event. If your attendees use these, it will spread awareness of your brand and product long after the event is over.