Product Launch Event Concept
Branding and Events
Announcing your product or service launch at a well themed event is a integral part of branding, advertising, and promotion of your product or service. A strategic planning on the event theme or concept is inevitable to make the day impactful while maintaining reasonable budgets.
A product Launch is a pre-designed and coordinated effort to introduce a newly curated product by a brand or company. Launching a product is a critical event for the company because its failure can result in the loss of credibility of the product. Product launch is a combined effort of different teams in a company like the sales team, product team, product management team and even top-level managers.
- For an effective product launch, some of the points that aid in this are as follows:
- Every member of the company who involves in the product launch should be aware of the intention behind the product launch.
- Construing a well-structured plan will help in better coordination and maximum possible outcome.
- Regular meetings and brainstorming sessions help in bringing innovative ideas to the table. Also, it ensures great participation from the team members.
- Making a pre-launch checklist can ideally help to make sure that everything has been complied with.
- To understand whether the product is working fine in the market, the company needs to set some benchmarking.
- Launching the product before it's fully completed will make sure that there is far less anticipation. It will also definitely catch the competitors off-guard.
- The product launch strategy should not just focus on the product but also highlight the total user experience the product will be providing.
- Building a product roadmap will help in the effective launching of the product without any hiccups.
Media planning is an essential tool for business. Media planning helps a business enterprise decide the means through which the promotion of the product has to take place. Placing an advertisement has various sources like newspapers, TV, radio etc. The other most relevant medium these days is social media. Media planning helps in strategizing the ideas and the one who is in charge of the same will be called a media planner.
Media planning requires adequate formulation of factors. Only then the success of the plan can be confirmed.
Equating an objective
The reason or the purpose for which the media plan id been formatted needs to be clear in the mind of the media planner and other participants. This will help in curating a plan which brings about maximum engagement.
Understanding the market and its attributes is a prime requirement. Depending upon the product and the focus age group, the medium of promotion or advertising differs.
The regularity with which the ads have to be induced needs to be contemplated by the media planners. Budget is a deciding factor when it comes to repetitions of such promotions.
Figuring out a template
Plans differ concerning the kind of product and the audience it is expected to cater to. Therefore, every media template is crafted around these requirements. It takes immense efforts to formulate an ideal plan which solely focuses on a particular product.
Execution of the plan
Every party involved in the media planning should be well aware of the strategies and methods implemented. A cycle or chart that showcases the plan should be regularly updated so that everyone stays in the loop.
Involving the existing employees and the management in the planning of product and media planning is an expensive affair. Fair chances of employees derailing from their areas of work are at large. Profito Global steps in to help the management with this dilemma. Experts at Profito Global take immense care to understand the products and the business workflow. After dedicated analysis, the team at Profito Global curates a plan which will be fool-proof and best adapted to your business.
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Launching of the Product/ Brand
Finally the brand or the product will be launched
What are the three types of product launch campaigns?
The three main types of a product launch are:
- Minimal Viable Product: A foundational structure of the product which tags along with the main features and core functionalities are presented to a target audience to frame an initial understanding. The responses are taken into consideration for rectifications.
- Soft launch: A soft launch is the presentation of the product to a small crowd without much hype in the air. This helps the developers to assess the product and incorporate the changes reviewed by the specific consumers.
- Hard Launch: The full-scale established launch is known as a hard launch. The product launch will be intensively promoted across the market.
- The final version of the product will be available to the customers.
What are the different ways in which media planning can be done?
- Paid Media: As the name suggests, it consists of advertisements or promotions done with the help of third party assets and which involve paid services.
- Owned Media: These are promotions through mediums owned by the company or the brand such as blogs, articles, videos etc. on the company website or company-owned platforms.
- Earned Media: Refers to the opinion that the company isn't paid or owned by received directly as reviews from the end consumers.
What are the benefits of media planning?
- Helps in the understanding target audience
- Aids in deciding on the types of channel or medium to promote the products
- The latest trends are up to date.
- Expenditure is determined.
- The frequency of ad placement can be evaluated.