Each year, tens of thousands of products are launched. And every year, 95% of them fail. The market is incredibly competitive, especially in NYC. So, if you want to succeed, your product launch absolutely must stand out from the crowd. Fortunately, there are solid strategies to help your product rise above the rest, and they’re all here in our Ultimate Guide to Planning a Winning Product Launch Event in NYC.
1. Do Your Homework
The first step in planning a winning product launch event in NYC is doing your homework to make sure your product is ready. So, spend time researching your customers and testing your product. If you don’t know exactly who your customers are, what demographics they fall into, and what needs your product fills in their lives, take the time to research that first.
Similarly, you need to spend plenty of time beta-testing your product before holding a launch event and take customer feedback seriously. Correct any pain points with your product, and pay attention to what customers love, too. You’ll want to emphasize those aspects before and during your product launch.
2. Check Out the Competition
Next, you need to identify and research your competitors. Learn where your target audience overlaps, ways in which your products are similar or different, how they market their products, and how much they charge for products that are similar to yours.
Then, identify areas your competition doesn’t perform well in and think about ways you can do better. Figure out your product’s strengths in relation to the competition, and come up with a plan to emphasize them before and during your product launch.
3. Get the Timing Right
One of the mistakes many companies make is launching their product at the wrong time. In fact, research has shown that choosing the right time for your product launch event is every bit as important as your research, logistics, and marketing.
So be sure to check when your competitors are holding product launches, what times your customers are most likely to attend events, and when your company is best able to devote the time and resources necessary to planning and hosting a winning product launch event. Remember to take weather and global events into consideration, too!
4. Focus on Engagement
When it comes to the event itself, your product launch needs to be engaging from beginning to end. So, plan your event with that in mind. Tailor your presentations to your specified audience, and decide how you want to run product demos. Consider adding elements like virtual reality and augmented reality to increase engagement.
It’s always helpful to have fun activities, promotions, or guests at your product launch, too. Consider offering a discount that is only available to attendees, booking a celebrity guest, or hiring an incredible DJ to draw attendance and keep guests entertained throughout your event.
5. Develop Your Market Strategy
Product launches are expensive, yet a surprising number of companies don’t spend enough time thoroughly planning and marketing their product launch events. Instead, they simply hope for a positive outcome. That’s why investing in your market strategy is an easy way to get a leg up on the competition.
Determine the best methods and channels for reaching your audience, and begin promoting your event as early as possible. Send out teasers and updates on a regular basis. And don’t forget to hype your promos, activities, and special guests! The goal is to make your product launch an event your audience won’t want to miss.
6. Follow Up with Prospects
Finally, it’s critical to have a plan to follow up with your attendees. Take advantage of analytics tools to gauge the success of your product launch. And solicit feedback from attendees to see what worked well for them and what didn’t.
Be sure to express gratitude to your attendees for coming to your event and invite them to continue engaging with your brand and product. The enthusiasm your customers feel immediately after a winning product launch event may well prompt them to purchase your new product during the follow-up period.
7. Hire Pros to Take the Headache Out of Planning a Winning Product Launch in NYC
If this is all starting to sound like a lot of work, that’s because it is! Planning a winning product launch in NYC is hard. The market is ultra-competitive, and you constantly need to stay on top of emerging trends to help your product stand out. But that’s incredibly difficult to do when you’re already busy running a company and developing amazing products. So consider bringing in professional event planners to handle your product launch instead.
The experienced and talented event planners at EMRG Media know exactly how to make your product launch a success. From selecting the perfect NYC venue and booking the best entertainment to handling the technical aspects and ensuring guests remain engaged, the pros at EMRG Media have you covered. And that means you can focus on what you do best–innovating! Inquire here to begin.
