If you’re launching a new product into the retail market, there are a few things you need to do to ensure a successful product launch. From doing your research to creating a strong marketing plan, follow these tips and you’ll be on your way to success.
1. Set Goals
The very first step in launching a product is to set some goals for the launch. Creating SMART (Specific, Measurable, Attainable, Realistic, Time-Sensitive) goals right at the start will keep you focused throughout. These goals could be anything from getting your product in a certain number of stores, boosting brand awareness, or generating a particular amount of sales. Everything you do before, during, and after the launch should be done with these goals in mind.
2. Do Your Research
You can’t just wing it when it comes to launching a new product into the retail market. You need to do your research and know who your target market is, what they want, and how to reach them. Take the time to understand the retail landscape and figure out where your product will fit in. Who are your potential customers? What do they need? How can you reach them?
3. Create a Strong Marketing Plan
Reach out to retailers with a well-thought-out marketing plan. This should include information about your product, why it’s unique and how it will benefit the retailer’s customers. You need to be able to sell your product and convince the retailer that it’s worth stocking in their store. Major retailers will not spend the time in marketing your product to their customers. You will need to drive traffic to your retail partners.
4. Make It Easy for Retailers to Say Yes
The easier you make it for retailers to say yes to stocking your product, the more likely they are to take you up on your offer. This means having everything in place before you approach them, from packaging and labeling to delivery and logistics. Make it as easy as possible for them to say yes and they’ll be more likely to do so.
5. Follow Up
Once you’ve launched your product into the retail market, don’t just sit back and wait for the sales to come in. You need to follow up with retailers to make sure they’re happy with your product and that it’s selling well (see point 3 – create a strong marketing plan). This feedback will be invaluable for future product launches and will help you build strong relationships with retailers.
Launching a new product into the retail market can be a daunting task, but if you follow these tips, you’ll be well on your way to success. Do your research, create a strong marketing plan, and make it easy for retailers to say yes to stocking your product. And finally, don’t forget to follow up once you’ve launched.
If you’re looking to launch a new product in retail, look no further than Retailbound. We can help you with everything from getting you retail-ready to creating a strong marketing plan and making it easy for retailers to say yes. Contact us today to learn more about how we can help you succeed.