Produce the Perfect Product Launch
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This document discusses best practices for product launches based on a panel discussion. It begins by outlining the "6 P's for a Perfect Product Launch": Plan, Product, Pricing, Placement, Promotion, and Participation. It then discusses the two types of product launches a company may face - developing a new product or launching an existing product. The bulk of the document provides detailed guidance on steps to take in developing a new product, including design criteria, sales projections, product development, testing, packaging, and choosing a distribution channel. It emphasizes engaging customers, meeting regulatory requirements, and ensuring all departments are prepared to successfully launch the new product.
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Produce the Perfect Product Launch
- 1. HOW TO PRODUCE THE PERFECT PRODUCT LAUNCH Monday, November 1 | 1:00 pm – 2:00 pm Moderated By: Tom Marx Panelists: Nate Shelton | Donnie Eatherly | Jason Bruce 1
- 6. • There are two types of product launches: - One where you are handed a new product and you are told we want to take this product to market. • - Second one where you get to help design the product from its inception. 2 types of Product Launches
- 7. I. Developing a plan for a new product A. Design and planning criteria 1.What does this new product need to look like? a) Form b) Function c) Aesthetic Appeal. 2. Is everyone clear and in reasonable agreement as to how this product needs to look and function? 3. Once this is accomplished, engineering and sales/marketing needs to look at the overall costs of this product and decide if it can be developed at a price point that will work for your targeted customer. 4. It is always nice to see if there is any advantage at this point of adding any environmental benefits or features. Naturally the second situation is the better of the two, but most of what we will be discussing can be used in both situations. Per #3 ‐ In my opinion this stage is actually less important then the actual product development phase… Performance Series 5 & 4
- 8. 5. Do you have competitors with similar products? a) How are they accepted in the market place? b) What are the pro’s and con’s of their product? c) Is speed to market important at this point? ‐ To beat a competitor to market. ‐ To stem the interest on a competitor’s product. d) Are their changes a competitor might make in their product that would change where you are going with your product? Hurst Hard Drive Shifter It is important at this point to understand who you are targeting this product to and make sure after each step if you are hitting the target.
- 15. Nate Shelton President & Chairman Hurst Performance Vehicles, Hurst/B&M Shifters
- 17. Key Pricing Factors and the Distribution Channel • You must consider all possible distribution channels when pricing your products in order for each channel partner to make a reasonable profit. • Each Channel partner brings value to the industry and that’s why you must build that profit in your pricing structure. • You must consider different discounts based on functions performed by each step in the distribution channel. • You might consider a Minimum Advertised Price (MAP) program. • You could also consider a Maximum Value Pricing (MVP) program . 17
- 19. • Destroying the value and integrity of your brand. • Your products being sold to the end user or jobber at a ridiculously low price. • All sales could go to the internet only and could reduce the manufacturers outlets to a few large players. • Or countless “Bathrobe W/Ds”. No pricing Policies lead to: 19
- 23. Types of Distribution Factory Warehouse Distributor Jobber Consumer 3‐Step Distribution 23
- 26. • The warehouse has an established network of customers. • W/Ds handle the entire process of the distribution system. • W/Ds have established lines of marketing and communication to their dealers. • With a W/D, you carry one receivable, resulting in less maintenance, versus many smaller receivables and more maintenance per account. 3‐Step Distribution Channel Benefits Factory Warehouse Retailer Consumer 26
- 27. 2 Step Distribution Channel. If you choose a 2 step distribution ..… Factory Retailer Consumer • Make sure the customers have all the information to get your products into the system in advance of your launch including… pricing, terms, freight policy, drop ship policy, co‐op program and return policies. • Have plenty of products in stock ready to ship. Consider extended terms for qualified W/D’s that may get more of your products in the field and closer to the consumer. • A solid marketing plan 27
- 28. • Large retailers such as Wal‐Mart or AutoZone provide their own corporate distribution systems. • Huge network of company stores, overnight availability to consumers nationwide. • A single sale to such a chain can be extremely attractive, but you may have to resort to very deep discounts and marketing monies. Some will not entertain carrying your products unless “you” are going to spend a million or more in T.V. • The upside is that the enormous volume can make up for the smaller margins. • By the same token, a mass merchandiser might carry only one or two items in your brand. • To get that huge piece of business, you may to have to give up significant negotiating points like: 100% returns on anything that doesn’t sell, lifting or buying competive merchandise and standard payment terms of 60 or 120 days on all shipments. Mass merchandisers offer another type of 2‐step distribution 28
- 29. Direct to Consumer Sales Benefits and drawbacks • Higher margins, but off set by higher overhead cost. • Virtually no receivables, mostly cash and credit card. • Must retain technical internet based marketing staff. • If your products are not priced properly, you could discourage future growth through other channels. Factory Consumer 29
- 30. In review Key Elements for launching in the Distribution Channel. • Make sure the W/D purchasing agents have all the information to get your products into the system in advance of your launch including… pricing, terms, freight policy, drop ship policy, co‐op program and return policies. • Ample lead time (like 30 to 60 days) for the W/D to get things ready. • Have plenty of products in stock ready to ship. Consider extended terms for qualified W/D’s that may get more of your products in the field and closer to the consumer. • If possible, develop retail store POP’s, inventory planograms, spiff programs for inside W/D staff, scheduled ride alongs with the W/D’s outside sales staff. • A solid marketing plan with plenty of digital media. 30
- 32. • Add Product To Your Website – Quality Photography – No Background – Multiple Product Shots – Descriptive Text – Use Keywords – Instruction Sheets – Performance Data – Related Parts – Lifestyle Graphics – Video – Links to forums, etc. – Your site should always be first! Your Website - The Absolute First Step
- 33. • Anatomy of NPR – Quality Photography – Installed Shot – Descriptive Text – Performance Graphs – MSRP Price – MAP Price If Applicable – Jobber price – UPC codes – Volumetrics – Component Part Numbers – Distribute to all customers • PDF File • Image • Excel Sheet of Data The New Product Release Document
- 34. • 1st Degree Promotion/Participation – Send Press Release to Magazines/Websites – Coordinate Installation/Tech Articles – Forum Threads – Attach Links – Product Test – Send to Influencers – Announce on Facebook – Attach Links – Announce on Twitter - Attach Links – Video – Website, Youtube, Streetfire, etc. – Draft White Paper – Technical Report for Sites – Instruction Sheets – Add-On Sales – WD/Sales Team Training Seminars – Sales Team Phone Blitz No Cost Tactics – Best ROI
- 35. • 2nd Degree Promotion/Participation – Google/Yahoo Pay-Per-Click Adv. – Forum Sponsorship – Consumer Events – Sales Literature – Fliers, Catalogs, etc. – Banner Advertising – Facebook, Youtube, etc. – Consumer Promotion (Rebate, SWAG, etc.) – Trade Promotion (Discount, Spiff, etc.) – Ecatalog Management Firm (DCI, etc.) – Project Vehicle Participation – Merchandising (shirts, hats, keychains) Low Cost Tactics – Better ROI
- 36. • 3rd Degree Promotion/Participation – Print Adv. – TV Adv. – Motorsports Programs – Race Team Sponsorships – Trade Events – Celebrity Sponsorship Higher Cost Tactics – Good ROI
- 37. • Things to Watch Out For! – No Advertising without Editorial – Too Many Email Addresses at One Time – Test Advertising Opportunities First – Proofread All Creative – Performance Data Rules – Create Links, Links, Links – Good Copy with Strong Use of Keywords – Respond to Forum Requests Quickly – What is Your Call To Action? – Don’t Count Activity as Success! Pitfalls and Common Mistakes
- 38. • Measure Success of Programs – Sales - #1 Measurement – Site Traffic – Unique Visitors – Alexa Rankings for Your Site – Tabulate Editorial Values – Phone Volume – Unique Numbers – Friends to Facebook/Youtube/Twitter – Number of Links – Site – Rebate Redemptions – Show Traffic How To Measure Success