Innovation is the lifeblood and key to success for any business. After all, new products are developed and launched specifically to solve a challenge in the marketplace and meet the desired needs of customers.
The problem is that approximately 65 to 95 percent of the 30,000 new products launched annually fail in the marketplace, according to the Harvard Business Review.
There could be any number of reasons for this high percentage of new product failure, but the most common is likely the failure to plan ahead and develop a communications strategy.
The energy market regularly announces amazing new products to the marketplace. We’ve seen impressive advances in combined heat and power systems, turbines, gas engines, valves, waste heat recovery systems, energy storage, unique solutions that convert biorenewable resources into bioenergy, and so much more.
As amazing as these new products are, without an effective communications strategy, your target audiences may never see your new product. Whether you’re selling to other businesses or directly to consumers, a strong communications strategy can increase awareness, help add customers, engage your channel, boost revenue and build brand value.
An effective communications strategy determines the right tactics for that specific product launch. Options could include media relations, press conferences, trade shows, media tours, webinars, influencer sampling, video, events, sponsorships, social media, advertising and more.
In order to maximize exposure, here are some key questions to consider in determining which tactics make the best sense for your new product.
- Has a realistic budget for all aspects of the launch communications been set?
- Have the target audiences/segments been identified and prioritized to maximize impact and has the best way to reach the key decision-makers been determined?
- When should marketing, sales and communications start? What’s the sequencing? Should product news be “leaked” to the press?
- Is it possible to offer “pre-launch” pricing/availability to key customers?
- Are we able to align the communications plan with important dates, events and cycles?
- What are the key messages and are they being tailored to different audiences?
- Is the sales channel trained in all aspects of the product, competition and buying motivations?
- Can we enable selling more effectively with demos and sampling?
- Can a promotion be used in the launch to spur engagement, adoption and trial?
Mower has helped launch over 1,000 products — many in the energy sector. While there is no “one-size-fits-all” solution for how to launch a product, we do have an approach that’s designed to maximize visibility of your new product in the marketplace no matter the budget size. Learn more about our approach to product launch planning and explore some examples of product launches we’ve supported in the energy sector.