7 guidelines to follow when it's time to tell the world about your innovation
As an entrepreneur, I know the excitement that comes with launching a new product or service. Getting your big idea ready for market is just the beginning. There's a lot more work needed to ensure its success in the marketplace. Before you launch, consider the following:
Button up your brand. Make sure you have identified your unique claim of distinction and have built a brand platform around it. When you develop your positioning, be able to prove that it's defendable against your competition, that you can consistently deliver your brand promise every time, and that your brand stands for what your audience desires.
Seek feedback. If time and budget allow, you'll want to test your positioning and messaging with users to ensure it resonates and motivates. Whether you do this through qualitative or quantitative research, you'll get valuable information to help you enhance your brand experience and avoid any pitfalls in the launching process.
Budget properly. Budgeting properly for a new product launch is essential. A good rule of thumb is to plan to spend between approximately 5 and 20 percent of annual revenue (the lower end if your business falls under “professional services”; the higher end if you're in retail or consumer goods) to maintain market position. Since you're in your launch year, double those numbers. Map out a strategic marketing plan that maximizes your dollars and gets the right message to the right audience, wherever they consume their media.
Consistency is key. In today's fragmented media landscape, there are more ways than ever to connect with your audience, from traditional print and television, to innovative digital options, to engaging it through social media. It's imperative that your brand message be consistent across all media so your audience is receiving the same brand promise at all touch points. No matter who is saying it or where they're saying it, the tone and core message should always be the same.
Third-party endorsement. If your product is novel, timely and relevant, or can impact people in a useful way, consider sharing the story with the media either on a local level with a local twist (and a sample) or on a broader scale through the dissemination of a photo and a press release.
Track your success. Measure, evaluate, adjust. Measure, evaluate, adjust. Enough said.
Don't rest on your laurels. Success can disappear as quickly as it arrives. In this world of ever-changing media, your customer can turn you on and off like never before. Commit yourself to constantly educating, engaging and entertaining your audience.
Proper planning is the foundation of all successful innovation. It's the backbone for your big idea. Increase your chances for success with an iron-clad business plan, a distinctive brand identity and a strategic marketing approach. With these items in place, you're ready to launch. Good luck!
Christine Tieri is president of smith&jones idea agency of Sturbridge, a brand-strategy specialist. Contact her via www.smithnjones.com.
WBJ Web Partners
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