There are just so many things that you need to consider when your company is out to launch a new product or service into the public. It is just wishful thinking to think that your new product or service would be accepted in the welcoming arms of the general public. Well, yes, there would indeed be customers who would do exactly that. But if you want your new product to be successful, then you should aim to have as many welcoming customers as possible, which is why it is a must to implement product launch indicators or measures so that such success would indeed be your scenario.
From the perspective of the customers, it may not be obvious just how much of a gamble product launching can be on the part of the distributor or the manufacturer. But in reality, this is actually quite a huge gamble, considering the fact that much money has been invested in terms of advertising and marketing this new product or service. And what company would not want to have significant returns of such a huge investment to begin with?
These promotional activities are such that any company just cannot do without simply because of the fact that this is exactly how the target customers or the prospective ones are made aware about the new product or service. Without these activities, it would be virtually impossible to create a significant demand for the new product. And yes, there just might be no room for change here, even if the product will have had quite the lengthy stay in the market already. More than that, the company needs to conduct these promotional activities on a regular basis so that customer demand would be retained - and this is crucial particularly during the early stages.
Nowadays, new products are actually introduced as either an extension of a brand or a product. Brand extension is also referred to as brand stretching and is actually commonly practiced by lots of companies. What happens here is the company makes use of one of its existing brands in marketing their new product. The new product more often than not belongs to a different product category. Companies do this so as to sustain brand equity, to foster long-term sustainability, and to garner net worth - all for their advantage.
However, the efficiency and effectiveness of this strategy is dependent on just how strongly customers are able to relate to the brands. This is particularly related to the values and goals of the brands concerned. This is also why apart from brand extension, there is also the concept of product extension that companies can turn to. This is a marketing strategy that paves the way for the introduction of the new product; -this new one acts as a newly developed market segment - only that this is still very much associated with one or more of the existing products of the company.
All of these aspects you will have to keep in mind when you are developing product launch indicators. This way, you are sure to have indicators and measures that will certainly be useful in your efforts.
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