Planning to launch or re-launch a brand? Read this article before introducing a new product in the market.
What is a brand?
It is important to understand the key differences between a brand and a product. The latter is just an object that satisfies a need. For example, a soap is a product that washes things. Though, Liril is a brand of soap that not just washes your body but also keeps your skin soft and supple.
Needs versus Wants
While a product satisfies a particular need, a brand represents a hidden want. Every brand has a personality and delivers a promise. You should understand this critical difference between a brand and a product before any launch or re-launch.
Things to consider before brand launches
This list indicates just a few factors and is not at all comprehensive. Please contact a branding expert for more information.
You need first to identify the kind of people that are likely to buy your brand. Is there a real want for your new brand in the market? If you are unsure, please take industry-leading help from Pro Motion Industries and build your brand identity based on your target market. There are other ways as well to consider before launching your new brand.
You run a business because you want profits. Margin or profit (www.investopedia.com) is the difference between the cost and the price. Is your target audience ready to buy your market at a price indicated on the package?
What is the competition doing at this stage? Will it reduce its price to regain its market share? How is the competitor brand better than yours? How does the buyer view your competition?
It is very important to set up a sales channel before the brand launch. Towards this direction, you may want to hire sales and distribution specialists. It is also very important to set up a margin-sharing scheme with your sales partners.
This plays a very important role in the success of any product. People buy brands mostly based on their packaging. The look and feel of any product are very important during the buying process. Can your customer use the product easily?
Please ensure that your e-commerce portal is up and running at the time of your launch. There should be no glitches at all, and customers should be able to buy the brand easily. Make sure your website has a good user interface and presents a great user experience as well.
Your brand launch is incomplete unless it is visible in the media. This means you should have a robust media plan that includes all the relevant media options. Hire a good advertising agency that understands your brand and business.
There will be some months in a year when your brand sales will go down. What is your plan of action then? Have you rolled out any seasonal promotional plan?