How to Manage the Launching of a New Product as a Marketing Manager and what are the challenges?

 

New product launch has become most common in these days. Every business is trying something new in its product line and would like to take research and work on the benefits for the end user. This effort has worked successfully for many SMEs and it continues to be in trend.

But some challenges continue to remain for successful launch of a new product. Effective management is necessary during this phase and to avoid any risks and errors.

1. Project Management

For a marketing manager who has to manage a huge line of responsibilities from marketing programs to campaigns, at every phase it is required to plan carefully in launching the product until it is successfully received by the audience.

Especially the aspect of research in project management - customer segmentation and research to understand how best end user receives your new product are quite important.

Data is also collected to check whether the project has met its goals and ROI of the marketing. Making  business decisions, to make this a successful campaign is really important.

Therefore research, data, project management and customer segmentation are some of the key areas in this process that a marketing manager has to pay more attention to prevent any difficult phase.

Some of the questions to keep a record of answers to find help in new product launch:

- Does this product solve one or more problems of end user?

- What is the first priority and purpose of this new product?

- What are the pain points that customer can solve with this product?

- Who are the competitors and how does it stand?

- Will this product build a long-standing relationship?

- When is the right time to launch the product?

- Is the product rightly priced?

Use of social media is of great benefit to launch your new product line. Instagram and Facebook live can be a lot of help in inviting the interests of customers to convey more details about the new product and inspire them.

Videos are greatly in demand as viewers enjoy watching these for entertainment, information and engagement, launching a live program through a social media channel can nearly increase clicks, traffic and even lead generation.

Conclusion

Taking these factors, as a marketing manager you can handle and manage the risks and improve the success rate and help customers with your new product.

The more effective is your planning, the better is the result.