New Product Launch
Sreeraman Nandhi
Christ University Bangalore - Assistant Professor - Placement Coordinator / Former Regional Manager Cipla Ltd / Former Business Manager MSD Vaccines / Former Business Manager Ranbaxy Labs Ltd
How to launch a ‘New Product’ in FMCG Sector. FMCG Products are relatively sold quickly, not only that they have a short shelf life. Hence while planning to launch a FMCG product it becomes very important to execute a well-planned ‘Pre launch marketing strategy’. The idea is to create awareness before the official launch.
We need to remember that it doesn’t matter how best the product is? But definitely creating a ‘BUZZ’ around the product is important.
Also remember one thing the ‘Best time to market the product is well before it is launched’.
So how to plan, and execute a successful pre-launch strategy?
??List down the distributor channel partners for the zone and allocate the stocks to each one of them
??Identify the target markets for the product launch.
??List down the names of the retailers from those target markets, to make the product available.
??Procure the orders from the distributor channel partners as per allocation, so that adequate inventory is stocked to cater the market demand after the product launch.
??Plan a visit to those retailers identified in the target market. It is always appreciated to book orders from those retailers. If we wish to take one step ahead towards making the product available, we can carry the sales pack and make it available instantaneously.
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First ten days after the launch is very important for a successful product launch.?We need to push ourselves harder when it comes to accomplish our daily activities, be out of the comfort zone.
??Meet more customers, retailers every day for the next 10 days.
??Make the optimum use of the available resources
??Launch inputs are the tools that will help in bringing awareness and visibility of the product to the end users. Never underestimate and underutilize the launch inputs, they are the key to open the markets.
??Take effort to call up or visit the distribution channel partners, retailers at least once every day. There is a strong reason behind this exercise. This exercise will give us a real time update so that decisions are taken quickly to move forward, also this exercise presents a great opportunity to build and strengthen our relationship with the distribution channel partners and retailers.
After ten days review the situation to see the progress.?In fact you will be ‘thrilled’ to see the progress you have made in selling the new product not only that you will be in position to experience the kind of relationship you share with the channel partners and retailers and how supportive they are for the product launch.
In FMCG sales majority of the time we don’t know who are those end users? But we always know our distributor channel partners and retailers and we also know how instrumental they are to reach our products to those end users.
Treat them well and give them solution when they have a problem.