In Singapore, big consumer brands like Tiger Beer and B2B front liners like SAP are using every amount of leverage they have to propel their influence. Aside from applying lead generation strategies, these brands also introduce new product lines expecting to maintain loyal customers while attracting new ones.
However, a new product does not necessarily guarantee the intended effects. In his article, Failure to launch: Singapore brands could be wasting millions on new products, Ray Crook outlines that most new products fall into obscurity just as soon as they hit the shelves, mainly due to the unrealistic expectations brands have about how their clients view the supposed innovations.
Crook cites product extensions as the primary culprit, writing, “Too many brands fall into the trap of launching endless line extensions that simply steal customers from one item to another… These cannibalistic launches bite into the share of a company’s existing revenue. This means that customers might buy a different flavor, but don’t buy more of the product, while also conditioning previously loyal customers to explore other options.” These situations of course do not bode well for your brand’s reputation and budget. And then there are other reasons such as poor conceptualization.
But the most pressing of them all is that some products, no matter how advanced or “state-of-the-art” entrepreneurs want them to be perceived, fail miserably to appeal to the target market.
Brands have little to lose when they give their new products a proper kickstart through effective product launchings. Hence, Crook notes the “need to have the resources to support the launch, through credible marketing and advertising campaigns. A new product launch requires significant investment and the company needs to be prepared to meet these costs.”
Investing in credible events marketing looks like a very good idea at this point. Since your product needs all the worthy publicity it could get, you would need proficient hands to prospect for and qualify potential attendees, send out invitations, and confirm attendance via multiple audience engagement channels. Because when done right, events marketing can effectively raise interest in your product, giving your brand’s image a good boost and making it easier for attendees to transition into paying customers later on.
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As you may know by then, maximizing the marketing aspect of your product launch creates lucrative opportunities. Not only would it deliver considerable returns in your marketing budget, but it also makes it easier for your market to absorb your product for what it is worth.