The Basics: How To Launch Your Brand Successfully

So you've come up with a new and innovative idea! It might be a product or a service, but you think the world is ready to see what you want to offer. As such, this article will outline how to launch your brand successfully without any of the following: breaking the bank on marketing research; getting stuck in an endless round of prototyping; or spending two years waiting for your first shipment.

Genesis

The best place to start is by actually testing whether there is demand for your product. Getting everyone at the office excited for a new product launch will require you to look at how to create a productive office environment.

How much do you know about your product? Do you know how many units you'll need to sell each year, how many competitors are on the market already, and what they charge for their products? If any of these things remain unclear, it's time to start doing some research.

Your future customer

The first step is determining who your customer is likely to be. If there are just two or three competing brands in your niche, that will simplify things. However, if there are hundreds, you might want to try starting with individuals who fit into a demographic that isn't already over-saturated with choices. You can also conduct market research or focus groups to determine who your customers are likely to be.

The target market

What is the demographic that you plan to target? Consider any possible factors which would deter people from buying your product and make it harder for them to find an alternative. This will influence how you design your brand, as big strong men might not respond well to pink packaging, whereas trendy young women might refuse to buy a product in a plain blue wrapper.

Once you have successfully determined who wants your product, you'll need next to decide how much they're willing to pay for it.

Market analysis

A great way of doing this is to look at similar products on the market cost and mark yourself up by 10%. It might not be as easy as simply doubling whatever they charge, but it works as a good starting point - people will always try and negotiate prices downwards.

Design quality

Where your product falls in terms of quality or design can also affect how much people are willing to pay, as well as whether there is any direct competition i.e., if you're selling soap bars, then green tea-scented ones will likely appeal more than one that smells like motor oil.

Sales strategy

The next step is deciding where you're going to sell your product. If you plan on selling via an online store, make sure you don't overprice your products. It isn't unusual for people to search for a product using their mobile device and then immediately close the browser window if they notice that an item costs more than it would at a brick-and-mortar store.

Online stores also require a more streamlined customer experience, including multiple sizes or color options and some promotional page that tells a story about the brand itself. 

For those of you considering taking advantage of pop-up shops or local markets where there is less competition from established brands, you'll likely have more freedom with the price of your products. However, this also means that you should price items slightly higher than average to account for any costs associated with booth fees and transportation.

For those planning to sell their goods via a brick and mortar store, try setting up a meeting with an employee from the intended location ahead of time to determine how much space will be available for your products. While this may not seem like it directly affects pricing, it does give you a good starting point for determining how much items should cost.

Pricing

Now that you have everything sorted out, it's time to set your prices. This method involves adding a flat percentage rate to the wholesale price instead of doubling it. For instance, if you plan on selling your products online or at local markets, you might mark up the price by 25%. If you plan on selling via a brick-and-mortar store, try increasing prices by 50% or more to compensate for additional operating costs.

Don't forget to include sales tax on top of your prices. If you plan on selling your product out of a brick-and-mortar store, you must factor in the cost of sales tax and federal income taxes so that customers aren't surprised by a final bill that includes additional fees on top of the retail price.

Endorsements, Influences, And Further Outreach

For many small businesses, this particular idea isn't exactly the first choice but it is certainly worth considering. If you were able to pull this kind of thing off, then you might want to invest in this kind of strategy. You only have to look at the Dan Bilzerian Ignite situation as an example of our product can get more eyes on it right away. When somebody in the public eye like this endorses a product, the business’s outreach becomes a lot further and people start to take more notice. By no means do you need to get the most famous person on the planet, but it's worth considering using influential people if possible.

Bottom line

Once you've determined all this, make sure to check it against your projected costs (you did do this before, right?) to ensure that there isn't any discrepancy between what's written down and what will be incurred; if something seems too good to be true, chances are it is. The better prepared you are beforehand, the smoother your launch will go!