In today’s rapidly evolving landscape, businesses often face challenges such as shortened product life-cycles, consumers’ willingness to try new brands, and increasing competition from emerging rivals. To strengthen their market position and reach new audiences, brands are trying to explore new strategies.
Recognising the crucial role new product launches play in driving revenue and growth, Amazon Ads released a comprehensive thought-paper titled ‘New product launch strategies to drive business growth’ that provides a framework for brands to maximise their new product launch success. The paper provides a deep dive into the various types of new product launches - from refreshing existing products to expanding into entirely new categories - and the tailored marketing strategies required for each phase of launch. By defining the objectives, relevant customers, and optimal launch channels for different launch types, companies can plan their strategies in an ever competitive and dynamic retail landscape. As organizations look to harness the power of new product launches to drive sales and category leadership, the thought-paper shares insights that can help them achieve their objectives.
“New product launches are an important driver of revenue and growth for companies across industries. They account for an estimated 50% of annual revenues on average. Thus, it is important for brands to have a well-planned strategy tailored to specific launch types and phases of launch,” said Kapil Sharma, Director, Growth Customer Sales, Amazon Ads India. “This paper highlights how Amazon Ads’ suite of advertising solutions can support brands in each phase of their launch for maximum impact,” he added.
The presentation outlines four main types of new product launches:
1. Refresh- Prolong the lifecycle of existing products through feature upgrades or a complete refresh
2. Extend- Launch new product variants or line extensions based on observed market trends
3. Innovate- Introduce industry-first innovations to disrupt the core product category
4. Expand- Strategic expansion into completely new product and unrelated category
A three-phase process could help implement effective new product launch strategies. The Pre-launch focuses on building customer intrigue through immersive content, and positioning the product story effectively. In the Launch phase, there is more emphasis to drive launch-day footfall and trial, leveraging high-impact channels and placements. The Post-launch balances brand-building and performance marketing to drive long-term sales and to extend product life-cycle.
Commenting on the thought-paper, Nitin Agarwal, CEO, GlobalBees Brands said, “Marketing strategies should be crafted to ensure that each product launch resonates with customers, builds anticipation, and strengthens the brand’s presence in the market. Whether through retail media, digital media, in-store experiences, or influencer collaborations, the approach is always to create a meaningful connection with the audience, which in-turn will drive necessary traction for growth.”
Amazon Ads offers advertising solutions to support brands across all phases of their journey for a new product launch. In the Pre-launch phase, device ads, video ads on FireTV, Amazon MX Player (erstwhile Amazon miniTV), and and content marketing on Amazon Stores helps build an immersive experience. At the time of launch, a variety of ad products including Sponsored Brands, Amazon DSP, Amazon Live, Alexa Ads, On-Package Ads among others can be leveraged to reach customers and keep them engaged. An always-on visibility and brand engagement with Sponsored Products, Sponsored Display, Display Ads and Brand Store among others help in the post-launch phase.
“Successful new product launches are not just about ideation but about deeply understanding customer needs and delivering solutions that resonate. This white paper serves as a valuable starting point for brands seeking growth,” said Ananth Narayanan, Founder, Mensa Brands. “Whether you’re a seasoned business leader or an emerging entrepreneur, the frameworks outlined here will help you navigate the complexities of product launches and optimize your chances of success,” he further stated.
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