Types of Product Launch Events You Can Host in 2024
Launching a new product can be a process of weeks, months, or even years. Therefore, business owners don’t want the time and resources they invested in the product to go in vain. This is why every other business is now hosting product launch events. The product launch event is an impactful way of making your new product or service known to its target audience. This allows businesses to get maximum ROI (return on investment) if events are well-planned and executed.
However, not all product launches are the same, and they might differ in terms of goals and objectives. For example, you may want to introduce an additional feature in your existing product. In this case, you won’t have to invite a large number of people but only your current clients. There are various other types of product launches; keep reading to explore and learn more about them.
Let’s explore the topic and uncover the top types of product launch events you can host in 2024.
5 Product Launch Events You Should Host in 2024
Product launch events are hosted to boost awareness of your products and services and encourage people to try them. Therefore, choosing the right type of event for your goals and objectives is essential. Whether you want to expand your audience’s reach or enter a new market, you can choose from various types to host. In this article, you will learn more about these types to confidently make your choice.
Here are 5 product launch events you should consider hosting in 2024.
1. New Product Launch
This is one of the most common types of product launches, it’s hosted when a company debuts a new product. This can be a photo editing app a new sedan, or anything with an existing market and similar products. Therefore, to make your product stand out from others, launch events provide you with countless opportunities to do that.
For example, it’s a vehicle that won’t talk about how to drive but rather how unique its ride is. This means the marketing that’s included in the event focuses on providing customers with something better than what they already have. However, to make these event impactful, they must be hosted flawlessly. This is why organizations refer to experiential event agency Dubai to assist them with event planning and execution.
2. Product Upgrades
Product upgrades are also one of the major reasons product launch events are organized. This is because businesses need to continually improve their product quality and add more value to it. In these events, business owners tend to emphasize the advantages of their product’s upgraded version.
For example, it may have better aesthetics, low cost of ownership and comparatively cheaper than other products. In these events, business invites their existing customers and partners to keep them loyal to their brands. This allows businesses to retain their existing customers while increasing their chances of generating better revenue.
3. Brand Expansion
Well established brands don’t just sit and wait after launching two or three successful products in the market. They continue on growing and focus on inventing new products that are tailored to modern-day customer needs. Doing this allows them to protect their business from consumer behavior, market dynamics and economic disruptions.
For example, if a brand previously offered cloud services, they may want to expand and start offering virtual meeting software. Brand expansion is a better choice when you already have products performing well in the market. Through this, you can easily attract customers to your products that are similar to what have been buying.
4. Entering New Market
This type of launch is different from the ones mentioned above. It focuses more on the brands existing offerings repositioning. It uses its existing products and introduces them to a different market. This approach allows brands to generate better revenue if events are properly strategized and executed.
In this scenario, brands may add modifications or enhancements to the product more valuable to a different market. For example, if you previously offered an accounting software for amazon, with additional features it may be now useful for manufacturers. Thus, by introducing its unique features for manufacturers you can drive sales from a different market.
5. Soft Launch
Soft launch refers to a strategy that allows busi8nesses to release a product before its final date. These events are less focused on marketing than the ones mentioned above. The goal for business owners in a soft launch is to get their products reviewed and identify potential bugs and flaws. Soft launches are meant for a limited number of audience and products are exposed to a certain group of people.
This allows companies to further fine-tune their products before launching the final product. Through this, the product stands a better chance of succeeding in the targeted market. However, to host such events, you may require a suitable venue. For this, you can get in touch with experiential event agency Dubai to find and manage venue for your event.
Are You Eager to Host a Product Launch Event?
Despite the type of event you intend to host, the outcome is only guaranteed when they are executed perfectly. You can leverage the expertise of professionals to assist you with event planning and management hurdles. Contact professionals now and host a perfect launch event that leaves lasting impression on your guests.
