Congratulations on successfully launching your new product!
However, your work is not done yet. To keep your brand growing and ensure continued success, it’s important to implement best practices post-launch.
Here are five questions you can ask to keep your product sales growing:
It’s important to understand whether or not you met your sales targets and the reasons behind it. If you didn’t meet your sales targets, it’s essential to dig deeper to understand why. This may involve conducting more direct consumer research to identify any barriers to repurchasing. Reading product reviews can also be a source of valuable insights into what customers liked and didn’t like about your product.
Shelf placement is critical to the success of your product. If you had good shelf placement, it’s important to maintain it and look for opportunities to improve merchandising. If your product was not placed in the most visible or accessible part of the store, you may need to work with your retail partners to improve placement. Additionally, look for opportunities to expand your product placement across the store.
Not all stores may have carried your product, which can limit your sales potential. Analyze your point of sale (POS) data to identify which stores are driving the most volume and which stores could be called on to list your product. This will help you to maximize the number of doors carrying your product and reach a wider audience.
Your customers are your best source of innovation. Engage with your shopper base to gather feedback on your product line. Are there other flavors or formats that they would like to see? This feedback can help you to expand your product line and cater to a wider audience.
Your retail partners can provide valuable feedback on how to improve your product and better align it with their customers’ needs. Ask them what opportunities they see for innovation within their assortment and how your product line compares to their other items. This feedback can help you to improve your product and build stronger relationships with your retail partners.
In conclusion, implementing post-launch best practices is critical to keeping your brand growing and achieving long-term success. By analyzing your sales targets, shelf placement, store coverage, engaging your customer base for innovation, and seeking feedback from your retail partners, you can continue to improve your product and grow your brand.