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How To Plan For New Product Launching In New Year? Read Now

 Today we will talk about what planning is needed to launch a new product in the market. Let us understand with the help of an example

Suppose you go fishing. Put the fish feed in the water and then check after some time then you do not find a single fish

This does not mean that the fish feed was bad. The problem was in the fishing planning

This means either you did not put the fish bait in the right way or you did not put it in the right place, there can be many such reasons.

Similarly, when you try to sell your product or service in the market without a proper execution plan and market strategy, you may not be successful and then you will get failure.


What Is Best Plan For New Product Launch? Pro level strategies
Product Launch Process


The thing to understand here is that your product is also like fish feed, but when you launch your product in the market by following the new product launch strategies in the right way, then you will definitely get success.

What Is New Product Launch Planning?

Production of new products. And then through small and big retailers to reach the customer successfully,

There are many things which should be taken into consideration such as - Production of new products, Selection/Filtering of retailers, Product sampling planning, Advertising on the shop related to the product, sales team group creation, etc.

These measure collective plans are called New Product Launch planning.

Six Important Parts of New Product Launch Plan

How To Plan For New Product Launch?
New Product Launch Strategy

  1. ECO Planing
  2. Volume Planing
  3. Sampling Planing
  4. Stock Planing
  5. Visibility Planing
  6. Capability Planning

1. ECO Planing

Effectively Coverage Outlet (ECO) This term may sound complicated to you. But there is no need to panic.

Effective coverage outlet means "in how many stores you can sell your products and services".

Let us understand the role of ECO Planning in product and service with the help of an example: -

Let's assume that I have many salesmen who sell products in different areas. One of them is a salesman, John, who works as a salesman in 6 areas.

Now I will tell him "John you have to launch this new product in the market and ECO should be 60% of all the shops you are in contact with

Since John has 6 Beats (Areas), each Beat has different types of shops. In which John sells various types of products.

John has to place orders (New Product) in 60% of those stores

Now John will be planning Beats & Outlets wise to place orders for the new product

Let's assume the areas John covers are

SalesmanBeats (Areas)Outlets (Shops)
John Albany46

Syracuse37

Valley Stream36
 Cheektowaga35

Garden City30

West Nyack27
 
210

Suppose we are launching Hairwash shampoo, as we all know shampoo is a daily product, it will be sold in general stores only.

Now, what will John do with all the stores?

among them will filter, whatever general stores there are 

Then the filtered general stores will make a list.

Example:
Beat (Area)Outlets (Shops) NamesNew Product to be placed
AlbanyGeneral Store Yes

Medical ShopNo
Daily ShopYes
 Store MartYes



Now if John has a total of 210 shops, then according to the instructions given to him, 60 percent means he will have to place orders for new products in 126 shops anyhow.

You will have many salespersons like John. The same will be ECO planning for them as well. You have understood the ECO planning process. Now let's know further about volume planning

2. Volume Planing

As we told you in the previous example, John's filtered 126 outlets. One of them will be an A-class outlet, some B class, and some C class outlet.

John's products will be selling much more in many of those stores, some stores will sell a little less than that, and then in some stores, even less than that.

So in such a situation, John will have to create a list of High, Medium & Low sell outlets category-wise.

Will make some rules in the outlets made according to high, medium and low sales
Suppose 
20 new products are to be ordered into the per outlet from A class outlets, 
8 products are to be placed in per outlet out of B class outlets, 
3 new products are to be placed in per outlet out of C class outlets


SalesmanOutlet ClassNo. Of OutletsVolume
(Pieces Minimum Sell In)
Total Quantity
JohnA2118388

B359315
C704280
 126
983






For the Entire Sales Group
Outlet ClassNo. Of OutletsVolume
(Pieces Minimum Sell In)
Total Quantity
A100181800
B18091620
C25041000
530
4420





The topic of volume planning is not over yet, it will end in the topic of Stock Planning. So, we are moving to the Sample planning topic

3. Sampling Planing

Many businessmen also do a sampling of their new products and this is also considered a good way for marketing plans/strategy.

So you can also do some specified number of sampling in A class, B class, and C class outlets and this sampling product number will be added directly to the volume numbers.

For example let's assume that if in A class outlets do 2 sampling at each outlet, in B class outlets do 1 sampling at each outlet and C class outlets do no sampling.

Outlet ClassesNo. Of OutletsNo. Of OutletsTotal Quantity
A2100200
B1180180
C02500

530380

Till now we have crossed the first path of new product launch checklists. Let's talk about Stock planning...

4. Stock Planing

If you want to maintain your product's stock in a good way, then you have to keep the product stock loaded for at least 2 weeks, only then you will be able to build a successful lodge.

To maintain stock, a marketer needs to maintain stock of the number of products obtained by multiplying it by 2 by its volume quantity.

Suppose if you have started a new business and for the first time, you have promoted your product well as well as reached all the small and big retailers.

All the hard work you put into the product launch date/time will be in vain when the customer wants to buy the product again and when the customer will go back to that shop but due to the out of stock in the stores, you will not only lose the customer but also the shopkeeper's confidence will go away to you.

So somewhere in this, you may have to face a huge loss and you will also be out of the running market. That's why you need to maintain your stock quantity

Outlet ClassesNo. Of OutletsVolume
(Pieces Minimum Sell In)
Total QuantityAt least 2 weeks
Stock (*2)
A1001818003600
B180916203240
C250410002000
530
4420 8840







Now, we will do the final Stock Planing
Outlet ClassesNo. Of OutletsAt least 2 weeks Stocks
 
Sampling Units
Required
FINAL TOTAL
VOLUME
A10036002003800
B18032401803420
C250200002000
5308840380 9220

So finally we got the answer of Volume Plans to make our successful product launch.


5. Visibility Planing

Whatever the business, it matters whether it is an old or a new startup, it is necessary to have visibility.

You cannot gain trust from people until the information about your product reaches the people.

And visibility is one way you build a trusting connection with your customers. And when we are talking about launching new products, then of course we will talk about visibility here too. 

There are mainly 4 types of visibility window, poster, dangler, countertop. Not all visibility needs to be provided in all outlets

You should use the visibility only in the outlets where visibility is required. But let me give you some examples below in terms of visibility, which will give you an idea to use visibility like Window, Poster, Dangler, and Countertop

Outlet ClassesNo. Of OutletsWindows
(Top 50 Outlets)

 
Posters
(A & B - 2 per outlet, C -1
per outlet)
Danglers
(1 per Outlet)
Counter Tops
A1005020010050
B1800400200
C2500300300
53050900 60050

Now you must have got a good idea of visibility for your product launch success, so whenever you launch your new product in the market, keep the visibility in mind.


6. Capability Planning

When you have completed all the things for launching a new product and have not taken care of the capability, 

then all your hard work will be in vain because without good capability your business product will not be able to present well among the buyer persona.

For this, you have to train your sales team and distribution team with good knowledge about your product.

So that every salesperson in your sales team can present the product well among the retailer, there are some main things that a salesperson should definitely keep in mind

  • Key messages: Product Features, Benefits, Margins
  • Scheme Details and Retailer Profit
  • product management/placement
  • Where to use the visibility element and how much
  • Must be aware of the company's customer support
  • And also, how to solve the retailer's objection in an easy way

If you train your sales team keeping these things in mind and also launch your new product keeping in mind all the main points given above, then you will definitely get success.

Conclusion

Today you have understood the strategy of the Fast Moving Consumer Goods (FMCG) New Product Launch Planning process very well. You now know all the information that was necessarily related to the New Product Launch.

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