Your new business may be built around a product or service or both as we earlier discussed. We will discuss, by way of example, a new product launch event but it’s worth noting that the same general principles apply whether you are planning a new product or new service launch event.
Events organized around a new product/service launch are typically postponed or cancelled because the new product/service does not turn out as anticipated. Build this scenario into any planned event so that you can recoup some of the costs if the event needs to be cancelled.
Is the new product going to be fully functional in time for the event? What is your backup plan?
Have you assembled a well-connected board of advisers to help with the production of the event?
Have you determined your budget for the new product launch event? Is there anyone you can bring in to cosponsor the event to help defray the cost?
Have you hired someone to be responsible for the myriad of details that must come together in order for a new product launch event to be called a success?
Have you prepared a detailed spreadsheet, with deadlines, of all the items that need to take place for the event to come together and assigned each item to a responsible person?
Have you devised the best forum for the new product launch event? Is the event scheduled during an industry tradeshow where every- one will already be assembled and you can easily fold your event into the bigger show, leveraging all the resources available at that event?
Have you outlined how you are going to communicate your new product message at the launch event? (There is nothing worse than producing an expensive new product launch event that everyone may enjoy but attendees leave not having any idea what brand was being promoted.)
Have you invited your targeted press to cover the new product event?
Do you have a contingency plan if few people respond to your invitation to the new product launch event? Do you have takeaway logo items, commonly referred to as premiums, for attendees so they can be reminded of the new product?
Have you decided how you will measure and evaluate your brand building strategy?”1
Source: “New Product Launch Event Plan” text reprinted with permission from Mentorography, Inc. © 2008. All Rights Reserved. Entrepreneurial Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, Module on Savvy Strategies for Marketing New Products, pages 191-192.