Luxury product launch events can be complex and stressful to plan, but with the right research, a detailed customer persona for reference, and a deep understanding of the product and industry, most elements should fall into place.
The luxury marketplace within the UAE has seen dramatic growth during the past decade. Emirates consumers are becoming better educated about the variety of brands, opportunities, and solutions available, thanks to a 96% internet penetration rate. This means that, to successfully capture the attention of UAE residents, brands need to offer exclusive promotions which are not available to worldwide consumers, as well as an early or equal launch time. Try to launch your product in the UAE at the same time as, or before the US or UK launch, as this makes UAE consumers feel included and prioritized, and therefore more likely to purchase the product.
The type of event being held is the most important decision of the event planning process. The event type must match up with the product and target market – luxury products demand a luxury event, but it is up to you to decide what your customer personas will react best towards. The three main types of event are; media events, which target media outlets and influential media platforms; trade events, which aim to display the product to businesses who will use them; and client events, which are customer-focused and display the features and benefits of the product directly to the people who will be buying it.
Promoting the launch event should follow the event type naturally – an A-list, star-studded guest list is great for social media marketing, as Instagram, Snapchat and Twitter are easily accessible for celebrities, and any updates shared by then during the event will reach an audience of thousands. A trade event is better advertised in industry-centered literature and on relevant digital platforms, while media events should be circulated via PR channels.
After the word has been spread, and the target market has begun to feel the hype around the new product, the event needs to live up to expectations. Larger budgets obviously lead to more spectacular showcases and parties, especially if celebrities are present. But great launches can be created in innovative ways, and more creative and unexpected events are more likely to become viral hits and generate media attention – the ultimate in word-of-mouth marketing.
Product launch strategies do not end once the launch event is over. Now the real work begins, turning the attention and hype into sales and consumer engagement. Ensure that all online and offline sales channels are optimized and ready for large volumes of sales before the launch date. Even if large sales do not materialize, it’s better to be prepared for the best possible outcome than it is to let customers down on the first day of product availability.
The keys to successful product launches are information, strategy, and advanced planning for any outcome, so start early – and make sure to get plenty of research done before going ahead.