One way of looking at planning the launch event is to think
of it as a “photo opportunity”. “A good picture may indeed be worth a thousand
words and nowhere is this more apposite than in event management” (Franklin et.
al, 2009, p. 82). In other words, every aspect of the launch event must be
carefully planned and staged as first impressions are extremely important.
Extensive planning before the launch process is fundamental.
A successful launch event can make your business “appeal to potential new
consumers, networking opportunities,
potential new employees and companies that may want to do business with you in
the future. By being cutting edge you are attracting more opportunities” (perfectionsquared,
blogspot, 2009).
It is essential for organisations to gather and analyse
market intelligence, assess their current situation and determine what they
hope to accomplish within the market when the launch has been conducted. In
other words, the company needs to establish the exact message they want to
convey to the industry. This helps the company capture the attention of
pundits, opinion leaders, editors, journalists etc. “These are the people who
will be carrying your flag. Once you’ve won these people over, you gain credibility and acceptance from the
marketplace. This makes the selling process far easier, maximizing the chances
of hitting your goals” (rmr.com).
Risk assessments are also imperative for launch events as
they essentially help to lose out on problematic areas when the event is up and
running. In the ever changing and overcrowded marketplace, it is key for Lenovo
to make themselves stand out above competitors and launch a positive and
exciting product on the business community. Launch events are a very effective
way to help Lenovo brand their business. “By opening doors to potential new
clients, you increase the exposure your product and company receive”
(perfectionsquared, blogspot, 2009).
The
importance of a well-planned event lies in “integrating various aspects of
marketing communications and ensuring a consistent core message to all
stakeholders” (Masterman & Wood, 2005, p.7). Generally, this can achieve
key business goals, increase customer value and competitive advantage. For
example, when conducting a launch event, the brand essentially aims to
“introduce a new product to the media and prospective buyers” (Goldblatt, 1990,
p.289/290). However, if no one knows the event is being held, no one will
attend, no one will buy the product and no media coverage will be achieved.
This is where marketing is critical.
The
ultimate success of the event will be determined by PR strategies employed.
“You must determine why the event is unique, deserves coverage and then locate
media correspondents whom you must persuade to attend and cover your launch.”
(Goldblatt, 1990, p.120/121) When aiming to invite guests to attend the event,
some define this as “persuasion: providing the public with enough information
to persuade them to make a positive decision about a product, service or issue”
(Goldblatt, 1990, p.119). This strategy includes traditional press releases,
pre-produced public announcements, a photo opportunity, marketing through the
Lenovo website/social networks etc.
Another
critical component of a product launch is the budget. It is expected there will
be numerous adjustments to the budget throughout the event management process.
For example, financial data includes fixed and variable costs; fixed costs
include overheads such as room hire, staff wages, equipment etc. the costs of
these do not change and “occur no matter how many people attend the event”
(Bowdin et. al, 2010, p.310). Food and drink are dependent on the number of
guests. It’s best to over-cater than predict too little as this could leave a
negative and/or unprofessional impression amongst guests. Equally important is how to
budget time management. “Theophrastus once said, ‘time is the most valuable
thing a man can spend’”. It is essential to “budget time well and relate this
directly to financial priorities” (Goldblatt, 1990, p.29/31).
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