By Megan Moyer
“By failing to prepare, you are preparing to fail.”
― Benjamin Franklin
When you are launching or re-launching a product, it is so important to plan, and plan thoroughly. A necessary stage in planning will include pouring over data and research to make sure what you are developing, positioning, and manufacturing is a product that will fit the market demand and resonate with your target audience.
One of the main areas of concentration should be your future competitors. You’ll want to know what products they have that are in direct competition, as well as any line 
extensions or complementary products they offer in the same or other categories. You also want to get into the details. What are their active and inactive ingredients? What forms do their products come in? What does their packaging look like? What scents or flavors do they offer? How are they promoting their brand?
When you acquire this level of detail, you can make better-informed decisions about the attributes that will differentiate your product from the rest. You’ll also be able to understand how you can develop packaging that will stand out on shelf and communicate your brand’s unique benefits. Knowing how competitors are spending their promotional dollars will give you food for thought as you plan your marketing strategy and choose the mediums to devote your budget to.
A new product launch or a product re-launch are lengthy processes that require attention to detail to make sure you cover all of the bases and are preparing for success. I encourage you to sign up to receive our e-newsletter, ROI, which provides data on product launches to give you insights into your competitive landscape.