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The Kardashians have created an empire, and Khloe's new campaign is just one example of why.
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Opinions expressed by Entrepreneur contributors are their own.
The world has been buzzing ever since Khloe Kardashian announced her pregnancy in late 2017. Khloe, who has been very open about her desire to have a family and the challenges she's had with conceiving, made the announcement on Instagram with a heartfelt post. Fans responded with genuine love and excitement for the mama-to-be and her beau.
And while some mamas-to-be turn down the notch on work to focus on the pregnancy, Khloe has instead ramped it up. Would you expect anything less from a member of the Kardashian empire?
In January, a few short weeks after her announcement post, Khloe shared that her clothing line -- Good American -- will be launching a maternity collection. Similar to the pregnancy announcement, the launch announcement was also shared on Instagram with the hashtag #GoodMama, this time with a sultry image of Khloe in lingerie.
Then, a week before the launch, Khloe dropped another Instagram image with the caption, "@goodamerican #GoodMama Launches Thursday 3.15.2018."
The timing couldn't be any more perfect, as spring is a big time for retailers to make some big bucks. According to the U.S. Census, retail sales hit a record of $5.7 trillion during the spring of 2017. The launch of a new collection is the perfect way to entice consumers to shop at your store.
If you are a product-based business owner, you can learn a lot from Khloe's launch process. Here are five tips for your next product launch that could help with huge sales.
Related: 10 Inspirational Quotes From Women Business Leaders
1. Create a financial plan.
A product launch requires a substantial financial investment. Miscalculating inventory levels or expenses could lead to huge cash-flow problems, so be sure that you take time to create a financial plan. Your plan should include clear sales goals and a comprehensive list of expenses including inventory, marketing and operation-related costs.
2. Plan out your marketing strategy.
Will you be utilizing blog posts or Instagram stories to promote your products? Will you host pop-up events? In today's market, social media has to be a part of your strategy. To avoid getting overwhelmed, choose one platform to focus on and own it. Bri Foster, head of Social Experience for thredUp, recommends using a tool such as Planoly to curate content ahead of time.
3. Set up your accounting system.
Tracking sales is just as important as making sales. Be sure that you have your accounting system set up correctly to track sales, sales tax payments and inventory levels.
4. Generate media coverage and buzz by collaborating with local bloggers and pitching news outlets.
Leslie Wong, the founder of Burgundy Fox, suggests that when pitching brands, "focus on your story more than the product, but be clear about what you're launching. Don't be shy about making a clear call to action. Ask them to share the news and offer suggested text, links and graphics. They might not share, but don't take it personally. When they do share, be sure to thank them and don't stop sharing. You never know who is watching."
Related: How to Succeed as a Female Leader Anywhere In the World
5. Reflect on wins and improvement opportunities for the next launch.
This is where many businesses miss a golden opportunity to grow their business. After your launch, reflect on what went well and review your metrics. This information is invaluable and will help you make wiser decisions for the next launch. One metric you want to be sure to review is your marketing return on investment (ROI).
Kendra James, owner of the Finance Femme, says, "Marketing ROI, is where you calculate the return of the marketing dollars spent on your campaign. This not only helps you understand the success of your current campaign, but you can also compare it to past (and future) campaigns to see what marketing efforts work best for your business.
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