A new product is exciting because it enhances the marketplace. Much research is involved in deciding what product to offer. Generating sales is the next step and is not as easy as it sounds. Thousands of new product ideas never become reality because they are improperly brought to market. By following the steps below, any business can be successful with new products marketing. If help is needed along the way, Illumination Consulting is here to provide it.
Begin by studying the competition to identify businesses that offer a similar product. If the new product seems to be unique, think about what else customers could purchase instead of it. After identifying competing items, review the marketing materials used by these companies. Find gaps such as failure to use social media and develop marketing ideas that will distinguish your product from the others.
To control marketing costs, create a profile of the idea customer. This individual is someone with a perceived need for the product who can afford to purchase it. Many of these folks are already purchasing a similar product from a competitor so harness this opportunity to capture additional market share. This requires convincing these customers to shop with your business. Promoting unique features and benefits that the target audience considers valuable should do the trick.
From there, determine whether to market the product through retailers or directly to consumers online or via a catalog. A multichannel marketing strategy is typically the most successful because it offers convenience. When customers have the ability to shop whenever and however they please, they usually spend more money and become more frequent patrons. Combining direct marketing with an ecommerce website can be a very lucrative approach.
With a marketing strategy and methods in place, many entrepreneurs move into the launch phase. Failing to test the marketing message and materials can be a costly mistake. Proceed cautiously, using focus groups, test audiences, and online research to get feedback on the marketing campaign and the value proposition of the new product. Use this information to tweak promoted features and benefits and refine the marketing approach.
Use public relations to formally kick off the new products marketing campaign. Distribute press releases online and via local print publications. Let the media interview you and review the new product. Go all out and hold a product launch event that gets everyone excited. Regardless of the approach, monitor marketing results and adjust the campaign as necessary to maximize results.
