You’ve decided that your business is doing well enough now that you can concentrate on developing a new product for it. Now that you’ve accomplished that, you are ready to launch that product out there into the marketing world. That’s where things get scary. How do you do that? What exactly is the best way to launch a new product on the market without falling on your face? Adding humiliation to expense is not the way you want to go in the business world. Well help is at hand. Here are some steps you can take to ensure the successful marketing of a new product.
1. Know Your Ideal Customer
Your product, indeed your business itself will be inherently worthless if you don’t know exactly the type of customer you are looking to market to. This isn’t the time or place for guesswork. You have to know. So who are these potential prospects and why would they buy from you?
Well, they are customers who at present are purchasing something similar to what you have to offer, just not from you. Perhaps they can be enticed to your side of the fence once they learn about the extra features your product offers. It’s always best to pursue the potential customers who already have shown themselves to have a need for what you offer, and have exhibited signs that not only can they pay for the product, but that they are willing to make that all important purchase. Now all that remains is to lure them away from the competition.
2. Observe the Competition
Do a serious analysis of your competitors. It’s time consuming and takes patience, but it will ultimately be an invaluable tool in your sales arsenal.
First begin by making a list of all the businesses that provide the same or similar products to what you are selling, most especially focus on the current new product. Once you have listed and know exactly who your competitors are, find out all you can about their marketing practices. Read their marketing materials, including their ads and brochures and visit their websites.
Then sit back and consider your potential customers and the ones you do have. Consider what it would be that they might purchase instead of what you are offering. Also, assess your new product and determine how it will rate when compared to what is already available. Think about the ways you’ve made your product better than that of other companies, in what ways does it outshine similar products, and which out of all the companies you are pondering over will present the strongest challenge to the sale of your product.
Now it’s time to begin planning your sales and marketing strategy. While it’s almost a given that you will be doing the largest portion of your marketing online, you also need to determine if you’ll be offering a catalog, or are you going to focus the rest of your marketing energy on dealers.
4. Test – Let’s face it
Advertising is expensive. It normally costs a bundle to bring a new product to market, so you shouldn’t be rash and hurry into launching it without testing the success of your marketing plan first. This involves both your product and your marketing message, and the materials you use to sell. Do plenty of online research and mete out your product to what is called a select group of users so that they can try it and let you know what they think. Not until you’ve at least done this much should you begin your marketing campaign.