Having a strong marketing strategy is key at every stage of your product’s life cycle. Marketing a new product is even more crucial, as a successful launch can set the tone for the rest of the product’s cycle and get your business to an advantageous position in your market. Here are some of the elements to consider when marketing new products.
Define your target audience
Successfully launching a new product would be very difficult – if not virtually impossible – without first defining your target audience. Most products will not be suited to all groups of people so it’s vital to determine which group makes your potential customers up.
Consider a variety of criteria including age, demographics, interests, spending power, occupation and location. If you already have a customer base, for a different product, for example, you will also need to consider if this group matches your current customer group (at least partially) or if you need to find and acquire customers elsewhere.
Of course, you will also have to consider what your competitors are offering to make sure your pricing and product strategy can help you stand out in your market.
Define your unique selling proposition
This is where your value proposition – also called Unique Selling Proposition (USP) – comes into play.
Identify the main advantages of your product and use these to determine possible solutions that your product can offer your customers. The idea is to put yourself in the shoes of your potential customers and figure out the main challenges or issues that would need solving. You can then position your product in a way that customers will be able to use or consume it to solve these problems or challenges.
Define a product strategy
When introducing a new product to market, you will need to determine how you’re positioning your brand. This would involve creating a different product strategy for each target market, including promotions, bundling and other offers that will help your new product get noticed and stand out from competitors’.
Based on customers’ reaction at launch, your strategy will need to evolve over time in order to secure a place in your market in the long term.
Choose channels to reach your market
Once you have a sound pricing and product strategy, you need to decide on how to reach your potential customers by identifying which channels to focus on. Selecting the right channels for your product is an essential part of your marketing strategy.
How many channels you need will depend on your product but also your resources – it is generally best to focus on 1 to 3 channels rather than spreading out too thin. Some of the channels you can consider include:
- Online shops
- Retail stores
- Events and trade shows
- Door-to-door sales
Face-to-face sales can be particularly beneficial at the launch stage of a product’ lifecycle: it’s a great way to not only educate customers and introduce them to a new or innovative concept around your product, but it also allows you to gather valuable data directly from your target market. Directly reaching your potential customers is also a great way to connect on a more personal level and establish a long-term relationship.
Remember that channels can be complementary and achieve better results when used together, such as online and offline channels working to reach a greater percentage of your target market.
Evaluate and adapt your strategy
Most companies will need to adapt their marketing strategy after the launch of their new product. Depending on customers’ reaction, competitors’ actions, how you’re promoting your product will need to evolve in order to stay ahead of the competition.
One thing to keep in mind is that you’ll first need to determine what success looks like to you: having objectives will make it a lot easier down the line to evaluate how your strategy has been performing and when it is time to adapt it. This may involve a number of sales or target revenue or reaching a specific audience (such as early adopters), this will entirely depend on your business and what you are trying to achieve.
Launching a fantastic product is only the first step of a journey and having a strong marketing strategy for the launch of your new product will give you the best chance to successfully become a main player in your market and go the distance. Take time to consider all the elements involved in your strategy, from product to pricing strategy as well as the right channels to reach your target audience.
Are you looking to get some advice on marketing new products and getting your product launch right? Just get in touch!