You’ve created a new product and now you want to spread the word. Great. Sounds pretty simple, right? When do the sales start rolling in? Every day, innumerable products are conceived, yet never make it successfully to market.
Size up your competitors
Many things have changed in the digital marketing age, but knowing your competition isn’t one of them. Performing a SWOT analysis is still a must as well. A SWOT (strengths, weaknesses, opportunities, threats) analysis will help you take a critical look at your competition.
Begin by making a list of all the products the same as or similar to the one you are planning to launch. Even if you feel your product has no competition, it is essential to think like you potential customers. What product are they buying that does what your product does? Once you identify your competitors, review their marketing collateral – ads, websites, and brochures. Assess your product against theirs and evaluate how it stacks up against it. Identify which companies are a threat to your product, and how yours is different and better.
Identify your ideal customer
To have a successful product launch, you must focus on the customers you think are the most likely to buy it. I know that seems obvious, but often entrepreneurs feel like everyone needs their product. And while this may be true, initially you should target customers who are already purchasing something similar and will most likely enjoy the additional benefits your product provides.
Your best bet is to target customers who have demonstrated a need for your offering and a willingness to pay for it. Remember, it is easier to fill a need than to create one. Once you’ve had some success, you can try to widen your market.
Define your unique value proposition
You should have a strong idea of what your product needs to offer to stand out from the competition. But do you know why customers would choose your product over a plethora of other, similar products? What features and benefits does your product provide that your customers will value most? Your product should have a defined value proposition that differentiates it from the rest.
Develop your marketing strategy and tactics
Choose your marketing and sales channels. Online, via catalog, or through dealers? In general, multichannel marketing gets the best results, since customers who have the opportunity to shop when and how they wish to, usually end up spending more.
Launch your marketing campaign
Public relations can play a key role in the launch of a new product. You can use media relations tactics to win interviews, place articles, get important press reviews of your product, and hold a launch party. Or you can use grass-roots marketing to create buzz around your product. But no matter how you choose to market your product, make sure it is ready and available for purchase so that you get the most out of the press coverage you receive.
Your other marketing tactics should closely follow your press roll out. Monitor and measure your results, so that you can quickly change tactics if needed.
Monitor the life cycle of your marketing campaign
The marketing you use to introduce your product will need to be revised and updated over time. If you are watching your marketing results carefully, you’ll start to see diminishing returns. This indicates that it is time to switch tactics, change your message, or even phase out your product and introduce a revised version.
Don’t be tempted by too-good-to-be-true sounding shortcuts. Following the steps above will help you successfully take your product to market faster and with less headaches than a so-called shortcut. If you have a product you want to bring to market, contact the team at Marketing Maven today.