Strategically Marketing a New Product
Whether you are bringing a new product to market for the first time as a new business, or are getting ready to market a new product for your existing product line, there is a good amount of strategy involved for success. A product was conceptualized, carefully designed, manufactured, packaged, and is now ready to be sold – this is not where you want to drop the ball. After all, even if you have a product that will life-changing for someone, it will not do them any good if they do not know that it exists.
Optimal marketing for your new product is often a key component of its success. The wrong marketing can tank a product, quickly. You have invested a lot of time and money and, while this next step will require its own time and budget, it is a budget and strategy that is necessary for success so that money is not wasted on failed products.
Study Your Competition
If you have a competitor in the marketplace it is important to study what they are doing. Mine as much information as you can about what has been successful and what has not worked in their marketing strategy. You can learn a lot from those that have gone before you.
Who Is Your Customer?
This may sound like something that is very obvious but what we find is that, often, when a good product fails there is not a clearly defined customer does not exist. Who will use your product? And, more importantly, who will BUY your product? Those are the people to whom you need to be marketing.
What Problem is Your Product Solving?
Any product should solve a problem. It may not be a problem that someone even knows that they have until you point it out so it is important to clearly define what your problem your product is solving. Is it a knife that cuts better than all the other knives? Is it software that maximizes efficiency and saves money? Whatever the industry, whatever the scale of the problem, define the problem you are solving.
Define Your Marketing Budget
When it comes to marketing, the sky is the limit. A good marketer can work with any budget but if you give them a budget, they are going to utilize it to its fullest capacity to improve the marketing exposure for your product. Because of this, the marketing budget needs to be determined at the outset so that you do not over- or under-spend when marketing your new product.
Define Your Marketing Strategy and Tactics
With your budget and target customer clearly defined you can develop a marketing strategy and tactics that will help you meet your goals. Certain marketing strategies are better for increasing brand exposure while other marketing strategies are ideal for product marketing so choosing the correct marketing strategy for your goals is important.
Test Your Concept and Marketing Approach
The final step in marketing a new product successfully is testing your concept or marketing approach. For example, many marketing campaigns will do something called “A/B” testing. They will create two different audiences or use two different marketing strategies, test them on a smaller scale, and compare the results to determine what worked better. Then, armed with that information, they can roll out their marketing strategies on a larger scale to maximize product marketing, exposure, and ultimately, sales.