With the increasing competition in the field of marketing and promotions, you might be wondering about how to launch a new product in the market and hit the right chords with your prospective customers?
In this post, we will discuss about the various steps that are involved in developing a new product marketing strategy. The strategies will have to be developed through active brainstorming and participation from the leadership team and the executives.
Step – 1
Things to consider before you develop a marketing plan for a new product:
If you wish to launch any product, the first thing that you will need to do is ensure if it serves the needs of a certain set of niche or targeted customers.
Your marketing strategy for new product launch will be successful only if your products add value to your prospective customers. Most importantly, your executives will need to believe in the fact that the product will be truly helpful to your customers. Only then will they be able to execute their tasks effectively.
While planning for any new product marketing strategy to meet the financial goals of your business, you will need to ensure that you leave room for scalability and flexibility. Any plan that you create should be clearly defined with the timeframes for delivering results. If not, it should make room for successive plans that can help in improving the effectiveness of your new product marketing strategy.
Step – 2
Validation and proof:
Before you even think about how to launch a new product in the market, it is very important for you to prove how it can add value to your customers. The product should go through stringent quality checks and validations, before you expose it to the market. Most of the products have failed to reach their true sales potentials, because they were not tested thoroughly before being introduced to the sellers, wholesalers, retailers, distributors, or the customers.
It is not viable to pull back the product from the market, because it does not live up to the quality standards promised by you. Such setbacks can tarnish the reputation of your business. Hence, it becomes a paramount responsibility of your company to ensure that the product that you are launching has the complete potentials to meet up with the user expectations.
Therefore, it is always important to test your products and validate their effectiveness before the launch. Alternatively, you could release the beta version launch on a small scale to check if your product is truly effective in catering to the needs of your customers.
Step – 3
Document the process:
Before getting deeper into your new product launch marketing plan, you will need to document certain key factors:
- Defining the market opportunity
- Profiling the target customers
- Finalizing on the prices
- Identifying and documenting the financial goals, with respect to specifically defined timeframes
In addition to the above mentioned factors, you will also need to give highest priority towards improving and development of the existing product in an ongoing basis. Your new product launch marketing plan should ideally work as the roadmap for at least 3 to 4 quarters.
Also, it is very important for you to start off with your outreach and promotional activities early, preferably before a month or two. Your product will be more effective when people get to hear about it from you, which is before reading about it in the news. Therefore, it is of the paramount importance for you to develop a marketing plan for a new product, well in advance.
Step – 4
Setup your team:
The success of your new product launch marketing plan will depend on the people you choose to work in your team. Your team should ideally comprise of professionals with technical expertise, market analysts, project managers, and marketing executives. The executives should be guided by the top level leadership and the project managers at each and every phase.
The top level management should clearly articulate the importance of the project for the company, and they should create deadlines for the tasks, in order to bring about accountability from each and every member in the departments and teams.
The project managers you choose to develop a marketing plan for a new product should also be equipped with analytical skills. They will need to monitor the workflow and collect feedback in an ongoing basis. They should be able to make decisions based on the data they collect.
Your product will have a better outreach, if your marketing executives are trained inside-out on the product that they will be promoting. They will need to have a deep understanding of the features of the products, and should be able to effortlessly convey information about the benefits and advantages to the prospective customers.
You will also need to sensitize them about the customer requirements, so that they are able to handle questions related to price and product features. Therefore, it becomes very critical for you to choose a team that is dedicated towards driving more sales.
Step – 5
Inform your existing customers and targeted prospects:
Make your products available first to your patrons. New product launch is a very good opportunity for you to engage further with your existing customers. Develop a newsletter to be sent out about your new product launch, especially to your hot prospects and loyal customers.
When you give them the due importance at the important stages of your business, you will be building the path for creating long-term business relationships. Also, it is more expensive to find new customers, when compared to initiating repeat business from the existing ones.
Step – 6
Create the interest:
Your new product marketing plan will be effective if it succeeds in creating a certain level of curiosity and interest among your potential customers. One of the best ways to do so is by going social, but you will need to hold back the urge to give out all the information, all at once. It will help you in creating more interest among your prospects.
You will need to create pages in most of the top social networking websites, and start initiating conversations about your new product that is to be launched. It will also give you an opportunity to engage with people on a one on one basis, and build long-term business relationships with them.
The primary focus of your promotions should be aimed at conveying all the information about how your product can specifically cater to the needs of your potential customers. Additionally, you could also use the social networking platforms for creating surveys and competitions. Make people feel enthusiastic about doing business with your company.
Try things differently:
Do something different to attract attention from your potential buyers. Your new product marketing strategy will be successful only if the customers feel that you have something different to offer to them. There are many platforms on the net that can help you in conveying why exactly people should do business exclusively with your company.
You could create blogs to step up the participation levels. Many companies have been able to draw attention to their products by publishing funny videos related to their products. Such initiatives encourage more and more user participations. Also you could offer freebies and demos. Your onetime investment can pay rich dividends in the long run.
The success of your new product marketing strategy will depend upon how well you answer this particular question from your buyers – “what’s in it for me?”
The collaborative efforts of your team should be aimed at showing how your product and your company can add value to your customers.
Step – 7
Participation from stakeholders and partners:
Active participation from stakeholders and partners is very important for the product launch. The internal clients of your business are the best people to do the word-of-mouth recommendations that will help in bringing about more awareness, and exposure to your new products. More importantly, you don’t have to spend money for this type of advertising.
Step – 8
Commercialization – Opening up sales channels:
If you are planning to sell your products across various geographical regions, then you will need to start building networks with local retailers or resellers. Multi-tier administration and logistics management will be the key for meeting the market supplies in the future. That way you can promote your business across a wider customer base too.
Step – 9
Eliminate the unnecessary:
The purpose of your product lunch is to bring abut awareness among your targeted customers. Therefore, you will need to eliminate the strategies which do not technically drive sales. It will also help you in curbing the unnecessary expenses and cost cutting.
For example, if your product caters only to the needs of local audience, or is restricted to a certain geographical location, then it would not make much sense for you to try the marketing strategies that are designed for global marketing.
Social Media marketing strategies can help you in reaching out to the right set of audience according to your marketing requirements.
Step – 10
Ongoing process improvement:
It is of the paramount importance for you to measure the results of your new product launch marketing plan, in order to drive more sales down the line. You will need to identify the areas in your strategies that are pulling back the success, and then work towards finding the alternative plans, or eliminating the ineffective ones altogether.
You will need to improve your marketing strategies in an ongoing manner. For most products, the market will not be the same all through the year. Although the product launch can bring about the initial exposure, your marketing strategies will change from time to time.
The decisions on such changes should be based on the customer feedbacks, sales figures, performance of your executives and managers, etc.