Marketing Advice for Unveiling a New Product
The research is done, the planning stage is over and you've designed an awesome new product. All that's left to do is launch it and generate sales. It sounds easy, but this last step is actually the hardest because your new product has to compete with the hundreds of other new services and products that are being born each day. As you are preparing to launch your next new product, follow these tips to make it a success.
Do Your Homework on the Competition
Look seriously at your competition before you launch your product. Make a list of all the businesses that offer similar services or products, and think like a potential customer when thinking of alternatives to your product. Take a look at your competitor's marketing materials, browse their website and evaluate how what you are offering will compare against what they are offering. Think about which companies are your greatest threat, then consider the ways you will excel.
Target the Right Customers
One of the greatest keys to effectively marketing a new product without breaking the bank is to tailor your efforts to the right customers. They may even be customers you already have who are just looking to take advantage of the new features your launching service or product provides. You ideal customers are those who need what you are selling, have the right budget for it and perhaps have already made a purchase of a similar item from your competition. This is why it is so important to find out what your competition is doing and to do it better yourself.
Form a Unique Selling Proposition
With so many new products hitting the market on a daily basis, customers want to know what makes your different from the crowd. Why should they buy from you instead of the competition? What features and special benefits can you offer that they cannot? Think about the answers to these questions and make them a central focus in your marketing materials to communicate what makes your business and your products different. If you cannot think of anything unique about your business or product, it is time to go back to the drawing board.
Test it Out
You are probably eager to get your product on the market, but don't rush into the process without testing your marketing message, your product bundle and your marketing materials on targeted focus groups. Roundtable discussions can also do the job, but don't make anything final until you complete this crucial step.