Planning for success.
Marketing the new awesome product or service that you developed is just as important, if not more important than the product itself. Marketing your new product is a extensive process that needs to be carefully researched and developed. There are countless failed companies that developed ground breaking products, but did not go to market properly. Don’t risk your investment in time and money!
ensuring that your new product or service is a success
Thought developing a new product or service was hard? Marketing your new creation is the most critical phase on the path to success and fortune!
Don’t expect your product or service to sell itself! Rize above your competitors!
Product Marketing is - Research Identity Publicize Influence Launch Distribution Promotion Support Contingency
Launching New Products Successfully
Launching Your Product or Service
The ultimate success of your new product or service depends on many factors. The form and function of the product is of course a vital element, but the marketing effort surrounding the product is most often the deciding factor determining its success or failure.
Understanding the market and competition
Targeting the Correct Customers
Creating a Unique Selling Proposition
Marketing Campaign and Media Buzz
Product Fit, Function, and Reliability
The Launch Process
The Launch Process is one of the most critical phases of a new product’s success. There is no doubt that a well planned and executed launch can make or break the success of your product. Know your customers and the value of your product, plan your launch in such a way as to generate the most appeal and desire. We have broken the launch process down into the following phases:
Properly understanding your market is paramount to developing a plan that will be successful. This starts with researching the market your product will be launched in. What companies and products will you be competing against? What are their strong and weak points? Which competitors succeeded and which failed and why? Who is your target customer?
Following up on your research it is time to properly identify and label your product or service. How where similar products labeled and marketed? What made them attractive to their customers? What exactly are your customer searching for? Will your marketing appeal to them or will they be confused by your product’s identity? Learn to speak with your customer, not to your customers.
Start building anticipation long before you release the official details about your new product. Start build hype and teasing your customers with what is coming. A careful release of information can build anticipation and create a demand long before your products launch. But make sure that you are able to deliver on your hype. Nothing is worse than a disillusioned customer.
Find people that will help you promote your new product. These should be people who are viewed as experts by your customers. These influencers are often product reviewers and testers. Multiple reviews by these experts legitimize your product in potential customer’s eyes long before you launch the product for purchase. Choose carefully, a flat review can do as much damage as good.
The Launch of your new product or service should be carefully coordinated to achieve maximum impact. The product launch does not especially require an extravagant event, but it does need “spread the word” that your product is available and its merits. Tradeshows, conferences, or other events where the media is present is a great way to get noticed. Follow up with Press Releases, email blasts, and updated website landing page.
How will your customers purchase your new product? Will it be available at their local retailer? Online via a reseller, or on your website? Maybe they can only order over the phone with the help of a trained sales person? Then there is distribution that sells only to trained trades people. Each channel has its advantages and disadvantages. But few companies have successfully sold through multiple channels.
Launching your new product and getting it to market is only the first part of your Launch Plan. Customers are fickle and without a constant marketing and promotion campaign, they will quickly move onto the next new product. Keep your customers captivated with ongoing advertising, promotions, and feature release to continue making the news. Properly planning in advance enables you to manage a successful product lifecycle.
Inevitably customers will have questions, issues, and unforeseen complications. Establishing a product support plan of action will greatly enhance the value of the product for your customer. Complicated products many require training, how to videos, and 24/7 human support. Even simple products require support. Be prepared with easy support access and respond promptly to customer queries.
Develop a contingency plan should disaster strike. Possibly an unforeseen defect or software issue could result in a large share of your products requiring attention. How will you respond? Having planned for the worst-case scenario will ensure that you can successfully handle the situation and maintain loyal customers. The inability to handle even minor disasters could result in the loss of customer confidence.
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