Creating Successful Marketing Strategy for New Product
Sound New Product Marketing Strategy: There is a pretty fair chance that you’re not just always going to sell the same products for the rest of your business life. That is even a sound business practice, as most of you know. Our customers get bored of us, and tend to have a lapse of memory when it comes to our businesses, if we let our company’s products grow stagnant. So it is important introduce new products to the market.
The First Course of Action
The first thing you have to do, is determine if there is even a market for the product you want to introduce. You can do this with quick phone surveys, online surveys, and other places that you can give surveys. You can also use the data collected from those surveys to determine your target audience, and where they are.
Once You Have Rudimentary Data
At this point you can move forward with a beta test to see how the first version of the product does on the market. A beta test will help you determine the best marketing strategy for it. You can determine everything from the price it should be, to what stores and other locations it should be sold in. There may also be tweaks in the design of the new product received through suggestions, and complaints about the beta version.
A Quick Recap Before We Move On
● Survey the product before even producing it.
● Collect all relevant data from the survey.
● Beta test the product.
● Collect all relevant data from the beta test.
● Modify the product based on the beta test data collection.
Fill-in-the blank Excel KPI templates, dashboards, scorecards:
Make a Marketing Plan
This may sound fairly simple, and more often than it isn’t, it is, but there are certain aspects of it that you have to give great attention to detail. For one, it will never be wise to ignore the data you’ve collected before releasing a product that has been completed.
So in order to create a successful marketing plan that can market your new product. You were not finished testing with Beta, because the real test comes next. Make a certain amount of the product available to the interested markets, but not in excessive amounts.
There is an obvious reason for this; If you don’t sell as many as you put out, you’re going to have to pay for them to be sent back. Then the product may or may not be any good. So market responsibly. Just about any Retailer Manager will tell you about the dangers of sending to much product to one location. Once you’ve sent the appropriate amounts to various locations, you can see which ones sell the best, and at what prices.
Further Developing Your Plan
Once you’ve collected the data from the first batch of marketing you can easily decide the best product placement. By this time you will know if your new product is marketable, and where it can be marketed. Making a profit starts with this plan, as basic as it may seem. Too many large companies seem to just ignore the basic rules of marketing, and then the find someone else to blame for their recent failure. Don’t ever let that be you.
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