Have you decided to launch a new product or service? Here’s an easy guide on how to do it.
1. Know your competition
Before you come up with a marketing plan, analyze your competitors. Start by making a list of all businesses that offer products or services similar to yours. Next, look at your competitors’ marketing materials, such as advertisements, websites and brochures. This way, you can evaluate how your product will stack up to the competition. You can also figure out key pros and cons of your product.
2. Target customers
Know your prospective customers’ needs. Remember, however, that it is easier to fulfill an existing need rather than a potential one. Target customers who are already buying your competitors’ products but may want more features or services. This need for additional features may be what compels customers to switch brands.
3. Unique selling proposition, or USP
You must make your offer stand out in a competitive marketplace. Your product should offer a distinct advantage over competitors’ products in terms of design, price, quality or features.
4. Test your plan on target customers
Before a large-scale product launch, conduct tests on your product, marketing materials and message. If feasible, use focus groups and online research. Or test the product by distributing it to sample customers. Depending on customer feedback, you may need to incorporate changes before the final launch.
Channels are available for marketing products, including e-commerce or traditional ones such as distributors and dealers. In recent times, most businesses prefer multichannel marketing, a combination of direct marketing, traditional distribution, and e-commerce.
6. Launch event
You may need public relations and advertising agencies, media planners and online marketers. In today’s competitive environment, you must create a buzz around your product launch. Press reviews of the product and formal launch events are other ways to create awareness of your new product or service.