You’ve developed an amaaaaazing new product. Woo! Way to go! You’re excited because your new product is innovative, it solves a real problem, and you reckon there’s people out there who are just waiting to buy. But how do you get the word out? How do you make sure your product doesn’t get swamped in a crowded marketplace? It’s a common challenge when launching something new. Here are some tips to help you create a marketing strategy for a new product. You’ll not only introduce your product to the world, but it’ll stand out and shine too!
Market research
You might already have an ‘ideal client’ in mind. But how do you know if they’ll actually buy your product? What would they pay for it? What questions do they have about it? This is where identifying your target market and researching with them is important. The more information you gather at this point, the stronger position you’ll be in, and the more robust your marketing strategy for a new product will be. You could try focus groups, surveys or interviews to conduct this market research.
If you want to find out if there is a market for your product, take a read of this blog.
Competitor analysis
How well do you know the marketplace? What’s already out there? And what would make a buyer choose your product over another?
There’s a section on unique selling propositions (USPs) in this blog which is worth a read.
What else can you learn about your competition? A good start is to look at what their online presence is like. Download the free guide here to get you started.
Competitor analysis isn’t about copying what others are doing. It’s about learning what works for them, what could work for you. But also spotting what opportunities there are that your competitors have missed!
Marketing channels and platforms
Where is the best place for you to market your product? Well that really depends on where your audience are hanging out, and hopefully if you’ve done your market research right, you’ll have an idea already. Make sure you consider all avenues.
Here are some you can choose from:
- Social media (selecting the right platform, not all of them!)
- Influencer marketing
- Email marketing
- Search marketing
- Advertising
- Sponsorship
- Direct mail
- Online partnerships
Budgeting and resources
I’m often asked how much a marketing budget should be. Well, how long is a piece of string? It really depends on what you want to achieve first and foremost. If you want your product to be the one which is in every home across the land, then you’re going to need a massive budget. But if you’re prepared to scale, find the right audience, and grow steadily, then your budget will be easier to set. Your budget is most likely to be weighted towards the most effective channels and platforms you identified in your market research phase.
When it comes to resources, how great are you at marketing? Do you have time in your day to implement your marketing strategy for a new product? If you don’t, then perhaps you could outsource some of your marketing (to people like me!)
Whatever you decide to do when it comes to budget and resources, make sure you’ve factored this in before your product launch. If you haven’t it can come back to bite you later down the line.
Launch strategy
Are you planning to create a buzz around your new product? If you are you could plan a full on launch event, or a teaser campaign. There’s a lot you can do to get people talking and I would spend some time on this before delving in and getting your product out there.
There are some successful product launch case studies in this article.
Measuring success
A part of any marketing strategy includes keeping an eye on what’s working. Setting some SMART (specific, measurable, achievable, realistic and timed) goals when you start your strategy will help to keep you on track. Make sure you build in regular opportunities to review marketing activities, sales, customer feedback. You can use social media insights, Google Analytics and a whole host of other tools for this.
Adjusting your strategy
And if you find that your marketing activities aren’t bringing the results you need, then it’s time to make adjustments. Be ready and open to exploring other avenues based on the feedback you’re getting and the results you’re seeing.
Remember if it’s not working, then it’s time to change it. If you’ve given something a go, and you’re not really seeing results after three to six months, then it’s time to change things.
A marketing strategy for a new product
I’ve briefly covered some tips to getting your new product launched. Are you feeling inspired to get cracking? If you are, let me know how you get on.
Do you feel like you need some further help and insight with it? If you do, then we can plan in some marketing mentoring sessions to form your marketing strategy. Or if you’d rather, I can roll my sleeves up and create a strategy for you. Get in touch to find out how you can work with me.
