A new product marketing plan is something any company must seriously consider putting into action when they have come up with any new product or service. This can be a bit daunting for some, but what if we had a successful marketing guide that pointed the way to help with this new product marketing strategy? Well that’s kinda what this article hopes to do. For those who are new to marketing, maybe its best to quickly set the scene first.
The process by which companies create customer interest in their product or service is called funnily enough marketing. Marketing lays out the plan for business development, communications and sales plans. Since the sample we are talking about here is about a company bringing a new product to the market then the Successful Marketing Guide will go through some major point to use when setting up a new product marketing plan. This plan should focus on finding and keeping customers using online methods as well as offine.
Any Successful Marketing Guide worth its salt should start by recommending research and we make no exception here. Research these days is so simple and can be performed by browsing the Internet. You have to know your product or service and how receptive the market will be towards it. Then you have to know who your potential customers are going to be. Potential customers include those that have the propensity to buy now and those that may be customers in the future.
Having the right product or service is crucial. Evaluate the markets and determine what is selling or is needed. If you have a product no one wants or needs, you won’t stand much chance at being successful. If you are going to sell the same type of product or service that already exists, you will need to figure out a way to differentiate yourself from the competition. In order for your product to be successful, you need to figure out what makes your product special or unique. In other words, why a potential customer would buy your product over someone else’s who makes the same type of product.
If you have a product or service that you know will sell, the next lesson in the Successful Marketing Guide tells us "you must set the price". You must determine a price point that the market will bear. The price needs to cover your expenditure and give you a profit, yet make the customer feel like they are getting a good deal.
To get the best out of any new product marketing plan your product or service also needs to have an outlet, or a place it can be sold. This can be in department stores, specialty stores as well as online. People need to be able to get to your product easily or they will go to the next available one that is easier to purchase.
A large part of a new product marketing plan will depend on promotion. Promotion can be carried out using TV, Radio, Newspaper or Magazine ads, Brochures, and Direct Mail. You should use these media channels either individually or in group types. This is where you will need to know your consumer. If for example your consumer doesn’t read the newspaper or magazines, you wouldn’t want to waste your money on these promotional avenues, but it would make sense for any new product marketing plan to target the ones where your potential customer is most likely to see your promotions.
Once your new product is on the market, you will be required to do a little more research to hear what your customers or potential customers are saying about your product. Is it too expensive? Is it lacking some important features or useful benefits? What do they like? What are they craving for? This way you can make any necessary adjustments to your product to ensure your new product marketing plan succeeds.
One final word from the Successful Marketing Guide, you will need to have a benchmark to evaluate your success against. This way you will be able to measure as you go along so you will know if you are reaching your goals or if you have to make adjustments. You need to set deadlines, designate responsibilities, and hold people accountable. Essential to a new product marketing plan is monitoring, evaluating and being flexible when the market changes or you need to change to meet the market.