How to Make a Financial Competitive Analysis Product Launch
Launching a new product is one of the more difficult tasks a business faces. This is especially true for competitive analysis products. A good analysis turns information into valuable intelligence that can drive a company forward. Once you have completed the analysis, it is time to communicate the value of that analysis to your potential clients.
Other People Are Reading
Instructions
-
-
1
Identify your target market. In most cases, a financial competitive analysis product will be specific to an industry. This allows you to focus your marketing efforts and launch strategy to the companies that are most likely to benefit from your product. A good target market selection can reduce marketing costs by only spending marketing dollars on one market rather than a scattershot approach that markets everywhere. By choosing the right target market, your chance for a successful marketing campaign increases. (See Reference 1)
-
2
Determine what type of analysis is needed within the target market. This is another crucial step in a successful launch. If the market is saturated with intelligence products that focus on increasing sales, then a good idea might be to launch a financial analysis of how to reduce costs. Always keep an eye on what other products are available, and find the right niche for your analysis.
-
-
3
Understand how your analysis helps the industry to enable you to market to your strength. This should also allow you to quantify the value of your research. A good way to differentiate your product from others available is to show market projections or case studies that use the recommendations of your analysis as opposed to those that do not use your recommendations.
-
4
Use professional social networks. One key advantage to using a social network is there is little cost associated with distributing your information. Another benefit is that those people or companies that follow you are most likely already interested in your products and services. Some examples of social networks that are used by businesses include LinkedIn, Facebook, Twitter and Plaxo.
-
5
Advertise your product where your potential buyers are most likely to see it. Your website is a great place to highlight the new product. Allowing a surfer to download the executive summary and a table of contents from your website after he enters his e-mail address can be an effective marketing tool. Not only does it give the surfer a taste of the product, it allows you to build your own database to which you can market future products and services. Advertising in industry news publications and websites are also good ways to reach your target market.
-
6
Set the price. Many competitive analysis products are very expensive because the information contained within them is vital. A higher price does not necessarily mean it is a better product. A price too low can devalue your product and negatively affect your bottom line. (See Reference 2) A good rule of thumb for setting the price of an analysis is to determine the number of likely sales you will have and the realistic amount you would like to make on the product. For example, if you have ten likely sales and you would like to make $10,000, then price the analysis at $1,000. Any sale that you make over 10 will simply add to your bottom line.
-
1
Tips & Warnings
Complete your analysis before marketing the product. It can undermine the power of your analysis if your clients have to wait to receive the product.
If your product contains a proprietary formula or projection, copyright the work and file a patent request if needed.
