Marketing a new Product
If you're bringing a new product to the market, you want to be sure that you're getting the most exposure you can get. The more exposure your new product has, the greater chance you have of making your product a success. There are many different avenues you could take in marketing a new product, and it can sometimes feel as though you're taking a shot in the dark. Utilizing a written marketing plan that outlines the specific strategies that you'll use can make you feel more organized, and make your message have more impact.
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Instructions
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Determine your target market. Your target market is a group of consumers sharing similar characteristics who are the most likely to purchase your product. For example, a new type of skateboard would be more likely to have a target market consisting of teenage boys than elderly women. Try to be as specific as possible when identifying your target market. Does your target consumer have a probable income level or education level? Do they live in a certain area of the country? Any information you can use to identify your target market will allow you to focus your marketing and advertising efforts in media outlets that are reaching your target consumers directly.
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Gather any people who were significantly involved in bringing your new product to the market for a brainstorming session. Together, conduct a SWOT analysis of your product. A SWOT analysis is a list of the Strengths, Weaknesses, Opportunities and Threats that you are facing in successfully launching your product.
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Using your SWOT analysis, review your strengths and opportunities. From this information, try to determine your unique selling proposition. Your unique selling proposition is at least one feature and benefit that is unique to your product compared to that of your competitors. This benefit should be something that your target consumer will see as an advantage to purchasing your product over that of your competition.
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Create a website that showcases information about your product. Be sure to include easy ordering information or a list of venues where your product can be purchased. Include contact information in case any potential customers have questions. It may benefit you to use the services of a professional copywriter who can optimize your website content to achieve higher search engine placement.
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Create a press release announcing the release of your new product. Submit your press release to any local media outlets as well as via the internet. To submit a press release online, you can use a service such as PRWeb, which helps get your press release picked up by prominent online news media outlets and can improve your search engine rankings.
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Identify online discussion groups and forums where potential customers might gather. Participate in these discussions, and when someone is discussing a problem that your product can solve, mention that your product might help. Try not to advertise your product blatantly on discussion boards, because most forums have rules against that. Instead, be tactful and helpful in the course of normal conversation.
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Identify opportunities to attend trade shows relevant to your product. If your product is related to home improvement, for example, seek out trade shows in your local area for home builders and remodelers. If your product is related to weddings or honeymoons, try to become a vendor at local wedding expos.
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Consult with an advertising agency to create an advertising campaign appropriate for your product. Your account executive should be able to identify radio stations, television channels, newspapers and magazines that cater to your target audience.
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Tips & Warnings
You could choose to work with a marketing consultant and allow them to lead your marketing efforts using their experience. The more exposure you can get for your product, the better. Take advantage of any free publicity that comes your way.
