How to Bring a New Product to the Market
Bringing a new product to market requires a strong vision and an experienced marketing and advertising team behind it. It can take months or even years before a product can enter, let alone, break or saturate the market. Deals must be made and negotiations must be had, but a new product can be brought to market by following these basic guidelines.
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Instructions
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Research competitive brands and products. Determine the level of market share for each and create a summary of signature lines or services that have achieved a recognizable consumer base.
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Develop a product and marketing strategy. To bring a cosmetic product to the retail level, for example, negotiate with large retail chains like Walgreens or CVS for visible end-cap displays, a specified number of in-store promotional messages and coupons, and free-standing inserts for shoppers. Plan how you will anticipate and deal with consumer switching patterns, so the brand launch is successful enough to stimulate a trading up affect for the new brand or product.
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Develop a brand message. Determine if you have a value product or luxury product and then marry all pricing and advertising strategies to that singular message. For example, Bio Silk entered the market when competitors like TRESemmé retailed for $5. Pricing and advertising were created a single message around the Bio Silk product and brand name. The product was able to successfully enter the market for one important reason: its position as a luxury product, and the message behind it, were in line with its $15 price tag. If the product were priced at $3, this message would conflict with what would be considered value pricing instead of high-end pricing.
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Negotiate sales and distribution channels. Determine where the product will be sold. Your sales and distribution channels will ensure that the product arrives on time and consumers are made aware of the product well in advance of its arrival. Select a launch date.
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Negotiate the wholesale price per unit. Consider U.S. as well as international wholesalers as you search for the most competitive price.
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Tips & Warnings
Maintain one marketing message and stay on point.
This article cannot guarantee that your product will be brought to market.
