Information on How to Start Marketing a New Product
A product launch's entire goal is to create a marketing "buzz" in hopes that the popularity and momentum of the product will steadily increase with the right group of people, the target market. A variety of marketing methods exist to help accomplish this, and free publicity never hurts a good product. During your product launch, it's crucial to pick the right marketing and public relations outlets to net your product the most exposure for your money.
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Instructions
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Research your competition. Look at existing successful products on the marketplace that are similar to yours or in the same product category. Study the design of your competitors' advertisements, methods of advertisements, and why their products are successful. Make a list of your competitors' strengths in marketing their products and weaknesses that you can beat when launching your new product.
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Define a unique selling proposition, or USP, that effectively and briefly explains the benefits of your product. Describe the features and benefits of your product that a competitor cannot claim. A USP helps you develop multiple marketing messages that can be used throughout advertising campaigns. This distinct aspect of your product becomes your competitive advantage, a concept that sets you apart and helps your product succeed against that of your competition.
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Test your product among a small sub-set of your target market. Conduct focus groups, round-table discussions and other live presentations of your product to the demographic you are targeting. Present your marketing messages, USP, features and benefits in a clear and accurate manner. Get these individuals' opinions on your product to determine if your marketing strategy or product needs to be improved.
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Create a marketing campaign that takes advantage of all traditional media, such as newspapers, television and radio. Send your product to key television station anchors that your target market views to allow them to review your product. Contact newspaper editors to submit a press release about your product launch. Find and advertise on radio stations that are most suitable for advertising to your target market.
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Schedule and host a launch event open to the public and other business professionals. Hire live entertainment, such as deejays, to make the launch event fun and exciting for attendees. Create promotional raffles during the event to give away samples of your product to your target market. Holding this type of public launch creates a local, and in some cases national, buzz about your new product.
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Develop an online marketing strategy. Research and advertise on the websites, blogs and forums at which your target market spends the most time. For example, targeting younger age groups may require more social networking marketing on Facebook and Twitter. Create pay-per-click (PPC) marketing campaigns through such outlets as Google AdWords and Yahoo Sponsored Ads. Target your demographic in these campaigns, choosing the appropriate genders, age groups and parts of the country on which you want to spend advertising dollars.
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