Marketing Tips for a New Product
Launching a new product can be an exciting venture, although it does not come without risk. If you've spent a great deal of money on developing, designing and distributing your product, the results can be devastating if your efforts fail. Some careful planning before you launch your product and having an effective way to get it into the hands of consumers can greatly improve your chances for success.
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Determine the Need
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Before you spend money on mass producing your product, determine whether it fills a need in the marketplace. A functional, high-quality product may not stand out in a group of similar items, which means your product may go unnoticed among the competition's. A highly innovative product also falls flat without consumer demand. Performing your own market research or hiring a market-research firm can help prevent you from introducing a product that generates little interest.
Target Your Market
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Target your market to identify the consumers who have a need for your product. Many products are not for everyone, so targeting your market helps you gear your advertising and promotions to likely buyers. For instance, if your product is an acne medication, you can purchase advertising time on radio stations that play contemporary music for adolescent listeners. Another option is placing ads in publications that appeal to teenagers.
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Study the Competition
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Study the leaders in your product's category to see what they do well and where they fall short. If a successful product features unique packaging, a distinctive color or a catchy ad slogan, see how you can adapt these features to your own product. Also, by revising your product and your marketing strategy to take advantage of the shortcomings of competitors, you can carve out your own profitable niche in the marketplace.
Give Your Product Away
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People are often hesitant to try something new, especially with a highly innovative product that differs from the norm. By giving away a free sample as part of your product launch, you can eliminate the risk consumers feel they may be taking and lower their resistance. Food manufacturers often use free product samples in supermarkets to entice shoppers to try something new. While giveaways initially may cut into your product margin, you may benefit from future sales.
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