Successfully selling a new product may take more time than you expect if you don't know the best process for doing so. Critical factors must be considered when marketing your new product to the public. Be patient as you take the necessary steps to introduce consumers to the benefits of your product and why they can't live without it.
Determine Target Market
In order to use your advertising budget effectively, you need to know who you are selling to. To find your target market, ask yourself who would find the most use from your product. Break it down by factors such as gender, age, lifestyle, job, family status, education level and location. Ensure that you include any target that will fit into the mold of your customer in order to be as far reaching as possible and to give yourself the biggest audience.
Solution or Enhancement
Next, you need to figure out why your target market needs it. The item should provide a solution to a problem or enhance the target market's life in some way. Consider how you will make your customers understand that your product is a necessity to them. Having an opportunity to show them how it will enhance their lives is ideal. Ask retailers if you may give demonstrations or hand out samples at their stores. Also, buy a booth at trade shows where your target market is most likely to attend.
Know Your Competition
Identify the competing products that will take a share of the same market. Be objective as to how your competitors' products are superior to yours and why someone would choose to buy from them instead of you. Research extensively and take notes so that you will be able to evaluate your data at a later time. You may sell your new product at an introductory price that beats the competition, but don't let that convince you to cut your profits permanently. Once consumers are familiar with your new product, they will be willing to pay more for quality and the superior features that your competitors don't have.
Brand Your Product
Just as you can brand a business, you also can brand a product. With a design or logo that is a reflection of the item, consumers will begin to relate the look to the product. The best way to brand your new product is to give it maximum exposure. This can be accomplished through giveaways, if your budget allows, or placing the logo on less-expensive promotional products and handing those out instead. For example, if your product is something that you would use for a home, buy a large quantity of house-shaped sticky pads with your logo as a watermark imprint directly in the middle of the paper. These are very useful, so the consumer will keep them around the house, car and in a purse.