What to Do When Marketing a Product
Once you have a business up and running, you need to get the word out about your product, and the best way to do this is through marketing. Since marketing encompasses a vast array of topics, many people don't know where to begin. By following a series of simple steps, you can begin marketing your product in no time.
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Market Research
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According to the U.S. Small Business Administration, successful marketing requires timely and relevant market information, and the best way to do this is with market research. Gathering research is one of the first steps to marketing products, and there are many ways you can do this. The easiest but costliest way to gather market research is to hire an outside market research company. If you don't have a big budget to spend on market research, there are other inexpensive ways to gather insights about your market. For example, develop a questionnaire to give to current or prospective customers. Questionnaires are a low-cost way to see who is using your product, what they are using it for and what opportunities there are for marketing your product.
Marketing Plan
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A marketing plan includes everything from understanding your target market and your competition, to how you plan to target that market and set yourself apart from competitors. Key sections to include in your marketing plan are an overview of your goals and objectives; a description of your target market that you gathered during the market research phase; an outline of your company's strengths and weaknesses; how you plan to leverage your strengths to set your product apart from your competitors; and a tactical plan that describes each of the marketing tactics you plan to use to promote your product.
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Budget
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Create a budget and time line for each of the marketing tactics you identified. For example, you might devote $1,000 to a direct mail campaign you plan to launch in the second quarter of the following year or you may budget $500 for an online paid search campaign to increase traffic to your website. Remember to include production costs associated with hiring a graphic designer and copywriter to help you develop professional and effective marketing materials.
Launch and Measure
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A key component of product marketing is measurement. Measuring the effectiveness of each of your marketing tactics can help you optimize your marketing efforts, saving you money and increasing your sales. For example, if you implement a paid search campaign with Google, use their free measurement and assessment tools to continually track the performance of your ads. Keep the ads that are making you money, and tweak the ones that aren't.
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References
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