When you are trying to figure out how to market a new product launch, do not assume that your business will be able to generate profits from a sale overnight or right away. The correct process to follow, which I’ll show you here, does not take a great deal of effort in regards to understanding the steps involved in marketing a product effectively and providing quality services.
The value of sales & marketing is crucial but not always used properly by business owners. Many resort to various viral marketing ideas in the hope that these exciting new techniques will make their company famous overnight.
Know that when you want to start something new, the business can become bigger over time and understanding your market from the beginning is key to visualizing how you will handle growth.
By starting small, it is important to invest less in order to experience less risk. When there is a large setup in the beginning, your business may not be able to handle the losses. By understanding your market, or at least your target market, you are effectively trying to safeguard against such risks. This is key especially when looking into small business Internet marketing techniques.
Develop a Sales Plan
Develop a sufficient sales plan so you can define your market properly in order to have a better understanding of knowing the selling audience. Knowing the sales audience is necessary. Analyze the market and see how your offering may work out. This means understanding:
- The size of the market
- The volume of repeat sales
- The potential for branching out into new locales or markets
- The percentage of the existing market which you can hope or expect to steal away from competition
Do not waste time trying to see a retailer who may not have experience dealing with promotional marketing products. What you really need to gain a large enough stake in the market is finding retailers who can reach out to a bigger audience (or at least have potential to target a large enough audience). Otherwise, you really are only chasing a very small percentage of customers.
Take the time to plan the sales approach before revealing the product’s launch. A complete research and development procedure should be run in parallel and involve analysis of your competitors products too. You must understand the characteristics of their products and services before competing with them. Best case scenario is that you out to your competition with superior quality, features or more economical pricing (thanks to efficiencies in your product’s design, researching cheaper materials, etc.).
Learn to Compete
If several companies already know how to market a new product that is similar to yours, your business team will have to work harder to find and promote the benefits of the new offering even more cleverly and a more targeted fashion. That is the reason why you were motivated to figure out how to market a product in the first place (back in the previous step), so understanding the competition is required.
Dozens or hundreds of companies sell the same type of products/services and consumers will have to figure out the differences of each one. In marketing terms, this is often referred to as the unique selling point for your products or services.
In their ads, your competition will boast about how much better they are compared to everyone else. Make use of proven internet marketing products/services (such as ad words and AdSense) to create your own unique sales proposition (USP). This way you can ensure that the product is new and unique by cheaply testing via online means. Make use of professional social media marketing services if you don’t have the knowledge in-house to build up an online/social presence.
Online advertising is a very simple way of establishing just what sort of customer base and interest you will get for the features in your product. This way, the product can be branded more effectively based on the actual USP.
See my post on creative marketing ideas for some top tips.
Develop a Brand
The most effective way to sell to others is to develop a solid brand over time. It is important to choose a logo that is appropriate for the demographic. Develop a few clever variations and do not vary the brand after it has been developed.
Consumers enjoy being the first person to try out something new/innovative, but they do not like being fooled by a phony sales pitch. That is why using testimonials are very important to your brand building exercise. Assemble a group of testers for the new product and receive reports about known problems before heading to market.
You’ll soon realize that many of the early adopters of your products are also sold the initial testers and will have invaluable feedback to offer. For this reason, developing a brand which puts a focus on listing to your customer base and acting upon their requests can often be a key way of attracting a very loyal audience.
When you have learned how to market a new product, remain consistent and persistent. If there are not immediate responses or a growing customer base then keep waiting for a response until a predefined deadline has been reached. You may include this as part of your initial sales plan.
In effect, you are setting a cutoff point after which you have to decide whether to
- give up on it
- refactor some of its features with a new product design
- modify the marketing/advertising or
- reassess your market research for flaws/missing opportunities
Another option is to review any early consumer feedback because their response is truly valuable.
At the very least, try to remain in a competitive market that has business people actively competing with each other – It is a sure sign that there is a potential customer base out there for your product or service. It is hard to remain on top in an area that is overflowing with existing products but you may find that your small startup or new product satisfies a niche markets and could provide that initial foot in the door for elevating you into a larger consumer market.
Remember: Trying to make your target audience curious is an essential way to develop business. This can create a word-of-mouth campaign for new product marketing. Movie producers use this same strategy to make viewers curious, so it is important to take notes from them.
When marketing a new product, remember that you are trying to intrigue your customers and motivate them into purchasing your product and trying it out rather than staying with the safe option of their current brand/product.
Your research when marketing a new product should be visionary in its approach and try to predict what sort of sales you can expect along with which product features will really attract a large enough audience.