When a company creates a new product, there’s always a rush of excitement—and then comes the feeling of dread.
Will the customers like it? Can they find it online? How can I get information about my product to those who need it?
A thousand and one questions pierce through company executives’ waking hours at the launch of a new product. Here are some tips that can help a company market a brand-new product and get it into the hands of customers the company designed it to help.
Identify the Target Customers
Like a farmer scattering seeds, a company needs to scatter its marketing efforts on fertile ground. The best way to do that is to discover what types of people are most likely to need the product. As the company lists the characteristics of these people, it needs to be specific as to their demographics—age, gender, region, city, work or student status, likes, dislikes, and economic status. That way, the company can select the product features that will best appeal to which types of customers.
List those characteristics along with each customer type (called a customer persona). When the company writes ads, looks for promotional gear, or films promotional videos these are the benefits to stress to each group.
Whether you are marketing a new product or adding a new product to your business line, successfully launching the product and garnering awareness can have an impact on how successful the product is. According to the More Business website, marketing a new product requires a targeted marketing strategy where the goals are to generate revenue and build a strong customer base.
Look at the Competition
If there are similar products out there, research them. What are their strengths compared to the company’s new product? What are their weaknesses? Find ways to show that the new product the company created is better than all the rest. Educate potential customers through comparative analyses. Demonstrate that the new product will better meet their needs than anything else on the market.
If there’s not another product like it out there, then the company still has a little homework to do. Educate potential customers about the product and show how it meets their needs. Company representatives may even need to get out into the community and do giveaways at promotional events to get the buzz rolling about the new product. Once several people try it and love what it does for them, be sure to get their recommendations in print on the company website. Be sure to get their permission first, though.
Use the Right Blend of Marketing Tactics to Reach Target Customers
A Hypothetical Case Study
A company will probably need to use a blend of methods to get the word out about the new product to all its target customers. For example, if the new product is a mineral-rich, natural water, the company’s target customer groups may be athletes, nutrition-conscious dieters, and mothers of young children looking to provide the best in nutrition and hydration for their children.
Example No. 1: The Athlete: Naturally, the company should direct some of its marketing to athletic events. Sponsorships, finding a local athlete to be an influencer or spokesperson for the product—all can work to reach the first target persona—the athlete.
Example No. 2: The Dieter: For the dieters, a white paper or blog post about the benefits of these minerals—and even simply hydration–to people who are on a diet would be an excellent way to market the product. Videos and photos that show customers’ before and after pictures would be another strategy that could work well.
Example No 3: The Mom: For moms of young children, the testimony of a pediatrician or pediatric nurse would be gold in their eyes. Think about providing sample bottles of the water to daycare facilities, too, as well as kindergartens and grade schools. Make sure that the labels point out the nutritive value of the beverage as well.
As you can see, a careful, well-planned strategy can make the difference between success and failure when it comes to marketing a new product. Follow these tips, and the company’s new product will have its best shot at success.