Introducing A New Product To The Market? Here Are 5 Things To Note
Introducing a new product to the market is never an easy task. It takes a lot of strategising and planning. Even at that, about 80 percent of new products still fail.
This statistic must be scary and worrying especially if you are just thinking of new product development. So many factors contribute to the success or failure of any new product. Some of them include the financial security of the manufacturer, consumer preference, and marketing strategies.
In this post, we will discuss what you should note when introducing a new product into the market. If you are ready, let’s get started.
Best New Product Introduction Practices
Figure Out Your USP
USP stands for “Unique Selling Point.” When you check successful products on the market, they all have something in common, an attractive USP. To figure this out, you must answer the question, “what differentiates this product from its competitors?”
Remember that there are so many similar products on the market. Even if they don’t exist at the moment, it is only a matter of time before someone else tries to replicate it. Figuring out your USP should be done before introducing the product into the market. Here are some questions that you must answer during this stage:
– Is your product simpler to use?
– Does it present the consumer with better value?
– Does the product offer unique features that its competitors don’t?
If you cannot define a clear USP, then your product is still not ready for the market. Work this out so that you can attract your target audience with more ease.
Make sure your team believes in the product
Before you send a product into the market, you must convince your team about the product. What this means is that you must develop a product-driven culture among your team members. If it is difficult to convince certain members of your team, then there is a problem.
Check how many of your team members buy into the idea. If you have a team of 10 individuals and two aren’t convinced, then the problem may be from their end. However, if over 50 percent of your team aren’t convinced, it means you haven’t articulated the advantages of your product enough.
How do you convince your team members about your new product? Here are a few tips:
– Be excited about the product.
– Make them experience the product first-hand.
– Make them shareholders.
– Coach and motivate your team.
Determine your target audience
It is one thing to have a unique selling point, it is another to know who you are selling to. Your target audience is those you expect to purchase and use your product. You must provide as much detail as possible when determining your target audience.
Some of the details to consider include:
– Age
– Disposable income
– Family life
– Gender
– Job role
– Likely hobbies
– Likely pain points
– Location
– Social media sites that they use
– Websites they visit
Gathering information about your target audience is not easy and may take months. However, there are several tools that you can employ to make your job easier. An example is Follow that provides detailed information about demographics. SimilarWeb is another tool that provides data such as audience interests, location, and top social media networks.
If you prefer to do it the old-fashioned way, then carry out physical market research. This research will require you to contact your target audience and ask as many questions as possible. Note that there is so much information that you can get either way. You need to use your creativity to fill in for the rest.
Employ different marketing strategies
You have gone through all the stages of product development, and your new product is ready. Great job!!! However, there is still work to be done because the product wouldn’t market itself. Even the biggest, most successful companies in the world still invest in marketing their products. That’s how important marketing is.
We advise that you come up with an array of scenarios to help you devise multiple marketing strategies for your product. You cannot afford to stick to just one strategy because anything can happen. Aside from physical marketing, you should employ several other marketing channels. These days, you can sell just about anything online. Online marketing covers social media marketing, affiliate marketing, digital marketing, and every marketing strategy floated via the internet.
Whichever strategies you employ, two things are key. First, you need to plan as much as you can so that you don’t get stranded. Second, don’t use up all your resources to market your product. This means that you should find the most affordable yet most effective methods to market your new product.
Consider the timing
One of the biggest mistakes that businesses make when introducing new products is in their timing. Get your timing wrong and you are set to fall among the 80 percent with failed products. Here’s a question that begs an answer, “should you introduce your product immediately when it is ready?”
The truth is that there is no correct answer to that question. It all depends on the kind of product and your target audience. What you must know is that timing can determine if the product will succeed or fail on the market.
Here is a scenario to consider. If your product is seasonal, you should launch it when the market needs it the most. Launch it out of season and your product has a very little chance at succeeding.
Another thing to consider is your promotional budget. Do you have enough at hand to push the publicity of the product? If you don’t, you may need to wait for a little.
Finally, consider whether you can meet a sudden increase in demand for your product at the moment. Failing to fulfil orders can affect your product and lead to its downfall.
Conclusion
With this knowledge, introducing a new product into the market should be easy and successful. Is there anything we left out? Drop it in the comments section.
