The 4-step Process For New Product Marketing

By Author: Vijay K Shetty
Total Articles: 2542
Comment this article

You want to sell a brand new product and sell it like fresh hotcakes in the morning? It is tough, but the catch is that it is plausible. Is there a secret method for this to happen? Apparently, none. New product marketing is a process that everybody knows of. However, only some can commit to it since it is a really tenuous process. On top of that, the task of making forecasts and understanding the market can prove to be a really big challenge. Then again, the catch here is that it is possible. It is all about being dedicated and passionate about it. Of course, there is no harm in following some simple steps.

1. Competition... know them
Yes, let us say that your product is the most unique one as of late. How do you know that it is actually true? You need to scout your chosen market. It might be local, like within the state. It can also be nationwide. No matter how unique your product seems, it does not hurt to view successful similar products from competitors. This method is your foundation to the complex world of business.

2. Go to your market.
As much as you want to conquer the world with your product, ...
... it is necessary to stay focused and realistic. Study the immediate market that would likely buy your product. If they are 20 -50 year old women who live in affluent communities or 10-18 year old guys who like to play MMORPG, it is important to address their characteristics. What makes them buy a certain product. You might also want to check studies but on similar products. Look at the trends and see how they have changed. You will be able to find new areas for improvement, marketing with added value can be very interesting and it will be more attractive to the clients.

3. Choose different approaches
As said earlier, marketing is no exact science. You will be doing some trial and error methods along the way. That involves your advertising models and marketing approaches. This will help you in identifying the various points in which the product is more viable to the public. There are different directions to go about with marketing and that is why you should not be afraid to explore as long as you did your background checks. It could be regular trimedia like radio, print and TV but it could also be via internet marketing. It could be one or a combination. There are also moving advertisements and sponsorships. All these methods will come by based on the market and the product.

4. Plan your launch well.
If you want to succeed in the long run, make sure that you do it right the first time. A product launch should not be considered as a mere event. It is the gateway to success. You have to invest some more time and money but it is all worth at the end of the day. Lastly, monitor and evaluate. This will help you in figuring out flaws and what to do next time.

Vijay K Shetty, Platinum Level Author.
Get more information on New Product Marketing, Sales Consulting