Any business is always looking for new products to attract consumers, but who can be sure what percentage of success it will have when it is launched on the market?
This is only possible when the manufacturer has a specific strategy.
Research competitors
It's a classic principle. If you've ever studied marketing, you've probably learned about this. However, when applied in practice, you often forget this principle. You don't take competitor research seriously because you believe in your product. However, your product or service is not always "smooth" and consistent with market reality, while the market starts with your competitors. Start by listing businesses that have similar products to the product your business is planning to launch. Even if you think your new product is unprecedented or unique, put yourself in the consumer's shoes to see how they react to this product.
Once you have identified your competitors, study their marketing tools: posters, ads, websites. Evaluate the correlation between your product and your competitors' products. Determine how you can cope with the competition, especially those businesses that pose a real threat.
Identify customer goals
Any product has its own target audience, you cannot sell high-end products to middle-class customers or popular products are often not noticed by the upper class. The customer segment you target may be those who are currently consuming a similar product from a competitor or those who prefer something new with compelling new features. Your best potential customers will be those who understand the usefulness of your product. For a small cost, you should only target the most potential customers.
Differentiate, create a value, a unique compelling reason
This is your competitive advantage. For every product that comes to market, you must understand what characteristics distinguish it from other products. You have to ask yourself, “What does my product offer that other competitors' products don't?” Asking this type of question will help you better determine what your product needs to meet the needs and desires of customers. It would be great if the product you launched meets the wishes of your customers for a long time.
What are the specific marketing strategies and tactics for the product?
How will you promote the new product? In what form will you sell it? Where? Do you need a distributor or sell directly to consumers? What marketing strategy is used, traditional, targeted to individuals or direct? What is the role of television and newspapers in the market penetration process? That's all you have to keep in mind to achieve your sales goals.
Is it all reasonable?
Be ready to prepare for product perfection. A food corporation has been very successful in this step. When customers come to the store to buy previously available products, employees invite them to try the new product, then give the customer a review with the question "Do you like this dish?" Tell us where you like to use it? In your opinion, who would like food like this? This method is simple but highly effective. Organize a meeting place to invite customers to try the product and ask them to express their thoughts, you will have advice worth millions without spending a few cents.
…Conduct the campaign
Talk about your product and take every opportunity to talk about it. Post an article about your product or arrange an interview. This is a very sensitive time because it creates sympathy or antipathy from the public, so you have to be very skillful to create good public opinion for your product.
How long is the campaign?
After the initial steps, you receive good feedback from consumers. Did you choose this as the time to stop? Don't make this mistake, the first week strategy is over, you need to have a strategy for the first months, the first years and should pay attention to the product life cycle to make appropriate changes.
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