Marketing New Product Launch

Today’s business world is rapidly changing therefore having a successful new product launch is considered as key to business growth and increased business profitability. Developing a successful new product does not involve so much risk that is involved in marketing new products with no surety of success. Here is a collection of effective product advertising ideas that will help you in bringing new product to market achieving all your expectations:

Beware of Competition

Best tool to study market competition is to perform SWOT (strengths, weaknesses, opportunities, threats) analysis. Take a serious look at your competitors and make a list of competitors that offer products or services similar to your one. Once you make list of all competitors, review their marketing materials, ads, flyers, brochures and websites to compare your product and launching strategies with competitors.

Target Customers

Have clear idea about target customers. You need to focus on prospects you believe will purchase most from you. This can be determined by making list of people who are currently buying same products from your competitors. Make sure that your product has more features that will attract customers towards your launch. Customer segmentation for launching a new product will be an effective strategy. By using segmentation strategy you will be able to meet needs of all customers.

Create Value Proposition

Make sure to have clear understanding of what you should offer to stand out in crowd of similar products offered by your competitors. Have an idea why people will want to purchase from you. What benefits and features you are going to provide to your target customers that your customers will value most. Your product and its features should be unique enough to meet needs and desires of users.

Develop Marketing Strategy and Tactics

Choose sales and marketing channels considering your target customers and nature of your product. You may market your product via internet, catalog or through professional dealers.

Test Your Marketing Strategy before Employing

It involves too much risk in introducing new marketing strategy therefore test your proposed strategy before execution. Simple way to test value of your product is to distribute sample of your products in a selected group and note their responses.

Arrange a Conference

Call a press conference to introduce your product and speak out its releasing date. This idea will make people talk about your product until it is launched.

Create a Website

You can create a website where people can learn more about your launch after listening about your product from media. Post deep product specifications on your website that will not be available in an advertisement. Invite people to post their queries about your product.

Send Samples to Media

Sending sample product to media like newspapers or magazines will be a great idea to get free publicity. It can help you get pre-launch feedback to make necessary corrections in your product to have successful launch.