To bring your creation to your audience, it's important to market your product effectively. Product marketing is the process of using promotions and sales to show consumers what you have made, analyzing the success of promotional efforts, and then making any necessary adjustments to improve the process in the future. A proper go-to-market strategy is crucial to set yourself up for the greatest chance of success. Here are some ways to market your new product:
These steps can help you successfully bring your product to market:
You'll likely have competition when launching a new product, and your competitors can actually give you a lot of guidance in marketing a new product. Take a look at their website and social media accounts. By reading the comments, you'll be able to see how their product resonates with customers. You can also review the ads they're running and take note of the ones that they've used the longest as those are likely the most successful ads. Sign up for their email list so you can see the promotions they're offering.
By analyzing your competitors' strategies, you'll be able to have a better idea of what works and how you set yourself apart from similar companies.
Targeting the right audience means that you've identified the customers who would appreciate your product and would be willing to pay money for it. You can develop buyer personas, which are fictional characters who are likely to use your product. Consider the demographics, geography, goals, motivations, hobbies, and behavior of your ideal customer. Then, create multiple personas based on a combination of those elements to identify the widest target audience you can. Having multiple buyer personas is also useful if your product would benefit from market segmentation.
Your unique value proposition is what specifically about your product separates you from the competition. Think about the benefits of your product and how it makes your customers' lives more fulfilled or convenient. In your marketing messaging, speak to the value that your product brings.
There are many channels you can use to market your new product to customers. Decide if you'll create online ads for search engines or social media, secure television spots, or mail out advertisements with coupons. Review your buyer personas to determine where you'll be able to best connect with your audience, whether online or in-person. With this knowledge, you can develop a strategy to market where your audience is most likely to hear and respond to your message.
Next, test your marketing approach to make sure you're on the right path for a successful product launch. In this step, consider hosting focus groups or distributing online surveys. Both strategies can help you understand if your target audience is correct and what they think about your product before you release it for general purchase. Use this feedback to refine your product, update your messaging, or revisit who exactly your target audience is.
To help your product resonate with your target audience, your product should have a story, which is a scenario that puts the product's usage in context. When sharing your story:
A product life cycle is the series of stages your product goes through, from inception until its value is reduced or it has left the market. A life cycle includes these four stages:
Each stage provides unique marketing opportunities, which gives you time to pivot, develop complementary products, change your messaging, and update your sales tactics.
You may take risks with a certain manufacturer, by investing a lot of money into development, or marketing your product without the promise of success. Taking risks is a large part of entering the market. One benefit of taking risks is that they open you up to invaluable lessons that can improve your opportunities, knowledge, creativeness, and even confidence. Your audience is also more likely to see and appreciate the big risks you take, which can provide big rewards in terms of sales.
To assess the risk, think about anything that could occur, then evaluate the chances of it happening and how it will impact your business if it does. Research what will happen if your risk pays off. While nothing is guaranteed when risks are involved, understanding the risks and preparing for the outcomes can help you succeed in product marketing. You can manage the risk of using up too many investment dollars by securing a small business loan to help you feel secure and allow you to take a risk more comfortably.
The use of social media remains one of the best ways to reach your target audience because you can deliver a concise, yet impactful message that they'll notice. Social media is important because:
Marketing a new product takes time, effort, commitment, and a belief in what you've created. Staying with your plan and being unafraid to change course when needed should help you find your success.