How to Develop a Marketing Strategy for a New Product

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Marketing Insights for ProfessionalsThe latest thought leadership for Marketing pros

Monday, February 3, 2020

Creating a successful marketing strategy for new products can make an invaluable contribution to your success as a business.

Article 4 Minutes

New product launches are always a big deal for businesses, regardless of your size, budget or industry.

Taking your latest product to market can be an expensive undertaking, so you want to go into it with maximum confidence of securing a worthwhile return on your investment.

That's why it's so important to have a dedicated new product marketing strategy that’s informed by your specific goals and reflects some of the challenges you're likely to come across.

How to market a new product in 6 steps

Here are some of the key steps you can take to come up with a marketing plan that will get your product in front of the right people and maximize its chances of success:

1. Know your product inside-out

The better you know your product, the more able you’ll be to market it effectively. One of the key reasons why it's so important to have an in-depth understanding of your product is that it puts you in a stronger position to convey your value proposition.

You need to have a solid idea of what distinguishes your product from the competition and how it's able to benefit your customers or solve a problem for them.

It can prove helpful to think like a customer and look at your product in a skeptical, analytical way. This will help you develop a more rounded view of what you're marketing, and also prepare you to address common customer queries and obstacles that might hold up sales.

2. Be clear about your goals

Marketing should always be goal-driven, with a clear focus on the direction you're heading in, your driving objectives, and the metrics and KPIs you're using to measure progress towards achieving them.

Having a clear, carefully developed idea of what would represent good results can help to guide your strategy, while making it easier to evaluate your performance.

One tactic that can prove useful is to set ambitious targets that give you a high ceiling to aim for. While you might not reach the total number of leads or sales you aspire to, lofty goals can provide strong motivation and fulfilment if you get close to hitting them.

3. Have a specific audience in mind

This is pretty much a universal truth in all areas of marketing, but it's particularly relevant and useful when it comes to launching new products.

Take a look at your current buyer personas and consider which of your existing profiles is the best fit for this product. If the launch is taking you in a new direction and exposing you to a new audience, it might be necessary to adjust your target personas or come up with some brand new ones.

Understanding your product and knowing how it offers value to customers, helps them overcome challenges and solves their problems will make it easier to identify the specific audience segment you should be focusing on.

4. Get creative with content

Compelling, engaging content is one of the most powerful weapons in your arsenal when it comes to introducing a new product and generating interest in it.

One scenario where a healthy amount of supporting content can prove vital is if you're entering a new space within your industry and you need to demonstrate your knowledge and authority to get prospective customers onboard.

Creative assets like blog posts that answer common customer questions and informative videos can also play a critical role in grabbing people's attention and raising awareness of your product.

5. Find the right channels

You might have a great product, a clear target audience and some bold, exciting content in mind to capture people's interest, but it could all be for nothing if you aren't able to make the right decisions regarding channels.

It's vital to prioritize the channels that offer you the best chance of connecting and engaging with customers who are the right fit for your new product. Being selective can reduce the risk of your marketing budget and time being wasted in areas that won't generate leads and sales.

One approach is to select a primary channel that will form the backbone of your product launch and use other platforms - social media and email, for example - to support it.

6. Follow up

The process of launching a product doesn't end when your new offering is on the market and available to customers.

You can build your brand and strengthen relationships with customers by making proactive efforts to support buyers after they have made a purchase. This maximizes the likelihood of them returning as customers and will also provide valuable insights and feedback to inform your strategy going forward.

Furthermore, it's important to measure your results and evaluate the success of your new product marketing efforts to gain a clear idea of what worked and what you need to change in the future.

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