Although the new product of a company has significant competitive advantages, introducing it in the market is extremely challenging. Customers need to be educated about the uses and benefits of the product, which requires an investment of both time and money. Many small businesses with limited financial resources should think of low-cost creative methods to promote their products.
How to market and sell a new product
Identify your initial target markets, ie the groups of customers that are most likely to buy the product or the easiest to reach through the available marketing and promotion resources of the company. Consider segmenting your market by geographical areas, concentrating your resources in the areas with the highest number of target customers and the least competition.
Create a marketing budget for the following 12 months. Be realistic about what you can invest in marketing to continue covering the other expenses of the company, such as the costs of facilities and payroll. Distribute the economic resources of the company so you can evaluate your product in the market with several strategies instead of putting all the money in a single category, such as selling at trade shows.
Determine the most powerful attributes of your product and expose them in your marketing messages in each type of media that you select. Observe the features that are truly unique, different and better about your product. You need to create a message that differentiates your product from the others that are already available and that attract the attention of the target customers.
Select distribution channels that give you faster access to customers. The manufacturer of a consumer product may find it difficult to get large chains of companies to include their new product, which has not been tested. The company can reach customers with direct response marketing, selling the product in television news commercials. When the product becomes popular, the company will have more possibilities to generate interest in large distribution companies.
Choose an initial price that is competitive, similar to that used by your competitors for similar products. Do not make big discounts to attract customers. Let the attributes of the product direct sales, not just the price.
Take advantage of low-cost mass marketing through the internet. Develop a website that represents your product and your company in an attractive way. Make it easy for customers to buy your product by listing all the places where it is available. Get testimonials from satisfied customers and post them on your website.
Use the power of advertising. Contact the business reporter in your local newspaper and tell them about your product. Make an interesting press release that talks about how the product originated, where you got the original idea and why and how you thought it would be a success.
- It uses all the necessary means to place the product in front of the clients. A manufacturer of grilled species can deliver product samples at gourmet food fairs or barbeque competitions. It could deliver order forms, product information and tell these potential customers about the various uses of the product.
- Do not panic if the initial sales of your marketing campaign are less than you expected. Some products take more time to raise awareness. You may have to refine your message and marketing strategies, but do not assume that your product is a failure. Perseverance is important when a new product is introduced.