According to a research undertaken by an agency called Acupoll, it is estimated that 95 % of new products launched fail. The reason for this has not been pinpointed but the main factors could be that information about the product does not reach the target market or their marketing does not support the new product fully. Below are three ways to ensure that your product is in the 5 % that makes it.
Create PR campaigns
Atomic PR, a public relations company provides strategic, creative programs using analytics. They combine both digital and social media to create campaigns for their clients to launch new products. Borrowing a leaf from this is an advantage to you. Before jumping in head first and start spending on advertisement, make sure that the market knows your intention to introduce a new product. Find the best avenues to reach your target market. This may include:
- Press releases to TV and Radio stations.
- Blog posts in popular blogs.
- Create a “buzz” on the in the media to create awareness and curiosity.
Know your competition.
For a new product to prevail over existing ones, it has to have something unique about it. You have to know who is who in the market and your closest competitors to be more precise. Questions your customers would ask are:
- What is unique about the new product?
- Why should I switch from what I am using?
- What advantages will I enjoy with the new product over the existing ones?
As the supplier, you should put in focus these questions and ensure that when marketing your product, the answers are clear and precise. By knowing your competitors, you will have an upper hand in framing your product to be more appealing to the market.
Design and implement your marketing strategies and tactics.
Choose your sales and marketing channels wisely after a thorough assessment of the market. Online, sales persons, catalogs or distributors are some of the modes one can use. However, it is good to note that multichannel marketing has the most success. Know your product life cycle and capitalize on it. Once the launch has been done, do not stop there. Ensure that the progress is monitored and if there is any diminish in sales, and then revise your approach. Online presence also plays a major role since you reach a huge audience from all corners.