A product marketing strategy is critical to your company’s long term survival.
A product marketing strategy prepares you to allocate finite resources to your new product, assess risk, and give you time management for a new product introduction. Your product marketing strategy should clearly define your new product, identify potential customers, establish pricing, and most importantly address customer service at every stage of the development process through all stages of the product life cycle. A marketing strategy will guide you in finding the best way to reach your new product market segment, whether that be high net-worth individuals or large corporations.
Before you develop your new product marketing strategy you must determine who your target market will be.
This is critical to developing an effective product marketing strategy that addresses risks such as product obsolescence, the ability to keep customers buying, competitive threats, channel opportunities, and marketing channels that do not impact your target market. For example, if you develop a diabetic supply delivery program that targets only the diabetic community, you will want to develop a separate marketing strategy for the rest of the market. If you target everyone 20 years of age or older, there is no point in developing a program that targets only young diabetics.
Developing a solid marketing strategy also means knowing which marketing approaches work best for your target market. Many times, the best marketing approach is a combination of direct marketing (tailoring to your customers) and online marketing (mailchimp). Other times, you will only want to use one strategy.
Developing your marketing strategy begins with setting goals. Goals will help you determine where you want your new product to go.
The first step in setting goals is to decide what you want to accomplish from launch to subsequent launches. Goals should be realistic; you don’t want to launch a new product and then discover that it is not profitable. Also, if your goal is to build a large list of email contacts, it may take multiple campaigns to achieve your goal. But the results from mailing lists will help you determine whether or not to launch a new product.
Once you have determined what you want to accomplish from your marketing strategy launch, you must determine how to get your new products into the hands of your target audience. Many times, this can be accomplished by using marketing strategies that require less effort on your part. One of these strategies is viral marketing. Marketing with viral strategies requires little effort but can explode your sales.
Viral marketing strategies to launch new products based on consumer excitement for a free trial version of a product.
The strategy typically begins with an Internet advertisement or press release. Next, the new product development company sends out emails or a broadcast message announcing the launch of the free trial. This technique can be combined with other Internet advertising and sales techniques in order to maximize the impact of your message and build interest in your product. In addition, it allows you to test various elements to generate interest and determine whether the timing of your release will have the greatest impact on new product development.
New product marketing usually requires more planning than marketing efforts in the past. In some cases, you will need to develop a product catalog that displays the latest products that have been released. You will also need to develop a distribution plan in order to market new products to your target customer base. These additional tasks often require a significant investment in time and money.
Another strategy often used by product marketers is to develop competing promotional offers.
When you launch a new product, it may be tempting to immediately create a similar product offering to compete with the new launch. However, this strategy can backfire since customers may become too familiar with your competitors’ offers and choose to purchase from them instead of yours. By providing your customers with complementary products, you can ensure that they remember you as a credible source of quality products and services.