Strategies for Marketing a New Product

- Advertisement -

Difficulty lies in convincing people to start using a new product. If the product does not come from a renowned business enterprise such as a big company, then chances are that such a product will not get a wide customer base. Strategies that can be utilized in marketing a new product can be so demanding.

A new product can be easily accepted in the market under few conditions. Such conditions include convincing the to be consumers that their needs are identified and catered for, that they are going to pay value for the product, and they are being offered something better than the existing one. It is therefore for the marketer to target his market properly and carry out proper research on how to put the product in the market. The following strategies might prove useful for a totally new product in a market.

Market Research Will Help You Better Understand Your Customer’s Habits and Preferences

Image Source: unsplash.com

The marketing agency or personnel should be able to identify the consumer. Every product has a peculiar class of people who use it and marketing should be directed to such people. A lot of money should be spared in putting advertising in all the wrong places trying to reach everybody. It will not help you a lot to market teenage products in a parents’ magazine because it is the duty of the teens to inform their parents of their needs. If your product targets college students, then you should ensure that all colleges targeted are reached especially using one on one marketing strategy.

The Customer Should Find Benefit in Your Product To Place Value in It

Knowing your consumer will not help if you are not able to convince him or her that the product will solve his or her problems. A particular problem will occur if you have launched a product that the consumer cannot see immediate benefits. During the launch of mobile telephony, many people took time to understand that mobile phones are necessities rather than luxuries especially for business enterprising. This can be explained that the mobile phone developers and marketers did not do their homework well.

Give Your Customers the Chance To Try Out Products With a Trial Period

Completely new product will require that the consumer is given a trial product where possible. Such trial products may be in the areas where products are usable ones and for all. For example a new detergent might require demonstration before huge market sales…but for software, it might be that you give a trial period before the customer is able to make a purchase.

One of the Reasons Marketers Use Loyalty Segmentation Is the High Cost of Finding New Customers

A new product should aim at winning a few customers that will be forever loyal to the product. Such customers will aid in marketing the product and convincing other consumers to purchase and use such a product.

Make the Product Easily Accessible To Potential Customers

This means that the product is available to the new consumers who want to have it. The consumer should not be made to search for a product as if it does not exist thereby making him lose hope in using one. This means that the product should be produced in big enough quantities in order to satisfy the springing market demand. A big production cost will be required but in the long run, the investments will be recovered with proper marketing.

Customer Support Is an Important Factor in Consumer Perception

New products mean that utilization of such products is not known and the manufacturer should be in a position to avail the needed help and support.

Marketing a new product is not easy and basically requires a lot of investment in terms of resources and time. The consumer must be made aware of the existing product and how beneficial the product shall be. In the meantime, it is the duty of the manufacturer to ensure that the consumer understands the whole concept behind launching a new product.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here