| Small Biz 1 | |||
| Small Biz 1 Marketing Sales Finance Management Downloads | |||
Launching a New Product |
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New Product Launching |
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Launching a new product to market is a challenging and rewarding job. At this point you have done your homework - your market research, you have developed a new product or service, you have analyzed your competitors and you know who is your target customer. Now you need to prepare your new launching of your product or service the right way. Your new product launching can definitely help your new product or service. Remember that your goal at this point is generating sales out of your new product or service. However keep in mind that every single day there are many new products introduced to the market but unfortunately only a very few will be successful / profitable. During your new launching pay attention to the following. |
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Unique Value Proposition: Make sure you develop an effective unique value proposition. Create your unique value proposition and use it in every single promotional step you make. Make it part of your business and communicate your value proposition with both your customers and employees. Remember that your unique value proposition must be unique and differentiate your new product in the marketplace. Target Customer: Clearly define who is your target customer. Think one more time about your target customer profile. This will help you target your promotion and new product launching towards the right direction. Think about what your target customer likes and dislikes, where they go, what they do, what they read, etc. Target your new product launching around your target customer preferences. Knowing your target customer during the new launching is very critical. Competitors: One more time review all of your competitors' products and services directly competing with your new product and ask yourself what are your major selling points - what are the benefits you offer with your new product. Plan your promotion: Think about your promotion as a mix of different promotional channels and tactics - all of them with a single and clear message. Try to use at least 3 promotional channels such as newspaper, radio, internet, etc. and keep in mind that your customers and prospects have to see or hear about your new product at least 3 times so they can remember what is your new product about. Your goal is to have your customers consider your new product as they compare different product alternatives. Your goal is to position your new product as a viable product or service alternative. |
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