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8 Tips on How to Market a New Product Successfully

Paid Perfomance

21/08/2023

23

Reasons for new product marketing failures

There are several interconnected reasons for a new product failing on the market despite careful research, evaluation, and development. Learning about some pitfalls regarding how to market a new product will help you avoid them:

  • Incorrect market and potential customers research
  • Market dominance from competition
  • Lack of time and an effective process for media campaigns of the product
  • Inefficient distribution channels
  • Inappropriate pricing strategy
  • Failure to understand the competitive advantages and unique selling points of the new product
  • Miscalculation of production costs and initial investment

How to market a new product

Why new products fail on the market

Necessities to launch a new product into the market

Bringing a new product to the market requires businesses and companies to adhere to specific legal regulations and guidelines. To avoid mistakes or complications, learning about business conditions is key. Let’s delve into the detailed information below to ensure success in introducing a new product:

Business license

A business license helps the company demonstrate professionalism and reliability. This will instill trust and interest in customers and partners when introducing a new product. Furthermore, applying for this license ensures that the business complies with regulations regarding business establishment and operation.

How to market a new product

A license displays the credibility of a business

Quality standard registration

Registering for quality standards is a testament to product credibility and brand reputation. At the same time, it is also one of the legal requirements for market circulation.

Currently, businesses have two registration methods: self-declaration or through independent certification organizations.

Product barcode registration

Registering barcodes for products enables effective good management in the market. This element helps track and differentiate information related to the product, such as origin, manufacturing technology, inspection standards, and other information.

Goods trademark registration

Additionally, registering trademarks for goods will protect the company’s intellectual property rights. It ensures that the name, logo, or distinctive symbol of the product belongs solely to your business, preventing unauthorized usage. This builds trust with customers and cements the company’s position in the market.

How to market a new product

Protect intellectual property rights by trademarking products

Registering industrial designs and patents

Next, registering industrial designs and patents is necessary to proclaim exclusive ownership rights of all aspects of the product. In case of disputes, these registered documents will serve as the basis to determine ownership rights. This contributes to building a brand and gaining a competitive advantage for the business.

Product circulation registration

Circulation registration is essential to meet specific legal requirements for each type of product. With this procedure done, a company can legally start conducting business with the product.

A comprehensive new product launch process

With all the necessary application processes under your belt, you can now learn how to market a new product efficiently. Below are the 9 detailed steps in this process:

Step 1: Identify the target customer base

This step will lay the foundation for the entire process. Grasping what customers want is extremely important for launching a new product. Identifying the wrong target audience can lead to a scattered, unfocused, and ineffective marketing campaign. Subsequently, unsuitable language, messages, and channels can lead to efforts for the new product becoming futile.

To avoid this scenario, build a profile of ideal customers as well as identify their needs and issues that need solving. From there, design the appropriate product, service, and marketing message. This will help you establish a deep connection with potential customers.

How to market a new product

Identify your target customers

Step 2: Approaching the target customer

After acquiring your favorable type of customer, the next logical step is to devise a plan to approach them. Your users or customers come first, as they are the driving force behind the campaign. Keep them in mind and try to resonate with them to understand their psychology. Additionally, closely observe how customers react to your company’s advertising campaigns to improve your future efforts.

Step 3: Addressing customer issues

The questions you need to ask yourself are who and why, specifically who your customers are and why they are searching for solutions. Using that information, flesh out the attributes of your products and services. Then, interact with customers to learn more about their challenges and unfulfilled needs and where you factor in. Remember, customer issues take center stage and should be the main aspect to focus on.

Step 4: Understanding the customer’s buying process

The buying process plays a crucial role in determining effective marketing and sales strategies. To figure out this cycle, businesses need a profound awareness of what buyers lack, the information they seek, and the individuals or groups that influence their purchasing decisions.

How to market a new product

Understanding the buyer’s journey

Each customer has different expectations at different stages of the process, from gathering information, comparing products, making decisions, and completing the purchase.

They interact with your products in their ways, which explains the gap between expectations. Understanding the overall process helps create an appropriate marketing plan to attract more customers and enhances their shopping experience.

Step 5: Secure customers’ online identities

This is not quite a step that you move on from after finishing. You will need to maintain it throughout the marketing campaign and other subsequent interactions between you and consumers.

Securing customers’ identities is an essential aspect of providing services or selling products from a business. This ensures not only the customer’s trust but also protects the business from negative impacts that could arise from the exposure of personal information.

Step 6: Make a difference to stay competitive

To stand out and achieve long-term growth in a specific market, your brand will rely on innovation and uniqueness. Instead of merely hopping on current trends, learn and identify the difference-makers and make your own. Strive to be the first to introduce significant brand ideas to the market and become an industry leader.

Step 7: Provide free trials or demos

Offering free trials or product demos is an effective way to attract potential users and generate interest in your brand. Users can experience your product or service and see their values before committing to a purchase.

If users have a positive experience with these trials or demos, the likelihood of them becoming loyal customers drastically increases. This will bring about major benefits for businesses in the long run.

How to market a new product

Create a free trial for customers

Step 8: Establish a comprehensive strategy

Crafting a complete game plan will set your brand up for success. This plan includes activities like market research, competition analysis, SWOT analysis, ROI determination, success evaluation, and communication planning. With a detailed plan laid out, you have a stable foundation to determine whether your decisions and actions align with the brand’s objectives.

Step 9: Aligning channel activities

A standard marketing campaign involves featuring products across multiple distribution channels. Maintaining consistency in terms of message, brand voice, and product attributes creates a sense of professionalism and unity in your campaign. This is also a way to enhance customer reach and meet customer needs, ultimately leading to increased sales.

Step 10: Establishing brand voice principles

Once your brand has reached a higher status, a cohesive brand’s language, and linguistic style becomes crucial. Consistency is a key element in building a successful brand, so you need to ensure that all team members adhere to these principles when conveying messages on behalf of the brand.

How to market a new product

Consistency is vital for a successful brand

8 tips to enter a market for new products

When a new product is created, the initial approach is the determining factor between success and failure. To garner attention and interest from customers, it is necessary to stick to wise and innovative strategies.

With the 8 market entry approaches below, you can identify and leverage crucial opportunities for your new product to succeed in the competitive market.

Focus on user experience

Since the product needs to appeal to users, it is a no-brainer that their experience tops the priority list. It will foster positive and quality experiences for customers, thereby forging strong connections and building loyalty. Customer reviews will spread, creating a viral effect to assist the development and marketing of your new product. Simultaneously, gathering feedback from customers during the trial phase also aids in improving and optimizing the product before launching it to a larger market.

Present the product idea early

People love having something to look forward to. Early communication helps build a community of enthusiasts even before the product is launched. This generates anticipation and robust interest from customers. By the time the final product is introduced, there is already significant enthusiasm and expectation from its new fanbase. This can create a positive impact on your marketing and market entry.

Choose a memorable product name linked to the brand

The brand name is a pivotal factor in the branding process, one of the prominent elements exclusive to the business. A good brand name can create a strong and lasting impression in the minds of consumers.

Therefore, a unique and simple name allows customers to recall and find it easily. Furthermore, choosing a name related to the industry you are operating in is also an advantage, since it enhances the chances of reaching potential customers.

How to market a new product

Giving new products a memorable name is how to approach the market

Use concise and compelling taglines

Writing an engaging tagline should be an art form, as an effective one can prompt customers to make purchases. It does not have to be complicated or lengthy at all, you should keep it as brief as possible.

Taglines can be an extremely quick sales pitch, so you need to take a proactive role. For new products, focus solely on the values you bring to consumers.

How to market a new product

Choose a creative but memorable name to impress consumers

Utilize the new product launch event

A new product launch event is a significant milestone in bringing your product to the market. It captures the attention of everyone, including your competitors. Apple has demonstrated that it is not necessary to employ excessive media strategies or reveal too much information before launch. Instead, they leverage a launch event to create a simple yet highly effective announcement.

With that being said, Apple’s plan may not apply to every business, especially new ones. For an enterprise of their caliber, a brief and simple launch event works because they have a gigantic fanbase. If you are still in the early stages of making a name for your business, a launch event is the perfect opportunity to turn some heads with some appealing information about your products and business.

How to market a new product

Making an impression at a launch event is the key to success

Build a system for introducing new products

For a new product, entering the market often takes a considerable amount of time. This is why some businesses often utilize a referral system from existing customers. It significantly enhances the level of trust, as potential customers will value opinions of their fellow consumers more than the business.

Book key opinion leaders (KOLs) to promote new products

Celebrities endorsement generally yields positive results in promoting new products. They have a substantial following, so when they introduce or use your new product, the word will surely spread.

However, not every KOL is suitable for promoting and introducing your new product. You need to weigh your options based on potential customers and the demographic group following that KOL.

How to market a new product

Using KOL is an effective approach to promoting new products

Leverage opportunities from product remarketing

Remarketing is an important opportunity to capitalize on and sell your new products. Don’t give up or feel discouraged just because the initial approaches were not successful. Over 90% of customers did not purchase or complete an order when visiting your website. Fortunately, modern technology has brought about excellent remarketing solutions. With collected customer data, you can re-engage and promote to them again, opening up new sales opportunities.

This article from On Digitals has provided you with insights and approaches about how to market a new product. Hopefully, you have obtained useful knowledge that can set you up for success in launching your product. Contact us now for detailed consultation if you are seeking Digital Marketing solutions for your business.


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