Introducing a new product to the market is a multi-stage process. It doesn’t matter what it is – in order to be successful, you need to prepare the right strategy. Without it, activities will be chaotic and even not fully thought out, which will make it difficult to reach potential customers or even have a negative impact on the brand image. How to introduce a product to the market step by step? Here’s a tutorial full of tips.
Before introducing the product – defining the target group
The first activities aimed at introducing a product to the market begin long before its presentation. One of the most important, and at the same time the most basic, is the definition of the target group. It is important to indicate who the product will be aimed at. Thanks to this, you can make sure that it will find buyers and such an investment will be profitable for the company. In addition, selecting recipients facilitates the subsequent selection of communication channels or the sales methods themselves.
The more reliably this stage is carried out, the easier it will be to bring the product to market later, once it is finished. When defining your target audience, you need to answer some important questions. These include, for example:
– What customer problem can the product solve?
– What may discourage you from purchasing a product?
– What is the budget of potential customers?
– How do potential customers shop most often?
– Where do recipients get their information?
– Which issues do potential customers give priority to?
The created product should solve a specific problem, satisfy a need. This will make it easier to persuade potential customers to buy. This is mainly due to the fact that creating something as a response to a demand is easier than creating the need that the product is to fulfill yourself. Very often, choosing the right target group turns out to be troublesome. The difficulty arises, among others, from the fact that it cannot be too narrow and at the same time too wide. It is worth making it easier for yourself by creating buyer persona, i.e. model customer profiles. Describe exactly who the people who may be interested in the product are – what they do, what age they are, where they come from, what hobbies they have, what is their approach to shopping, etc. The more details, the more precise the image of the potential customer.
Necessary competition analysis
Competition analysis is the next step before introducing a new product or service to the market. The information collected at this stage is valuable tips on, for example, weaknesses of similar businesses and unused tools. On this basis, you can later prepare a detailed marketing strategy.
First, prepare a list of companies that may be competitive. Here you have to look at everything from the perspective of a potential customer – what can replace the introduced product. This step should not be skipped, even if you are convinced that business has no competition. Recipients will almost always find an alternative solution if the basic one does not meet their expectations or raises doubts.
When the list of similar companies is ready, each of them must be analyzed in detail. You should look at aspects such as:
– marketing strategy,
– Web page,
– social media,
– contact with customers,
– language of communication,
– image (based on the ratings issued),
– selected target group,
– vision and values.
The more information is gathered, the more conclusions can be drawn. For this reason, even seemingly insignificant elements, such as the SEO strategy adopted by competing businesses, are important.
Understanding customer motivation and the purchasing process
Without these steps, your product launch may not produce the desired results. Once the target group is known, it is important to realize why the audience would buy what the company proposes. You should know how to advertise a product so that it sounds honest and encouraging. It is necessary to look at everything from the perspective of potential customers. The company that creates the product knows it perfectly well, which is an advantage on the one hand and a disadvantage on the other. This is due to the fact that in the process of introducing it to the market, it may overlook important issues, as it believes that everyone knows about them. This is a big mistake – clients should be shown even those advantages that seem obvious, because it often happens that they are the most important for them. For this reason, you need to know as much detail as possible about your target group. Then it is possible to detail all their needs and present the product in such a way that it becomes a response to them.
This is the process of understanding customer motivation. It is equally important to familiarize yourself with all the mechanisms and elements of the purchasing process. Here a lot depends on the type of the introduced product. Sometimes the packaging plays an important role, and sometimes something else motivates the purchase, e.g. the issue of ecology or the selection of substances included in the composition. Here, too, you should look at your business from the customer’s perspective and consider what may discourage them from taking advantage of the offer. There are many such factors, it is not only an exorbitant price, but also, among others, the question of suitability, cost of use, efficiency, easy operation and safety.
Development of a sales and promotion strategy – a mandatory point of introducing the product to the market
Many people think selling a product is a simple process, but it’s actually quite complicated. In order to be successful, you need to take care of all the elements, such as the offer, the way of preparing salespeople or even direct customer service. The sales strategy should be comprehensive and it is best to start its development with an analysis of the current situation of the company. You have to consider your strengths and weaknesses, consider all the risks and possible chances of success. It is equally important to define your sales goals.
The next step in preparing the strategy is to develop the necessary methods of operation, as well as the tools to allow it. Here, a lot depends on the industry and the product itself. It happens that a detailed product description with photos is enough, but sometimes it becomes necessary to use additional help, such as videos or amenities in the form of a long warranty. Another point that cannot be ignored here is the selection of the right distribution channels. The analysis of the target group performed earlier will be very helpful. On the basis of the collected information, it is possible to select the shopping methods that best suit potential customers. Own online store is just one of the available options. Channels such as the Marketplace on Facebook or sales platforms are still gaining popularity.
In addition to sales, promotion is also important, i.e. marketing activities aimed at advertising the product launched on the market. There are also many ways to reach the customer, most of them nowadays focus on the online sphere. The Internet offers a lot of opportunities, and in the awareness of the recipients, such tools as:
1. SEO – thanks to these activities, users can find a product after entering a specific phrase in the search engine. The selection of the right keywords will be helped by the previous analysis of the competition and data on which keywords are focused on similar businesses.
2. Social media – currently for many companies it is the basis for both promotional activities and communication itself or even sales. Social media is a tool with great potential and many possibilities. It is worth using them before the product appears on the market.
3. Content marketing – substantive and attractive content allows you to build and strengthen a positive image. They also give the opportunity to present a new product in an interesting way, educate recipients and encourage them to buy.
4. Google Ads – paid campaigns allow you to quickly reach people interested in specific products or services. You don’t have to wait long for their effects.
Tests and final product launch
Due to the fact that introducing new products to the market is a big challenge, it is worth testing first. This way you can minimize the risk of failure. Testing involves placing a product in a laboratory or natural setting (and therefore on the market) to see if it will get interest. After a certain period of time, an analysis of the experiment is made, including both customer and competition reactions. This allows for an assessment of whether the project has been well planned, or whether certain aspects can still be refined.
When everything is ready, there is still commercialization, that is, the final launch of the product on the market. This is the stage where the sales strategy and marketing concept as well as the complete production process are fully implemented. It is important here that the company promotes its product in the best possible way and that it effectively reaches the target group. At the same time, be aware that this is not the end of the work. It is essential to monitor the situation and control how sales are going and how customers react. The obtained data allows for quick modification of the plan and introduction of changes, if necessary.