Careful research and planning will help you effectively launch your new product to the market. By developing a marketing strategy that involves product research and market analysis, you increase your chances of success.
Identify Your Competition
Make a list of the products that will compete with your invention. Compare your product's strengths and weaknesses with those of your closest competition to get a good idea of the marketing challenges your face. Also, examine how these companies market their products (including the media they use and the message their sales literature contains).
Find Your Target Market
Determine who might be your most likely customers. Look for a group that can afford your product and most likely needs it. Check the demographics of your competition and look for industry demographic statistics for comparative information. By focusing your marketing efforts on a specific segment of the population, you increase the likelihood of sales because you're targeting those mostly likely to buy your product.
Develop Your Brand
Choose your product brand image. Create packaging and promotional materials that reflect the character of your product and your target market. A successful brand strategy increases sales by making the product visible and accessible to the people most likely to buy the product.
Create Your Marketing Strategy
Plan how and where you will sell your product. Is your product something that will be easier to sell if it is demonstrated? If yes, then consider door-to-door sales or trade booths, infomercials or online seminars. What media do your customers consume? Consider a multimedia marketing strategy using as many channels as you can afford to increase your odds of sales. Social media is the new word-of-mouth marketing method, so add MySpace, Twitter and Facebook to your online promotional efforts.
Test Your Product and Sales Methods
Use focus groups and surveys to check your product's market acceptance. Before the full product launch, show marketing material to prospective customers and gauge their reaction to the content, message and whether they would be likely to purchase your product based on the information. Have prospective customers test the product's features and tell you their willingness to purchase it at your price.
Launch Your Product
Release your product fully into the market. Use press releases and release parties to drum up interest in your product. Then, follow with your marketing strategy. Keep close tabs on the response to your marketing efforts and make adjustments if you notice a decline in sales.
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