Do you have a new product and want a solid marketing plan with which you can succeed? Do you want to start a scientific and thoughtful marketing plan for your new product?
So you are in the right place and allow me first of all to congratulate you because you did not prefer to do your job randomly, but rather went to Google and wrote the phrase “a new product marketing plan”, and then came to this article.
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So, let’s back to the topic;
There are many questions in the mind of every new product owner, and perhaps you too.
How do I sell? How do I tell people, followers, or my friends that I have a new product, that they can get it for money without seeming selfish, as if I just wanted to do my best?
How do I convince customers to purchase my product? How do I monitor and outpace competitors? How can I make appropriate decisions to develop my product and make more profits?
In this comprehensive guide, we will put before you a plan for marketing a new product in a controlled and thoughtful manner, which will chart the way for you to be a successful marketer, whatever the field or industry in which you operate, whether this is through direct selling in companies and commercial stores, or through the Internet with its various means.
You are not required to perform all the following steps, it depends on the complexity and quality of your business, and the size of your responsibilities. For this I advise you to read the entire guide first, and then re-read the important parts for you with a greater focus.
Let’s start with the steps to create a new product marketing plan:
1- Create a sound marketing base
Everyone knows that marketing is to put your product in front of whoever wants it in various ways to achieve sales, but this concept has changed a lot recently due to increased competition in the market, and also because the buyer or customer has become educated from the past, and he can compare and test products, especially in The era of information exchange and the social media that we live in now.
This is why creating a basic base and framework in which to work, is the best solution for marketing any new product in any field, and let me show you what I mean simply.
- What possibilities do you have? Do you have a website, store, or social media accounts?
- How many reliable people can you market your new product?
- What budget do you plan to save for marketing the new product?
The answer to these questions is the framework in which you will work, especially if the idea of your product is new to the market and unfamiliar. You have to think about these steps before you start to manufacture or prepare the product itself.
The framework is the institution that works through, whether your company or your website, whether it consists of one individual and it is you, or there are employees and assistants that you can rely on.
You have to think about your potential first before you think about what you want to do.
2- Is there a need in the market for your product?
Some believe that the product should be considered first by the buyer, and this is a fatal mistake. You have to think about the problem or goal of your product first before you even think about manufacturing it or its composition, there must be a problem for people and your product is the best solution for it.
For this reason, many entrepreneurs resort to using the same old ideas or products that have proven successful in the market, for example, mobile phone accessories have not been of much importance for 10 years, but now it is a very important complementary industry and is developing every day, and there are many manufacturers and distributors That start a new business every day.
Also, electronic stores that sell these accessories have become more widespread, due to the growth of the market, people’s dependence on these products and their appetite to buy online.
That is why you do not necessarily have to provide a completely new product. Rather, you can count on the existing exhibits and services on the market, which have proven successful, with your own advantage.
3- Study the market
The previous step was the introduction to the market study, but this step is the deepest, and most focused step on products similar to or complementary to your product.
When you study any product on the market, you must obtain the following information:
- What is the size of the market? Are there many orders for this product? Or is the market already satiated?
- How is the process of manufacturing or preparing the product itself?
- What is the advantage that makes customers buy specifically from this competitor, is it because of the quality, price, brand, or reputation of the person or company providing the product?
- How does a competitor promote his product?
- What are people’s opinions or comments on the product?
- What can be improved or added to the product?
- Can the price of the product be reduced from it in any possible way?
- Are there any notes or issues that attract attention to this competitor?
Your answer to these previous questions must be organized – and I advise you to prepare a full report, or you can collect all of that data in an excel file or chit data so that you can use it at any time.
This step will open your eyes to many things, and with your knowledge of your ability and determine your capabilities, you will be able to determine the appropriate opportunities, the angle through which you can enter the market, the advantage that will differentiate between you and competitors.
You will also be able to know the strengths of competitors to imitate them, as well as weaknesses to outperform them, and with a little organization and creativity you will come up with a very accurate plan.
Not only that, but you may also find the opportunity to launch a completely new product different from what is on the market if there is a problem or a need for it, and therefore the success is much easier, and this is the secret of the success of all new projects and ideas.
4- Define the personality of your ideal client
Studying the behavior of clients or knowing their personal inclinations and natures, is the characteristic of this era that the major companies in the world depend on, the more data is collected the more results it achieves.
That is why the term “Buyer Persona” appeared, which is a personal drawing of a specific segment of your customers, with the identification of their personal characteristics.
Example for Buyer Persona
This image is one of the Segments of people I try to help with this article. This is what Buyer persona does for a segment of your customers or the people you target.
For example, if you sell clothes, an important segment of your clients are the mothers who make decisions at home.
This sector is characterized by the love of social media, and it wants to provide the material to the maximum extent possible. Knowing this information will help you in promoting your products in a way that suits them.
It is possible that there is another sector for your product that is girls from 16 to 21 years old. They love Instagram and influencers in general, and they prefer distinctive modern cries, so this is your message to them, and the way to market to them will be different from the previous sector.
There are many different examples, as long as you target people with your product … you need to know this person that you want to buy from you in order to address him in his style and help him solve his problems.
5- Create a special label for yourself
Whatever your product type, and whatever market you target, you have to ask yourself a very important question.
What makes people buy from me, not me? Why do customers, in particular, deal with you, not just with others, even though there are competitors who offer the same product?
This question is the basis on which companies and projects are based, and also because of it the collapse of large institutions, sites, and business owners. You have to know the angle from which you will enter the market and that will help you to continue in it.
- What is the secret of your strength that separates you from competitors?
- Do you have a high-quality product?
- Or do you provide your product at the best price?
- Or do you have a special feature in your product that saves people’s time or facilitates their lives?
- Or did you choose an innovative way that is basically out of competition, and devised an idea that represents a solution to the problem of a large audience?
This makes your brand or brand easier, because you have a strong reason why you are different from others, so the next step will be very easy.
6- Determine the cost of your product
The process is not at all easy, and some giants rely on expert experts only to evaluate products and determine their prices.
But it will be simple if you follow the previous steps, for example, some companies rely on very little profit margin, but depend on selling a lot of products.
Unlike some other companies, which export their products at certain times of the year at high prices, despite this, they make huge profits.
But in any case, the secret here is the supply and demand and the quality of the products that you offer, either you set a small price and sell at a high rate, or you raise the price while providing a high-quality product.
To reach the best possible decision regarding pricing, you have to look at your product from different angles, and also look at competitors ’products, in order to reach the best possible option.
It is worth noting here: It is very important to explain all the features and features that you will offer to the customer or buyer to know the price of the product that he will get, just as you go to an expensive restaurant sometimes and you know that it is more expensive than others, but you also know that you will get distinguished quality and service, and this is why you pay satisfied.
7- Determine the marketing channels that you will rely on
After you know the secret of your strength and clarify your brand, you should know how to communicate your message to potential customers, the people who want to buy your products or services.
In step four, you define the characteristics and natures of your target audience, and most likely you will have 3 types of sectors or clients you target.
And as you have noticed, we have identified the ways in which these people prefer to be contacted, as well as the social media they love and spend a lot of their time on.
This is why deciding how to promote your products will be very easy compared to others. For example, you can rely on Instagram marketing if you work in the clothing field, as we mentioned in a previous example.
Or you can promote with print publications or street hanging ads, all of this depends on your business and your possibilities.
But your message should be clear and strong as long as you believe in your product, and you must also provide the necessary communication channels to your customers such as phone calls or email, or even set a specific mechanism for responding to them on social media.
All of the aforementioned must be done by any person wishing to promote his service or products, whether it is one individual or a large company with many employees.
The most important thing is to provide a smooth journey for the customer, from getting to know your brand to pay, you have to study this trip well and improve it constantly, perhaps providing a simple service or improving your website, or appointing a good reception employee is the factor that increases your sales And your profits.
8- You have to continue dealing with your customers
One of the most important pillars of a new product marketing plan is customer retention, the term is meant to ensure that someone who deals with you once will always do business with you.
The cost that you pay to gain a new customer through advertising and providing social media content is not small, which is much greater than the cost that you will pay to make a previous customer buy from you again.
This is why you have to take care of your customers, these people really trusted you and bought from you and therefore you should not lose them, so this is why customer service or after-sales service are the most important pillars of marketing a new product.
Have you never looked for reviews or reviews as they are called on various websites online, and even the opinions of people online before purchasing a specific product, did you not notice that most of these reviews always talk about customer service?
You will find most of the thankful people in a product that thanks to the customer service and a good deal of the owner of the product, and you will also find someone who hates the company or the product who mostly hates it due to poor customer service.
This is why the customer’s journey after he buys from you is very important, you have to pamper him and provide all the comfort for him, you must answer all his questions and communicate with him constantly, and provide him with everything he needs in order to use your product in the best possible way.
Isn’t there a specific store that you buy from only though the prices are not the cheapest and maybe the product is not the best, but the reason is a good treatment, for this, you have to treat your clients and customers the same way.
Companies and brands often use customer service in advertising, as they reassure customers that they will get the best possible service such as Emirates Airlines, which has the highest customer service rating in the world.
Also, Siteground, which provides us with a hosting service for winners, despite its prices are more expensive than the market, but it provides excellent customer service, so we are dealing with it continuously year after year.
9- Organization of work
One of the most important factors in the success of a new product marketing plan is a proper organization, so you have to prioritize and organize the relationships and services that you offer to your customers even if you are one individual.
For example, some people or companies depend on other services for their work, such as advertising, design, programming, construction, or even home delivery, among other things.
Coordination with these services must take place so that the sale process goes smoothly and is very simple, so you should try this stage yourself before marketing your products in order to ensure that everything is on the right track.
As I mentioned, even if you are one individual you must define the tools that you will rely on, and devote time to respond to your customers and a specific method for providing content or advertising through social media and other things.
Organizing and defining a clear business mechanism makes the life of any marketer very easy, which gives him time to be creative and experiment with new services and different ideas to develop from his own project.
10- Do the analysis and study the results
Every project or business must be studied and analyzed numbers and data to improve and constantly develop, and without entering into terms, equations, and other technical matters, I would like you to know the following:
- Whatever amount you spend, you should know how and when to repay it.
- You should consider the amount of time and effort you spend.
- You should measure the results of your marketing campaigns with different tools (such as knowing the volume of traffic and sales by each different marketing campaign)
- The results should be read well because it will help you to understand customers more deeply and thus your profits will increase.
For example, if you own a clothing store – the example we have mentioned before – and you have noticed that a particular T-shirt is bought in large quantities, for this you will get more quantities from it and perhaps all its colors and sizes and you will use it for advertising as well.
Perhaps you have found that a particular product is not being sold in a significant way, either there is a quality problem, or that there is a problem in offering the product or marketing to it, either you fix this matter or you stop selling this product.
Thus in various projects in any field and in any way, you have to analyze and read all possible data, because this is the true meaning of professional marketing that relies heavily on data and not on emotion.
Marketing is a big world and there is new every day, that is why you must always develop and improve yourself and use all that is new and take advantage of the terrible technology currently available, and one of the most important of these means is to make sure that the winners are constantly monitored because you will find everything new here.
Rahul Badnakhe is a content marketer and passionate tech blogger. He has more than 6 years of experience in producing engaging quality content across various domains. He has started “Technical is Technical” to provide updates on smart gadgets and emerging digital technologies like IoT, AI/ML, AR/VR, Cloud Computing, and Data Analysis. We welcome all tech bloggers to collaborate with us. For any query reach out us at [email protected]