Ready, Aim, Fire New Product Marketing Plan

New products are launched every day, and many do not succeed.

Why?

Because they are copy-cats of existing products, do not fill a gap in the marketplace, are ill-conceived, priced incorrectly or a host of other reasons.

If you have developed a new product, here’s a 3 step plan you can get fired up about…

Step 1: Ready means research

To ensure your new product does not join the ranks of those that fail right out of the starting gate, you must do your research.

Can you certify that your offering is unique and different from everything else out there (and is something people want)? There are ways to test the waters. For example, run a small space ad in a publication geared to your target market and see if you get any takers.

You can compute your break even and test different price points using direct mail or email to find the sweet spot.

If your new product is a print publication, you can run a dry test – gauge interest by sending out a subscription offer before even printing any issues.

Step 2: Aim = a limited rollout

Start small when you introduce your new product to the marketplace by aiming at regional markets (test markets) where you can dip your toe in and elicit feedback from your audience.

Discover what your customers like…and don’t like about your new product.

At this stage, you are hopefully able to tweak the product based on the response you get from the marketplace and improve it further.

Step 3: Fire up a full rollout according to your new product marketing plan

Once you have developed an exciting new product and found the market receptive (as demonstrated by your limited rollout) you are nearly ready to pull the trigger.

By now you have likely thought about your strategy and budget, but you will want to create a formal marketing plan enumerating how you will sell your new product. This involves planning how you will get the word out to your audience – channels, media, time frame, etc.

At PromoWriting, we can help you develop your marketing plan…partner with you so you get your new product into the hands of more buyers…and help you receive the ROI you deserve.

Take the guesswork out of new product marketing

Call or click and schedule your free 20 minute consultation about how creative consulting services can help your business. Or if you prefer let’s discuss your #1 marketing challenge.

To get started today simply give us a call at 203 371-0654. 

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