When should the marketing plan be created for a new product?
It should be the first step once the idea is formed. If there is no demand, then why invest time, money, and other resources into creating it?
Many businesses have failed due to lack of demand - you do not want to fall into that category! Not to worry, just continue reading to learn how to drastically reduce the chances of this happening.
Product Marketing Challenges
Marketing a new product provides a unique challenge - you are trying to sell something that may not have existed previously.
If other similar products exist, you have the advantage not only of prospective customers being aware of what it is, but also the opportunity to learn from your what your competitors are doing.
Either way you need to focus on two primary aspects:
- 1. Value Clarity
- 2. Customer Perspective
It is absolutely essential that you marketing focus on the benefits of owning and using your product. Often, it is tempting to focus on all of it’s wonderful and numerous features, but guess what? If someone does not understand in plain language what it does or why they should care, details will not matter.
If you cannot explain the value of your product and who benefits from using it in just a few sentences, then you do not yet have a clear concept yourself! This is very important not only for marketing, but for the development of your business and vision as a whole.
Practice and refine your elevator pitch until you are confident with it. It may change, and that is okay! Being clear and confident inspires trust. If something changes and someone you are talking to notices, you can simply explain why.
Once you have a fairly solid idea of who your target audience is, it is time to get feedback from them.
Consider your internal description of both them and why they would buy your product a hypothesis. Conduct one or more customer surveys to verify or correct this theory, and you will succeed much faster.
You will want to ask the right questions of relevant people:
- Verify they are indeed in your target audience - sometimes people do not always read survey descriptions correctly.
- Are they familiar with the type of product you offer, if it already exists?
- Do they clearly understand what it does, and the value it provides?
- Would they actually buy it themselves, and for how much?
- Which features or use cases do they value most?
- What questions or concerns do they have about it?
- What other ways might they use the product? This can open up marketing strategies you might not have thought of otherwise.
Once you have accurate, detailed data about your customers' mindset, you can refine both your product concept and your marketing plan.
You can (and should) look at how your competitors and industry leaders are marketing their related products. This should give you a feel for what works, and where you may be able to stand out.
What platforms and channels are they using? Inbound, outbound, specific ad types, etc.
Creating the Plan
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