Work together to develop a successful marketing campaign.
Introducing a new product is not an easy task. Companies often spend large sums of money to ensure the proper steps are taken before launching a new product into the open market. Steps such as market research, product testing and developing a sound marketing strategy are all critical to the successful launch of a new product.
Market Research
Market research should always be the first step before introducing a new product. Research can be conducted by gathering information from potential customers via surveys or online polls. This helps solidify whether a product has a place within the market. Also, gathering sales and production statistics from similar products can help make decisions in regards to distribution and pricing.
Product Testing
With a prototype product in place, testing the product at a public level is critical to determining if any modifications or improvements will need to be made before launching the product into full-scale production. Depending on the product, these tests can be conducted by market-research companies or by demoing the product at public trade shows to gather public opinions.
Distribution
Choosing a distribution company is key to launching a successful product. The chosen distribution home should fully support the product, be able to meet the potential supply and demand, and operate at a cost that ensures the company will be able to place the product at a price point that consumers are satisfied with.
Price Point
Often it is wise to offer a special "sale" or lower price when launching a new product. This may initially result in a lack of profit, but often helps create a sufficient return-customer base when reinstating the original price to the product.
Product Training
Consumers are more likely to purchase a product that the retail staff is knowledgeable about. The retailer that will be carrying a new product should be given sufficient product training. This will ensure that customers receive the proper knowledge about the product in order to make an informed purchase.
Marketing the Product
A sound marketing plan to support the product's launch is the final -- and the most critical -- step. A top-notch marketing plan should include advertising via trade shows, promotional literature, technical literature, product sampling, promotional incentives, website and online banner ads. While marketing is a critical step, it must be in sync with the other steps to ensure a successful launch.
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