5 Strategies For New Product Development
Product development is an inner process that the creative team and inventors share within a corporation. Needless to say, once the actual product is developed, there comes a point to share it amongst the rest of the world for consumption. However, if the product doesn’t have a marketable future, no amount of marketing will help it, no matter how innovative it is and how effective it solves consumers’ problems.
A Thorough Understanding Of Market Research
But what sort of market research should be conducted before releasing a new product into the market? Without market research, product quality is compromised. Moreover, there is also scope for cultural probing which is more relevant to an innovator than to a manufacturer. Companies routinely use social media for market research nowadays and they even use websites like SocialGreg to reach more users and collect more feedback. Here are some insights on how to conduct proper product marketing research.
Elements Of A Comprehensive Marketing Plan
A comprehensive marketing plan always provides a good platform for brainstorming and for cultural probing. It should, in fact, include at least three elements-a clear strategy, a clear vision of the target customers, and a solid understanding of target marketing objectives. Furthermore, a marketing plan allows for the effective implementation of strategies and enables the company to make informed decisions about its future product launches. But what exactly constitutes a marketing plan? Basically, it includes a list of goals and objectives as well as a detailed analysis of the strengths and weaknesses of the company’s products. The next step is for the sales team to develop and implement a comprehensive marketing plan, which not only covers the short and long-term goals but also has a solid strategy for achieving those goals.
Budgeting Your Marketing Strategy
After developing a strategy, a firm must then sketch a realistic budget on how much money is available for marketing. Once the budget is in place, start tracking expenses for each of the planned marketing campaigns. Identify the cost components that are essential to the success of each campaign, such as the budget, the resources needed for the execution of the marketing plan, and a reasonable estimate of the number of prospective customers or subscribers that will be reached through each planned marketing effort. Next, incorporate these measured costs in the overall marketing strategy to estimate the effectiveness of each aspect of the plan.
The target audience should also be identified in the budget. Next, determine what demographic segment the new products will be appealing to. For example, if the target audience is college students, then the marketing campaign should cater to them specifically. On the other hand, if the target audience is the working adults, then the campaign could be broader, targeting all the people in that particular segment. A marketing plan should consider the fact that different products will appeal to different audiences.
Reaching The Target Audience
During the marketing campaign itself, use the appropriate tools and platforms to reach the target audience. Social media is one of these tools, allowing for the marketing campaign to be more interactive and open for all feedback. However, this platform is also a great way for potential customers to find out about the new product launch. It is therefore important to keep this resource in mind when planning the marketing campaign. When posting the information on social media sites, make sure that the links are clickable and there are clear instructions on the manner in which people can get involved in the campaign.
Monitoring Your Results
Finally, use all the resources at your disposal to monitor the campaigns as they unfold. Use the metrics tools available to you to ensure that the efforts are yielding results. A good example of such a tool is Google Analytics. These tracking tools allow you to track the performance of each marketing campaign as it unfolds. Also, they provide you with insights on the performance of your competitors, allowing you to adjust your strategies accordingly.
There are a number of ways that a successful marketing plan can be implemented. The most important is through the evaluation of the customer’s needs and tastes. If you do not know what your target audience wants, you cannot possibly serve them. Be careful not to push your marketing messages too firmly, though. Instead, cultural probing will allow you to see where your customers are coming from, and where they may need some adjusting. Once you have this information, you can fine-tune your message to better serve the needs of your prospective customers.
