How to Create a Marketing Plan for a New Product

Did you know that there are about 30,000 new products released to the public every year? That’s about the same number of products that you’ll find in your average grocery store.

With this in mind, you’re going to need to have a strong product marketing strategy in your back pocket if you’re planning on releasing a new product sometime soon. It’s not going to stand out in the crowd without a marketing plan for a new product.

If you don’t already have a sound strategy in place, you should learn how to market a new product ASAP. It’ll ensure that your new product launch is a total success right from the very start.

Here are some product marketing tips that should put your product in a great position when you first release it.

Clearly Define the Market for Your Product

Who do you think is going to be the market for your product? Is your product going to be perfect for:

  • Teenagers?
  • People with kids?
  • Sports fans?
  • Those over the age of 50?
  • Anyone who has been diagnosed with a specific health condition?

One of your first goals when trying to create a marketing plan for a new product should be to clearly define the market for it. The more specific that you can be, the better.

Obviously, it would be great if everyone in the world purchased your product. But there’s a good chance that there is a set group of people that is going to be more interested in it than others.

You want to find a way to get those people interested in your product. And you’ll have an easier time doing it after identifying who they are.

Come Up With a List of the Top Selling Points for Your Product

While you’re in the process of trying to identify the market for your product, you should simultaneously try to come up with a list of the top-selling points for it. Ask yourself, “What are the things that people are going to love about my product?”

You might be a little bit biased. But you should have a pretty good idea of what it is that people are going to appreciate about your product.

You’re only going to have a few seconds in most cases to sell people on your product and let them know why they need it in their lives. Make it your mission to come up with the things that are really going to wow them.

Figure Out the Best Way to Market Your Product

There are literally dozens of ways in which you can market a product to people. You can:

  • Shoot a TV commercial for it
  • Run an advertisement for it in a magazine
  • Create an internet video for it
  • Post photos of it on social media

What is going to be the best way to market your product to people?

If you have a product that requires some explanation, creating an internet video that breaks down the finer points of it and shows it in action might be best. If it’s more self-explanatory, a simple ad in a magazine might work just fine.

You’re probably not going to have the funds to market your product in every which way. You need to pick out the methods that you think will be the most successful and run with them.

Look for the Right Places to Market Your Product

Once you know which method (or better yet, methods!) you’re going to use to market your product, you’ll need to find the right places to do it.

If you’re going to market your product with a TV commercial, you’ll need to pick the stations that it’ll run on. If you’re going to market it on social media, you’ll need to select the social media platforms that you’ll use to your advantage.

You should look for places to market your product that attract lots of eyes from your intended audience. This will maximize the exposure that your marketing efforts will get.

Consider Asking for Help From a Marketing Company

Marketing a new product is not for the faint of heart. It requires a lot of hard work and expertise, and it could result in you wasting a whole bunch of time and money if you’re not careful.

If you don’t know if you’re up for the challenge, you might want to bring a marketing company on board to assist you. They can help you figure out who your target audience is, manage your product information, and more.

It never hurts to ask for help when you’re not sure what steps to take while marketing a new product. You only get one chance to make a first impression with your product, so you need to make it count.

Take a Look at the Response to Your Marketing Efforts and Adjust Them

Regardless of whether you create a marketing plan for a new product yourself or hire a marketing company to help, you should take a close look at the response that your efforts get and tweak them, if necessary.

If your product doesn’t generate the kind of buzz you’re looking for right away, you might want to call an audible and change your approach on the fly. It’ll help to get your product the attention it deserves and help prevent it from getting lost in the shuffle.

Create a Winning Marketing Plan for a New Product

You might be getting ready to release the most innovative product in the world. But if you don’t have a great marketing plan for a new product, it won’t even matter.

People aren’t going to hear about your product without the right marketing push. They’re also not going to feel like it’s a product that they need to have when you don’t have a well thought out marketing plan in place.

It’s why you need to work just as hard creating a marketing plan for a new product as you did when developing the product itself. It’ll make a huge difference in the end.

Get more marketing tips and tricks by reading through the other informative articles on our blog.

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