Your Guide to Successfully Marketing a New Product

The next step after launching the product and achieving your first goal, which is to increase sales, is to define an effective strategy that helps you market a new product successfully. Marketing without defining a strategy will cost you a lot of effort, money, and time. What does a company do to successfully market a new product?

Although Apple is the first brand that comes to mind when talking about smartphones and tablets, this does not preclude it from developing a marketing strategy every time it launches a new product. The technology industry giant Apple succeeds in making a fuss about any new product it launches. So that the demand for the first copies starts from the early hours of dawn, and millions of copies are sold on the first day of the product launch. The success of Apple and other companies in marketing a new product is not a coincidence, as they follow effective strategies to attract potential customers, attract media attention, and promote sales, what they do Apple can do any other company, regardless of its size, when you start marketing a new product. Here are the most important steps to do that successfully:

Before marketing a new product, start by studying the competitors

By observing competitors on an ongoing basis, you can learn about their behavior, and so can start to anticipate what they are likely to do next - Arthur Weiss, Managing Director, Aware

Reviewing marketing materials for competitors in the market is an essential step for success in marketing a new product. Studying competitors' marketing strategies gives you a very important opportunity to learn from their successes and mistakes, avoid imitation and repetition, and develop a unique marketing strategy.

You can monitor the way your competitors market by conducting market research, looking at the content they provide, their presence on social networking sites, the data, reports, and statistics that are published, talking with customers, attending conferences and exhibitions, conducting opinion polls … etc., analysis can also help you SWOT, in understanding your position among your competitors by studying the strengths, weaknesses, threats, and opportunities, and analyzing the strengths of your competitors' businesses, and then discovering how you can benefit from these factors.

Apple phone sales declined to second place in favor of the Korean electronics giant Samsung in the first three quarters of 2017, but with the iPhone 8, iPhone 8 Plus, and iPhone X on sale in the fourth quarter, Apple returned to the fore again, the secret to that is that Apple monitors its closest competitors Samsung closely and is doing everything in its power to overcome it, the competition between two global giants such as Apple and Samsung does not prevent them from observing a new competitor in the market such as Hawaii, or even an old competitor seeking to strengthen its position in the market such as Nokia or Sony.

Competitive advantage is the core of marketing any new product

You need to create a unique value and competitive advantage to distinguish yourself from your competitors and succeed in marketing a new product, and a competitive advantage is the set of advantages and features in your product or service that are unique and meet customer needs and expectations. Simply put, the competitive advantage is knowing why customers will want to buy from you instead of choosing a wide range of competitors in the market, and the competitive advantage enables you to create value for your customers that your competitors cannot achieve. Your competitive advantage may be, for example, that you offer lower prices, faster service, better service Better clients, more favorable geographic location, higher quality, or other factors…

For Pizza Hut, the competitive advantage is the speed in delivery, Zappos is characterized by high-quality customer service, and for Apple, technological progress is its competitive advantage. The giant company spends huge amounts of money on research and development, which makes it look to the future instead of focusing on the present.

Target the ideal customer

“Marketing is about understanding your buyers well, very well, and then creating valuable products, services, and information for them to help solve their problems.”

If you don't understand your customers, you can't determine why they prefer your business. Your efforts to market a new product will succeed if you can examine the characteristics of the people who are likely to buy from you to help you target your ideal customer, by looking at groups of consumers who buy similar products

Leading brands use consumer and shopper data and statistics to increase return on investment, retain customers and consumers, find new opportunities and new markets, to target the right audience Determine the demographics of your customer base, do you sell your products to B2B companies or B2C individuals? If you are targeting companies, you should find out what kind of companies your products sell to? If you are targeting individuals, you should specify their age, gender, income, etc.

Get close to your customers on a personal level, get to know their hobbies, and interests, and see which aspect of your business or product might resonate with them? Do they appreciate the unique features your product or service offers? And how willing are they to buy from you? Apple's marketing campaigns, for example, succeed because they target the audience of young, high-income customers who are interested in everything new in the world of technology.

Define your marketing strategy

When you have ensured that your product holds a competitive advantage, and you have obtained enough information about your competitors and potential customers, you have determined a marketing strategy that can help you achieve success in marketing a new product. You will need to use a variety of marketing and advertising methods to explore the feasibility of the new product and its effectiveness. Your marketing plans, you can choose to market through social media, through traditional media through authorized agents, or by sending an official statement to the media.

You can also show your product to famous people to try it and write reviews about it (for example, Apple provides a sample of its products to journalists who are famous for their interest in technology to try it out, write reviews about it, and conduct media coverage about it). You can also use several different methods of marketing simultaneously. Be sure to track results and change your new product marketing strategy to suit consumer trends. You will constantly need to renew and change your strategy to maintain customer continuity and ensure diversification and innovation in marketing campaigns.

Launch your marketing campaign

Marketing campaigns aim either to increase brand awareness, increase sales, enhance customer loyalty, educate customers, or others. But the goal of a marketing campaign for a new product is to introduce a new product in the market. Design a marketing plan that suits the audience. Targeting an audience of women is different from targeting an audience. Males and targeting individuals is different from targeting companies... Thus, the appropriate channels should be chosen to launch the campaign, and a period should be set for launching and ending it. The campaign cannot remain for a year, for example. When you finish launching a new product marketing campaign, make an evaluation, and ask the following questions During the review:

1. Did you achieve the goals? If not, why?
2. Did your offer meet your target audience? If not, what can you offer?
3. Should anything change the next time you launch the campaign?
4. What did you learn from this campaign that you can use in your next campaign for this audience?

Conclusion

Previously, marketing a new product was not possible for many startups, but thanks to the openness of brands to technology, and the wide spread of social networks among users; Marketing a new product has become easier than before and at the lowest costs, ensuring the success of the marketing campaign requires targeting the right customer, preparing an effective plan, setting goals and setting a schedule to launch the marketing campaign successfully. You can benefit from marketing experts in an independent platform to help you launch strong and effective marketing campaigns for your products. new.