To have a brilliant idea of a new product is not enough to make it successful and worth buying by millions of people. First of all you have to make a SWOT analysis for your business and for the market, where you want to launch a novelty. Secondly, you have to define the profile of your customers and check if it matches the product you have developed. Thirdly, you should calculate the price of your product and check if it is affordable for your target audience. All these exercises will help to define the marketplace of your product.
Once you have calculated the cost of the production and the pricing of your product and you are sure, that it will be a profitable business, you have to create a good and memorable name and branding of your product. But that is only the beginning. The whole team of marketers and PR managers together with sales managers and others has to work hard to make your product a top of mind of millions of people. You have to create a marketing and communication budget that will help to place the adverts in all the touch points with your consumer and to cover as big quantity of people as possible. The ways of advertising are various. The most popular and working of them are TV commercials, promotion in social networks, samplings, context advertising etc. If will also be useful to have the Internet site with the detailed information on your product and the possibility to buy it. This site will work as an information platform, advertising tool and an e-tailer. The kind of media for advertising or their mix should be chosen basing on the kind of the product, the consumer profile and, of course, on your budget.
All good brands have their philosophy and the companies have their vision and mission statement. The teams of professionals work on the image of the brand and reflect it in everything: products, advertisements, communication materials, behavior, etc. Take some time and create a workshop, the purpose of which will be to decide the image of the brand that you want to create, its rational and emotional benefits. Having this information, you will easily find the appropriate marketing and promotion strategy. Don’t forget about a catchy and memorable slogan for the new product. Make it short and funny and everyone will remember it. Don’t go too far with humor in your adverts as it may harm the image of your brand. Whatever you do, think about the consequences.
The brand awareness can be reached by means of the word of mouth, which is easily created by the social networks or high quality-blogs. Moreover, you may communicate with your consumers on Facebook, Twitter, etc. and get their insight first hand. It’s critical to be flexible and fast in changes implementation and response to the new market trends. There is a new fashion of promoting a product by means of blogs, Instagram, Pinterest etc. Why not to use them as well for the benefit of your product?
To make a long story short, first calculate if it is reasonable to launch a new product and only after you are 100% sure, that it will be profitable, start thinking about the marketing part and the promotion of your novelty. Good luck and have fantastic sales.