How To Develop A Marketing Plan For Your New Product Launch

April 18, 2018

By Mabel Miles

If you are working to launch a new product, the most important thing that you need to know is how you can market it properly. Proper and effective marketing can be answered by a good marketing plan.

You don’t have to be a marketing graduate to be able to make one yourself. Here are a few things you need to know about making a marketing plan:

Begin with extensive research. Your plan will not go anywhere if you do not have any adequate information about your market, your consumers, your competitors, and many more. You need to become aware of such information to be sure to market your plan at a right time, sell to the right people, and become better than your competition.

Most products only sell best at certain dates of the year. These are what you call seasonal products. If you are selling one of these products, you need to be sure that your product will sell at the time that you will be launching it. For year-round products, the right time can be based on the state of the economy and the buying power of the consumers.

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You also need to conduct extensive research in order to know who your customers or consumers are. Would you be catering to females only or are you selling to people of all genders and all ages? Would a child of a certain age become interested in buying your product according to previous experiences or market researches? Or is there a need for you to channel you energies towards selling to an entirely different age group?

Know your competition. Aside from researching about whom you are going against in the market, you also need to pattern your actions so that you will be able to compete adequately against them. If you have competitors who offer similar products that you have, you need to offer the same benefits plus a lot more. Consumers these days are particular about what they can get with the value of their money. So, the specifics and the overall marketing of the product will matter.

For you to rise above your competitors, you need to find that aspect where the consumers would rather buy your product and not settle for those from others.

Test your strategy. Once you have drafted your plans and your strategies, you will then need to test them. Testing is important so that you will be able to gauge the response of the general public towards your product. This comes from the information that you should get from a representative group of possible consumers.

Correct advertising. A product will only become well-known to people if you are promoting it well. Also, the promotions should be beneficial and should entice the public to buy your products. Make use of different forms of media to disseminate information of what you are selling. Based on your budget, determine the reach or the number of people you can introduce your product to. Of course, the more people you are able to reach, the greater will be the salability of your product.

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