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How to Market a New Product Successfully

Generating a sense of anticipation about your newly developed product is exciting, but it can also make or break the success of your new launch. Develop a solid marketing plan and empower leadership to ensure your product meets the needs of your potential consumers. By incorporating go-to-marketing early and throughout the process, companies will increase their likelihood of success. 

Marketing Strategy Tips for a New Product Launch

1. Engage customers in a new way and accept input.

Before you gather feedback from customers, activate customer experience from within the organization. Top-down cx strategies have proven to be less effective; rather, consider how every employee and every aspect of company culture can lead to CX-DNA transformation. As a CMO or marketing director, you know it's often difficult to engage with customers in a personal way from the top. Being truly customer-focused requires a change that is more than skin deep.

You shouldn't rely on CX activations that follow a standard plan, just as you shouldn't rely on a standard marketing strategy for your new product. Conduct research and learn to recognize the individual employee roles, personalities, and subcultures. A singular message without context and personal relevance will fall on deaf ears, so consider your audience carefully. How can you engage them with your product on a deeper level?

 

2. Fail early to address risks with new product development. 

Don't get stuck into the pattern of using a single, standard new product development process applied to every new idea. Instead, start with the idea itself, and then create a new process that is relevant to the product. The chosen process should be designed to focus on the unique risks and opportunities with the new product. An overly complicated process can end up prolonging the product creation and lead to an unwise time investment into an idea that isn't realistic. See a list of critical risk questions to ask throughout the process.

3. Don't treat marketing as an after-thought.

Tossing a new product to the marketing department for last-minute promotion is not the course to successful product launch. Products don’t just stand on their own. This could include leaking videos that educate your target audience on how your product is different from your competitors. Innovation is interesting, but education is essential for your audience to be able to really appreciate what you have to offer.

For more advice on creating a marketing strategy for your new product launch, call the pragmatic, creative marketing consulting team at CMG. People are the heart of CMG, and we will help you not only embrace change but create it. We're the architects of your next big idea. 

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Sources:

http://www.entrepreneurial-insights.com/how-to-launch-new-product/

http://www.forbes.com/sites/neilpatel/2015/03/16/8-elements-of-a-robust-product-launch-strategy/

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