CMG Partners Blog

How To Market A New Product

So you’ve successfully developed a new product for your company. Congratulations! The hard part isn’t over: now you have to successfully introduce your product to the market and convince consumers of its value.

Knowing how to market a new product can be a challenge for all businesses, but our expert tips for a successful product launch will help you develop a plan, test it out with your customers, and ultimately sell your product or service so you can be on to the next big thing.

When it comes to successfully marketing a new product, there is no one-size-fits-all solution. Even though your marketing needs may require a customized touch from a team of strategic and pragmatic consultants, there are a few steps all business leaders can take to set them up for success. Improve your next marketing launch and make your next product marketing venture a success.

Do you have a new product to launch, but are unsure how to market the new product? Marketing new ideas to your target market can be tricky, but it helps to have a few tips in your pocket to help you along the way. Read on to learn techniques on how to maximize your market potential during your next product launch.

Don’t Underestimate the Value of Proper Planning

The first step to any marketing venture is thorough planning. Creating a plan for marketing your new product is imperative, as it gives your business and marketing efforts a structure and a tangible destination. Take the time to craft a quality sales plan to help keep your strategy organized. Include items such as goals, activities, your target market and other relevant information to help keep you on track.

Adopt an Agile Mindset

Learning how to market a new product starts with learning how to be agile. The marketing practitioners at CMG are leading the way with Agile for Marketing (A4M) methodologies. Learning to adopt an agile mindset within you team not only empowers leadership, but it unites teams to have clear priorities and take ownership of entire processes, such as rolling out a new product launch.

Agile for Marketing leads to mindsets that are flexible, collaborative, and empowered while also abiding by methodologies that are set in structure, clear in roles and expectations, and ultimately teach people how to march together in the same direction. All of these characteristics are crucial to an effective product marketing campaign.

Understand Your Target Customers

A lot of marketing time, energy, and funds are wasted on targeting the wrong demographic. Before you start marketing, you need to take stock of who your target demographic is, and find ways that you can market to them directly.

Understanding your market isn’t just getting an idea of who your customers are, it’s about finding where they are. Certain demographics are more likely to use social media platforms, and others are more accustomed to traditional media marketing. Take the time to think through who you want to reach and plan your marketing accordingly.

Infuse CX with your employees

Invite all of your employees to participate in customer experience and determine how you can improve CX on all levels. Activating CX from within is the best way to prepare for a new product launch. Don’t rely on top-down approaches to product launch and customer experience; rather, engage all your employees to design customer-based solutions and determine how to serve the customer at every level.

Try Out Some Unique Strategies

When it comes to marketing, recent trends are leaning toward creative approaches. With the rise of technology, and in particular social media, creative marketing techniques are becoming more efficient and less expensive.

Depending on your target market, you may want to use social media platforms to market your product or partner with websites for advertising based on your demographic. Consider hosting giveaways, contests, and other unique social media-driven campaigns to engage your audience.

Craft a Customized Marketing Approach

When you are marketing a new product, it helps to have professionals who are qualified to go the distance. At CMG, we specialize in Agile for Marketing and innovative approaches to help businesses market new products. Our unique approach to marketing helps to ensure the success of marketing platforms by customizing the marketing to the client, not the other way around.

Realize your potential with CMG. 

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Sources:

Entrepreneur.com: http://www.entrepreneur.com/article/179084

Forbes.com: http://www.forbes.com/sites/steveolenski/2014/10/14/5-inexpensive-ways-to-promote-a-product-launch/