New product development helps companies diversify target customer ranges and expand into new market segments. When you’re ready to launch a new product, a marketing strategy can help you connect your customers to the new products before they are distributed by building interest and excitement around the product.
Your marketing strategy should strengthen all touchpoints, use customer data to deliver personalized targeting, and your company should reinforce the brand from every angle. Keep the customer experience as the focus across each stage of building your strategy.
Whether your company is developing new products or making improvements on classic designs, your product marketing strategy helps new customers gain interest. Knowing how your product competes against your competitors, adjusting your business’s culture around a brand, and allocating funds should all be part of your marketing strategy.
Combining traditional marketing methods such as TV, radio, and print ads with digital marketing trends such as websites, social media, and emails help to reach a wider audience more quickly, for less cost, and with fewer resources. Keep your customers in mind across each stage of the process.
A product marketing strategy prepares your business to allocate funds and resources, evaluate risk, and provide time management for your product before it reaches new market segments. Your business strategy should clearly define your product, set goals for product launch, set pricing, and above all account for the customer experience across each stage of the process.
Tips for an Effective Product Marketing Strategy
1. Start Product Marketing Early
Before you begin marketing, it’s a good idea to define your product. Unless you’re a major brand name, customers don’t typically react well to ambiguity.
- What does your product do?
- How does it compare to your competitors?
- What values and attributes will your product have that set it apart?
Once you establish a clear set of benefits, then you can identify why there is a need for your product in the market. Consumers are most concerned about the price, quality, function, and availability of your product.
The biggest part of product marketing is testing customers. Many companies offer sneak peaks and sample groups to test products. Gauging reactions, filling out surveys, and collecting data about the usefulness of your product should be your first priority in generating your marketing campaign. Without a positive reaction, there won’t be a campaign.
A marketing consulting firm can help you identify product development issues and strategize ways to reach a wider audience.
2. Share on Websites and Social Media
Once your product is tested in focus groups and is received well, build a landing page for your product.
Add an opt-in email feature to collect more information on customer preferences, and generate interest at the same time.
Keep your consumers updated, excited, and informed as new developments occur.
Build a Facebook page, a Twitter account, and start informing customers about your product.
3. Get Your Team On Board
Is everyone in your company informed and excited about working on your product? Every employee has an idea, so listen closely. Sometimes the biggest marketing innovations come from unexpected team members.
4. Set Goals and Plan Your Budget
An essential part of any marketing strategy is planning ahead. How much time and resources are you willing to allocate to launch your new product? Designate teams and leaders that keep your company on time for a product launch.
5. Product Marketing Support
Develop content, brochures, videos, and materials to support your product. If your product is technology-based, begin training a customer service network and build a framework for warranty, repairs, and support.
Your marketing strategy should be a cross-channel collaboration. Use email, web, social media, SEO content, websites, and new digital strategies to reach your target audience.
Your Product Development Specialists
At CMG, our marketing specialists can help you design, implement, and activate your product development marketing strategy. We work with your teams in the trenches to test your products, refine your audience targeting, set prices, build better brands, and sprint to success with agile solutions. Let’s talk today and move your business strategy up and to the right.
Let's talk about how we can accelerate your ability to create value. We're here to help. Get in touch with us today!
Customer-focused strategy: http://smallbusiness.chron.com/product-development-strategy-definition-5144.html