This is how you implement a new product or service in the market

Are you planning to launch a new product? Then it is of course very important that you actually know how to reach your target group. But how do you increase your chances of a successful product market introduction?

As always, a good start and equally good planning is half the battle, so is the introduction of a new product.

This step-by-step plan will help you on your way.

  1. Speak the language of your target audience

In other words: Know what your customer wants to hear. How will you solve a customer problem with your product or service? Be short and concise, but make sure that you can formulate these most important principles succinctly and – also very important – that you speak the language of your target group.

Please note: you may want to approach multiple target groups with your new product, so they will probably have to be addressed differently. Don’t make the mistake of developing 1 specific communication for the entire target group.

2. Do market research first

Be focused: ‘Less is more’. This statement often applies to business matters, but it mainly applies to the marketing of a product or service.

No matter how many and which advantages your product or service can offer the buyer: it is often better to limit yourself to the advantages that your target group finds important and that allow you as an entrepreneur to distinguish yourself from your competitors.

The more specialized your product or service, the greater the chance that you will appeal to a specific target group in the market. Use the results of a market and industry survey for this.

In this way you increase the chance of a successful market introduction and decrease the chance of a communication failure.

3. Reaching target audience

An entrepreneur who launches something new on the market must therefore first have a clear picture of the target group. Who are the potential customers? Wat are they doing? What are their demographics? What do they need?

Then the trick is to take steps with that information in mind to actually reach that target group. There isn’t one right way to do that.

The nature of the product and the way in which it is offered also play a role. For a Web shop it makes sense to use online marketing, but there are many more ways to promote your product, brand or company than just putting a new website online.

4. Do a test phase first

Market research maps out the main opportunities and risks, often these are also processed in a SWOT Analysis, but this does not give you a 100% guarantee of success.

A good way to see whether or not the product is ready for launch and to determine if there is still some fine-tuning is to schedule a test period.

You can do this, for example, by offering a free pilot, in which customers are given the opportunity to respond to your service. The aim is to properly map out the answers to the following questions:

  • What do they like about the product?
  • To what extent does it really solve their problem/need?
  • What do they think is less good?
  • What do they think of the asking price?
  • Are they happy with the service?
  • What more could they wish for?

5. Increase your reach through social media

Social media platforms such as Facebook, Instagram, Twitter and LinkedIn nowadays offer endless possibilities to reach prospects. But not every platform is suitable for every target group. First, think carefully about your target audience and define where they get their information.

Build a following by sharing product developments, personal experiences, updates, blog posts and vlogs. The advantage of this strategy is that it is relatively cheap. It only costs you a lot of time!

If you go one step further, you can choose for online advertising. For a small amount it is possible to place advertisements on, for example, Facebook. By setting specific criteria for the ads, they will only appear in the timeline of your target group. That way you can introduce your target group to the new product relatively quickly!

6. Get your SEO right

Search Engine Optimization, or SEO, is playing an increasingly important role in the sales process of (new) products. When your prospects have heard of your product, it is likely that they will look for a web shop or more information via Google. Of course you want to appear at the top of the searches. You realize this by using the right keywords in your website content, but also by using Google AdWords, for example. Too complicated? Fortunately, there are countless companies that specialize in SEO! Google it, the best are probably at the top of your search.

7. Don’t be modest

Go big on the product launch. This is a special moment. It is the first opportunity to introduce the market to your new product. And where better to do that than in a place where all players from your market come together?

That’s right, a scholarship! This is an ideal opportunity to make an impact and leave an unforgettable impression. By using the right stand you know how to attract attention and your prospects can really experience the product. As a result, you go home with a list of new customers, leads, suppliers, and potential partners.

Set up your stand in such a way that visitors cannot ignore your product. With the right trigger and good activation you stand out from the crowd. Of course, don’t forget to create the necessary “buzz” online … as discussed earlier, social media are the ideal channels, but choose the right channel for each target group.

Would you like to know how I can help you to market a new idea, contact us for a free strategy session. Click on the link below.

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