More Launches With a New Product Marketing Strategy

It brings a lot of excitement for a business owner to launch their new products. This is of course because after long time preparation, you are now ready to let the public know your product and put an assessment on the feasibility of your product. Aside from that, recovering investments and earning profits will start rolling as well.

Successful launching of the product is the result of careful and comprehensive research and studies. It is a process that requires a lot of effort. You can’t just go out and launch your product in the open. Long term product success means long term hardships as well. A new product marketing strategy of producing new product for follow up launching and distribution has claimed that most business owners have gained lots of profits and stayed being successfully stable through it.

Being creative and innovative will give you an advantage in producing fresh product to be a follow up of your previous product. These products will generate more money at the same time that you generate profit on your other products as well. So don’t just be focused on the present condition because new product launch can really be a perfect way of having more profits. You don’t have to worry about new ideas regarding the production of new products because there are Product Launch Managers who can help you have an eye on that.

On the other hand, extending the range of your product should only be done when your clientele are ready to purchase something new. Existing needs will determine whether the market is ready for the new product or not. Timing is important as well. If you launched your product too early or a bit late from the actual demand of your market, then be ready for a failed launch. However, your efforts will not all be wasted. It will just take longer time and more money to be allotted before you achieve success. As you add new products to your business, focus will be a very critical aspect. Multiple products that are launched should be intended for various targets and should be located on different areas too. You can’t offer multiple products on the market all at the same time in as much that you can’t let a single team handle multiple products as well. Simultaneous launching of different products is important to avoid confusions and in order for the team to be focused, one team should be assigned to a single product only.

The two most common mistakes committed by business owners are the lack of focus and innovation. To be particular, companies tend to develop and introduce too dull products that can’t cope with the expanding market. Or, in some instances, they tend to launch products that failed to reach the expectations of the market. These are also short in business strategy needed in the promotion of the product. If the launch is successful, there will be a boost on the sales. But is the launch failed, recall of the product will be done.

If you have considered these things before launching your product, then you can expect success and stability on your product launch.

New Product Marketing Strategy

Marketers have numerous tried and tested methods for developing successful new product marketing strategy, many of which include some kind of social media element. This means that a new product marketing strategy is now largely reliant on the Internet. Success always starts with a strategy, and for your new product, this is a necessity.

Internet marketing has become so vast that marketers need different strategies for marketing products through different online platform. A Pinterest strategy will not look like a Facebook strategy; therefore, it is important to determine what kinds of Internet marketing are most appropriate for your product. However, there are some general practices that should always be applied.

Finding Your Demographic

When developing your new product marketing strategy, start by compiling a list of the kinds of people who will be most interested in your product. Be as specific as possible. It might be helpful to take your description of your target market and identify real people on social networks who represent your target customer.

Generate a Buzz

Offering freebies is also a great way to generate a buzz about your product online. Ask people to share or Retweet a photo of your product for a chance to win one for free. Freebies and promotional offers can also help to brighten up your everyday press release to bloggers. Find a blog that has a niche that relates to your product and offer them free samples in exchange for writing a review of your product.
If there are celebrities or industry influencers that fit your target market, offer them freebies. If they like your product, chances are they’ll send a “Thank You” tweet or post that will drive loads of online traffic to your product’s social media accounts or website.

Use SEO

New product marketing strategy should also include Search Engine Optimization (SEO). Analyze your target audience and create a list of keywords they might use to search for similar products. If possible include SEO in your product description or any press releases you submit online. Implement SEO through developing a blog as a part of your product’s website. Your blog’s content determines the success of your SEO strategy. Chances are competitors are using the same words, so providing useful content for your target market is important.

Use blogging and other forms of social media to become an expert in your product’s industry. Use websites like MeetUp and Eventbrite to create powerful events surrounding your product and press releases to tell people about the events. Examples include gallery showings, tastings and fashion shows. Also, join or create LinkedIn groups where you can share information about your product on discussion boards. Sharing and linking back to your website through these social media outlets will also help to build your SEO profile.

Creating a new product marketing strategy is necessary for launching a new product in any market, online or in brick and mortar stores. While not every plan is successful, it is almost impossible to be successful without first developing a plan. A new product marketing strategy is key.

New Product Channel Sales Introductions – An Accessible and Comprehensive System for Partners

Companies are experiencing New Product Introductions (NPIs) much more frequently today. Product life cycles continue to shorten and the cycle time from development to introduction is decreasing as well, even for equipment manufacturers. Product introductions used to be sequentially managed, step-by-step, from design to manufacturing to marketing. But with the constant pressure to release new products to remain competitive, the process had sped up. Technology now allows for the simultaneous development and coordination of new products, encompassing all departments, including design, engineering, manufacturing, accounting, marketing and sales. Today’s reality? More sophisticated products are being launched, more frequently, with diminishing “first mover advantage” in the marketplace.

Many product launches succeed in this environment for sure. However, many fail. One research study suggests an overarching reason for this failure:

“The biggest problem we’ve encountered is lack of preparation: companies are so focused on designing and manufacturing new products that they postpone the hard work of getting ready to market them until too late in the game.” (Why Most Product Launches Fail, Joan Schneider and Julie Hall, Harvard Business Review, April 2011)

This lack of market readiness can be intensified when a company markets its products through a dealer or channel network. If you’re ready but your dealers aren’t, your product launch will fail. (For simplicity, I use the term “dealer” to encompass all different kinds of channel partners including distributors, dealers, VARs, resellers, etc.)

Today, more and more companies are using Partner Relationship Management (PRM) systems to steer new product introductions to (and through) their dealer network. A PRM system is web-based channel management software that unifies all facets of managing a dealer network into a single partner portal. Using training/certification, marketing communications, collaboration, and dealer readiness tools, manufacturers can provide an accessible yet comprehensive system so their dealers are ready and excited when new products are introduced into the marketplace.

Are Your Dealers Really Trained?
If people are not educated about a product, they won’t believe in it, and they won’t be committed to selling it. Sales people like to sell what they’re used to selling – usually the old product. Launching new product training through a partner portal can offer the most effective way to quickly train and generate a sales person’s interest. Once features and benefits are learned, sales people can more easily become excited and committed.

Dealer sales person training is key. Train them immediately at product launch, so they are already prepared when their customers get the news. Help the dealer principals accomplish this as efficiently and effectively as possible – don’t make the exercise a time-consuming, take-forever task. Give sales people a certification goal to entice them to achieve. And provide them a reward and recognize them for their success. A PRM system can manage this sales enablement for a company and its channel partners.

Are Your Marketing Materials Readily Available?
You can spend vast sums on brochures, press releases and product information bulletins, but if they cannot be found they become useless. Your dealers must be able to easily access and download the exact information they need to help you market your new product at the exact point in time that they need that information. A Content Management platform integrated into the PRM system provides an efficient process for discovery and delivery of new product marketing materials. Give your dealers what they need when they need it, thus making it easier for them to sell it, while improving your ROI.

What is the Reaction to Your Product Launch?
Getting early feedback from dealers and customers is vital to gauge the success of the product and its launch, and to make mid-course directional changes if needed. Peer-to-peer, ask-the-expert, blogs and other social media platforms are now great ways to both receive important feedback, and to embed best practices across the dealer network. A PRM system that incorporates these kinds of activities can help manufacturers understand what is happening in their dealer channel, and take advantage of the excitement created by the new product launch itself.

Most companies today create a new product website for the general public to drive demand. That makes sense. Now, more and more manufacturers have learned that creating ‘internal’ portals using their PRM system to create a ‘campus’ or virtual meeting center focused on preparing and galvanizing dealers to support the product launch and drive customer demand in an integrated way leads to much greater profitable sales results. These centers focus the information and extend the awareness, preparedness to support, knowledge and excitement of the new product launch further than was possible before.

Is Your Channel Ready for Your Product Launch?
You can’t manage if you can’t measure. When your boss asks you if your dealers are ready to effectively sell and service your product, the answer, “yes they are – trust me,” is not going to cut it. These days, you must have the metrics to prove it. With a PRM solution including performance measurement tools, dealer management is easier. A company can establish a performance standard, measure against it and support their partners in achieving it. Sophisticated technology-enabled tools using dashboards and reports-on-the-fly allow a company to measure many of the critical elements of a product launch with a holistic basis of objective data. Certifications, meeting and webinar attendance, Market Development Fund (MDF) allocations, lead status, order analysis, and more can all be a part of a real-time performance standard that today’s PRM systems enable.

Avoid a “Bad” Product Launch in Your Channel
Most companies in today’s unforgiving market cannot afford a “bad” product launch. What is the cost if your partners are not ready to market your new product? Too many managers lose sight of lost sales, wasted marketing funds, sluggish demand and channel conflict. If the new product is replacing an older, successful product that is a significant part of the company’s business, product launch failure is not an option.

Companies today are using technology to extend the reach of their new product launch budget. PRM systems, built with the right tools and accompanied with the right strategy, can greatly increase the chance of marketing success of a product launch in the channel. If you make it easier for your dealers to work with you and to get the information they need, New Product Introductions can be launched smoothly and effectively.