New Product Advertising

New product advertising looks a little different from what it did 10 years ago. In the past, when a company began new product advertising, they would spend ridiculous amounts of money on marketing through newspaper advertisements and radio spots. Companies would submit a press release and product description to a newspaper or magazine and hope the publication wrote a review. Since then, the practice has changed drastically.

In some ways it has become a little easier. In other ways it is far more complicated. These days, much of the advertising for a product or service is done online. Advertisers are finding that better results are coming from Internet and mobile marketing than through traditional means.

However, with this change, companies that are developing products and services can spend a lot less money on advertising if they have a strong in-house team. The face of new product advertising is changing. While web page and clickable in-app adverts are extremely successful, there are several free alternatives.

Offering Products for Review

Companies can offer a complimentary sample of their product in exchange for a review. For example, a company marketing an organic face cream might submit their press release and product description to a beauty blog or a blog that focuses on green living. There may be a fee for a post, but some bloggers will post a product review in exchange for free samples or promotion of their website.

Using Free Webimercial Services

Another free way to advertise is through producing a webimercial and posting it to sites like YouTube and Vimeo. This allows advertisers and product supporters to share the video with their friends and family without paying for a 30-second television spot. In fact, unlike a television spot, it can’t be missed. Advertisers don’t have to choose the best times to air their commercial, and they don’t have to worry about paying top dollar during primetime or special events. This is a crucial new product advertising method.

Using Social Media

New product advertising has also changed in that companies can choose to purchase pay-per-click adverts or sponsored posts on Facebook or Twitter. While this is a little more complex than free blog posts, it can also be much more successful. Advertising Directors and Marketing Managers can target certain demographics such as age group, location and even taste in music.

There’s no doubt that new product advertising strategy should be based on the product and its target market. If your company’s demographic is more likely to pick up a newspaper than a laptop, traditional methods still apply. When developing a strategy for marketing a new product, advertising executives must use the most cost effective way to advertise the product while also yielding the most lucrative results.

The best practices of new product adverting haven’t changed much. It’s still important to develop a press release, and still important for a marketing department to know what’s best for their product. Much of marketing has, however, gone online. Whether marketing a new product online or through traditional methods, having a strong strategy in place is crucial.

How to Launch a New Product

When considering how to launch a new product, you need to be aware that a serious strategy is needed in order to be successful. To learn how to launch a new product, you must plan properly ahead of time to make the product a great success. You should conduct research on similar products and their particular features and special offers. You can then tailor your own product to address weaknesses elsewhere and promote the superiority of your design.

Building a Website

Many products have a website. This site must support SEO, or Search Engine Optimization, and standard policy so that your website appears on search engines such as Google. Do remember that this site is the base home of your product. You should promote it alongside your press release and product in order to drive traffic towards the site

The site should provide content alongside useful information such as contact details and where your product can be purchased. This is an essential step in learning how to launch a new product. The content should be informative and powerful enough to keep your readers engaged. It must also be informative and factual, giving readers a detailed understanding of your product without boring them to tears.

Writing a Press Release

Alongside your site, and although its importance has decreased in recent years, you should also consider publishing a press release. This should contain your unique selling point, as it is an effective means to improve your sales and is a key point regarding how to launch a new product. It is also a good idea to include testimonials in your press release to promote the support your product has already received. You may also choose for your press release to have a comparative analysis of other products on the market, but remember to highlight why your own design is better than your competitors. Send this press release to relevant publications and your followers.

Social Networking

Social media is a great tool to increase the sale of any product online. Several sites offer to advertising schemes at an agreeable price. For example, Facebook operate on a pay-per-click scheme. As these sites also allow you to target certain demographics, they give great scope to promote your product to those who really care.

Besides advertising, you can create a page or a group for your product so that there is an area for you to engage with your customers… This will facilitate free but effective marketing of your product.

When considering how to launch a new product, strategy is very important but not the most important thing. The most important thing is the quality of your product. If your product quality falls below the mark, or if it fails to go ahead of other similar product in terms of quality, you may fail to do expected business. Now, you should know how to launch a new product.

Businesses Pursuing New Product Development

With the aftermath of globalization, companies are carefully thinking about the best ways to extend their product and service offering. Thus, product development strategy is critical for their success. Yet, many companies are in defensive mode and merely want to maintain the position in the market place.

However, staying in a holding position is a definite way for companies to be left behind. Innovative thinking that allows for product/service growth is a too sure way for sustainable success. In today’s discussion, we will explore the importance of product development for the growth of businesses, especially in a competitive market.

Launching into new product offerings is not easy. According to one market research, approximately 75% of consumer-packaged goods and retail products fail to earn even $7.5 million during their first year. Harvard Business School Professor, Clayton Christensen, who is the world’s foremost authority on disruptive innovation, suggests that the failure rate of new products may actually be as high as 95%. Product failure rates relate to the number of products that are launched commercially but fail.

Geoffrey A. Moore, the author of Crossing the Chasm, maintains the challenges of product deployment: “… the less successful product is often arguably superior. No content to slink off the stage without some revenge, this sullen and resentful crew casts about among themselves to find a scapegoat, and whom do they light upon? With unfailing consistency and unerring accuracy, all fingers point to-the vice president of marketing. It is marketing’s fault!” Thus, new product development is a risky proposition to senior executives making these critical positions as well as the organization as a whole.

Businesses that want sustainable growth must develop new product and services often and consistently. Philip Kotler and Kevin Keller, authors of Marketing Management, “In an economy of rapid change, continuous innovation is a necessity. Highly innovative firms are able to identify and quickly seize new market opportunities.”

In taking any actions on new product development, businesses should think strategically about their product development. Alexander Chernev, the author of Strategic Marketing Management, further argues that managing growth is the most preferred route to profitability compared to just cutting cost.

He outlines four key issues in managing growth, which include: (a) gaining and defending a market position, (b) managing sales growth, (c) new product development, and (d) product-line management. Chernev maintains, “New products and services are the keys to sustainable growth; they enable companies to gain and sustain their market position by taking advantage of the changes in the market to create superior customer value.”

With that said, new product development meaning having the ability to take a product or service idea and convert it into a tangible offering that customers want. The following are the steps that more products undergo for market consumption: (a) idea generation, (b) concept development, (c) business analysis, (d) product development, (e) market testing, and (f) business deployment.

The Ansoff Matrix is a strategic tool for product development, consisting of market penetration, market development, product development, and diversification. In market penetration strategy, organizations seek to grow using its existing product offerings in existing markets. With this strategy in mind, organizations try to increase market share. In a market development strategy, companies try to expand into new markets like new buyers using their existing offerings. In product development strategy, businesses seek to create new products and services targeted at its existing buyers.

In a diversification strategy, an organization tries to grow its market share by introducing new product offerings while at the same time entering a new market. Diversification is the most-risky approach due to simultaneous making new changes (new product, new market). Kotler and Keller further maintain the difficulty of sustainable product success: “It is increasingly difficult to identify blockbuster products that will transform a market, but continuous innovation can force competitors to play catch-up.” The concept sounds easy. However, it is riddled with problems.

Without a doubt, many companies know that product development is a risky business. Although many consumers will proudly proclaim the success of many innovative products like Apple and Google, these same buyers are not aware of the numerous product launch failures in this country. In our discussion, I demonstrated the importance of product development for the growth of businesses, especially in a competitive market. Failures often lead to innovation.

American great inventor, Thomas Edison, had his own share of failures, but learned how to innovate because of them: “I have not failed. I’ve just found 10,000 ways that won’t work.” Likewise, today’s businesses can also achieve success if they understand how to deploy their products and services to the marketplace strategically. Although there is enormous danger in failure, there is also the opportunity of unforeseen growth. Don’t wait until it’s too late.

© 2017 by DD Green