Let’s not sugar coat things. Most new products fail. According to Clayton Christensen, a Harvard Business School professor, it’s 95 percent to be exact. That’s right, this means that only one in twenty new products makes the cut. And even if you come up with the best new product in the world, chances are that it will fail without the appropriate marketing strategy. So rather than assuming that your product will be an instant hit, it’s better to put in the hard yards at the beginning to give your invention the best possible chances of success. Read on to find out more.
Understand Your Audience
The first step in a successful marketing campaign is identifying your target market. Where exactly are you planning to launch your product? Who is your ideal customer (age, gender, socio-economic status)?
For example, if you are thinking of releasing your product in the Netherlands (one of Europe’s biggest economic players), it’s a good idea to go on a site such as Statistics Netherlands to learn about your potential customers. Where exactly are they located and what are their shopping habits? And what specific problem are they experiencing that can be solved by your product?
Sell an Experience
Your marketing campaign should focus on telling a story about whatever it is you are trying to sell. After all, your potential customers are not looking to buy a product, they are looking to satisfy a need or buy a solution to whatever issue they are having. While your campaign should be focused on your product’s features and benefits, it needs to be about more than that. It needs to engage your potential customers’ emotions, thus ensuring a connection and better communication of its values.
Have a Roadmap
You would never go on a road trip without GPS, so be sure not to take any risks with your marketing campaign. It’s important to be prepared. And to be prepared, you need to ask yourself a number of questions. Regardless of whether you are looking to launch your product in the Netherlands, the US or Germany, according to the website Adviesjagers.nl, these are the things you need to keep in mind:
What will be the price of your product? Will you have a promotional price?
How much revenue do you want to earn and over what period of time?
How many units of your product will you need to sell to reach your revenue goal?
Will your customers have to buy your product on a regular basis?
Why do you think customers will want to buy your product?
What challenges are you likely to have to deal with to sell your product? And how will you deal with them?
Have the Right Info
It’s not enough for you to tell your potential customers, “this is an amazing product. Buy it!” You need to convince them to invest in your product by telling them about all the benefits that it will bring into their lives. You can do this by using a variety of materials. These can include blogs and demo videos that explain the benefits of your product and how to use it. And if you make these entertaining enough, they may even get shared on social media.