How to create a new product marketing plan
Many startup entrepreneurs are looking for good marketing methods to succeed, even companies that have been in the market for a while and are in the process of producing a new product. In both cases, a distinct marketing plan based on scientific foundations must be created that combines the two types of field and electronic marketing to ensure the greatest possible benefit. Without good marketing, the product will not be distinguished in the market and will not spread, and therefore there will be no sales or profits.
Studying the market and looking at the current situation to see how much the market needs the product is the first step in marketing a new product. Studying the market includes many characteristics, as the more information and details you have about the market, the more you can create a good marketing plan that will help you in the success of your project and your new product. Here, there are several ways to study the market, including:
- Use the questionnaire
- Use interviews
- Assessments style
- Notes method
- Decide how you want to conduct market research
- Collect the necessary data
- Study your competitors
- Collect data from other sources
Study and identify competitors
The step of identifying competitors is one of the most important marketing steps for your new product, where the competitor is identified and studied well, knowing its strengths and weaknesses, as well as identifying the gaps that can be exploited to market my product, as well as knowing why customers prefer these products and exploiting them in improving the product and determining their customers, prices, and sales policy They have customer service and after-sales service all of this to have a complete comprehensive study of competitors:
- Make a list of competitive and alternative services (find competitors).
- Collect competitor data.
- Get the competitor’s website link.
- See how competitors use their logos and slogans.
- Evaluate pricing and business models.
- Collect their blog links.
- Gather site and staff social media links.
- Subscribe to the RSS feeds of your competitors’ blogs.
- Follow your competitors and their bosses at work on social media.
- Set up Google alerts and notifications for competitor news.
- Set up site alerts for competitors.
- Subscribe to newsletters, magazines, shops, etc.
Types of competitors
And you should know that competitors are divided into two types:
- The internal competitor is the competitor in the spatial space near you.
- The external competitor is the competitor far from your spatial space, but you may benefit from marketing the product, or you may become close to it later, so you will be ready to compete. There are also ways to study competitors, the most famous of which is the secret shopper strategy, which is to send a shopper to buy from the competitor and thus test and inspect everything directly.
Define the ideal customer persona
When marketing a new product, you can determine the personality of the ideal customer by answering several questions, including:
Who is the target customer? And who is this product directed at? Who is expected to buy this product? How to reach this client?
All these questions must be answered to determine the ideal target customer, determine his personality and tendencies, and determine the difference between each customer and another. The more information there is, the better results you will achieve.
Define a new product marketing strategy
After studying the market, studying the competitors, and defining the personality of the ideal customer, a marketing strategy must be determined that helps to deliver the product and achieve success in marketing the new product.
Here, a variety of marketing and advertising methods can be used. Marketing can be done through social media or traditional media, or by sending the product to famous people, writing their opinions and presenting them to customers, or display and directing sales, or through paper publications or advertisements hanging in the streets.
It is also possible to use more than one strategy at the same time, but the results must be monitored constantly and strategies must be changed according to the results of customers and profits.
The most important thing is that the customer has a smooth journey from the beginning of identifying the product to the stage of purchasing the product.
After-sales service is one of the most important marketing steps for a new product. This is because ensuring customer continuity is more important than attracting a new customer. And this is because the cost of acquiring a new customer is much more than the cost of making a previous customer buy the product again. That is why the current customers of the product must be taken care of and followed up well. Because these customers trusted the product and the brand. They should not be lost, and they should be pampered and followed up well. And provide them with all means of comfort to facilitate the purchase process again.
Customer service workers should also be taken care of, as they are a reflection of the brand and product image. They must be fully aware of the product, its features, and ways to promote it. Knowing the expected questions from customers and answering them to achieve the customer’s convenience. And provide him with everything he needs in order to take advantage of the product in the best possible way. And until his confidence in the product is established and he buys it again. Therefore, after-sales service is one of the most important steps in the marketing strategy for a new product, and attention must be paid to it to facilitate the marketing process.
Organization of work
One of the most important factors for the success of marketing a new product is the proper organization of work. So set and organize priorities and the services that you will provide to the customer.
Analyze and study the results
The goal is to measure the goals and the extent of success that you have achieved from your project and what you have reached.
And analyzing the results here are numbers and data that tell you the extent of the success of the product. Whether the marketing plan is moving in the right direction or whether it needs modification and review to increase profits. When analyzing the results, you must know the following:
- The amount of time and effort spent on marketing the product.
- How to recover the amount spent on the product and make real profits.
- Measuring the success of marketing campaigns in several ways, including (sales volume – and customer satisfaction with the product).
- Therefore, the results must be read and analyzed well, because they help to understand customers more deeply and thus increase the percentage of profits.