We are creative people and innovative by nature, having dozens of new ideas spinning in our head. However, the bitter truth is that only small percentages of ideas ever get started, and make it to the daylight. This happens because most of us don’t initiate the belief that our ideas have the potential to shine in the market, whereas, some ideas fail due to the absence of appropriate tools, skilled workforce, and a flexible marketing strategy to endorse the product.
The task of introducing a new product to market seems overwhelming and far too expensive to most entrepreneurs, but it is one of the most essential elements of new product development. With an objective to help entrepreneurs launch their new product effectively in the market, and to encourage new product development, GID, a product development company in California, conveys some vital information that entrepreneurs should consider before introducing their product to the market. For more information, you contact GID at https://www.gidcompany.com
Know Your Market – When outlining your business plan for launching a new product, it’s critical to thoroughly understand your market and behavior of your targeted customers. Understanding your respective market and customer’s demographics will help you conclude exactly what kind of marketing tactics will work the best.
Points to Consider:
- What are your key markets?
- Size of your market?
- Major competitors and competing product in the market?
- Existing opportunities for your product?
- Rising trends in the market?
- Who are your potential customers?
- Requirements and behavior of your potential end-users?
- Their buying budget?
Make Proper Research – To research your market, start with the existing, published research information, as it will assist you understand numerous deciding factors such as, how big is your market, whether it is growing or not, what the trends are, and what competitive products are available.
Efforts required from entrepreneurs’ end:
- Market and consumer reports
- Product and trend analysis report
- Trade magazines and events
- Consumer media
- Statistics released by Government Agencies
- Trade press
Marketing Strategy – Powerful marketing begins with a considered, well-defined marketing strategy. A well-informed marketing strategy helps you define your vision, mission, business objectives, and summarizes the steps you should take to accomplish these business goals.
Important Points for Marketing Strategy:
- – What is USP (Unique Selling Point) of your product?
- – Competitive advantage?
- – Why would customers buy your product?
- – Product manufacturing opportunities?
- – What price will market take?
- – What is the supposed value of your product?
- – Paid or free marketing
- – Online presence, press releases, social media
- – Consumer exhibitions, trade events, industry awards
Distribution Strategy – Distribution strategy is equally important when you plan to bring a new product to the market, and is one of the classic “4Ps” in marketing (product, promotion, price, and placement a.k.a. “Distribution”). Remember, when defining how to distribute your new product, use the traditional distribution model as an opening point. The conventional distribution model has three levels: the producer, the wholesalers, and the retailers.
- Distribution Options:
- – Sell your product through wholesale distributor
- – Sell your product through retailer
- – Sell direct to end consumers
- Factors to be Considered:
- – Nature of your product
- – Size of market for your product
- – Industry / Channel
- – Key competitors in the industry
- – Available resource
Above-mentioned tips will certainly help you bring your new product into the market in the most professional and profitable way. When you plan to launch a new product, don’t forget to consider important factors such as your competitors, customers, geographical boundaries, latest demographic data, and trends in your markets.
Contact GID – A Product Development Company, California
For a detailed look at how to manufacture a new product and how to bring it to the market in the most professional manner, contact GID, a product design and development company in California: https://www.gidcompany.com/contact-us