marketing new products

Let us go through certain tips for marketing new products and services:
Know your product well. Unless and until you understand what additional features or benefits your product is offering, you will never be able to promote it effectively.
Search on google and make a list of competitors dealing in products or services similar to your organization. For example, if your organization sells mobiles and laptops try to find out companies which are also in the same business. Go through your competitor’s website and understand their offerings and what all new strategies or unique marketing techniques they are undertaking to promote their products or services. Do not blindly copy your competitors but it is always good to keep yourselves abreast with latest updates in your respective industry. You can also go through competitor’s brochures, leaflets to have a clear understanding of their efforts. Visit their office as an end-user and analyze what different things they are doing. Trust me; such an exercise will help you understand what actually sells in the market and how your marketing strategies should be different from competitors which immediately grab the attention of target audience.
Keep yourself in the shoes of customers. Write down what all you would expect in a new product and what all promotional activities would excite you as an end-user. Understand what all things in an advertisement would arouse your interest in a particular product and prompt you to try the same at least once? Try to incorporate the same in your marketing strategies as well.
Understand your target audience. Focus and right approach are extremely important. Why spend unnecessary time in convincing those clients who do not need your product? Even the best of marketing strategies would be useless if you try selling comics to a professional. Why would he even bother to listen to you when he does not have the time to read story books? Concentrate on those who you feel are in need of your organization’s products or services and most likely also think of purchasing the same.
Offer something which others have not even thought of till now. Every product has some USPs (Unique value proposition) and it is the responsibility of the marketers to highlight the same among end-users.
Choose the right channel to market your product. A new product or service can be promoted either with the help of advertisements, banners, hoardings, pamphlets, organizing free trials of the product and so on. When beauty salons launch a new service, they always try to give one free session to their customers for them to understand what special and extra they are offering.
Advertisements need to be catchy so that viewers do not lose interest midway. It is essential the brand message is communicated clearly. Emails, phone calls can also help in marketing new products or services. You can also appoint dealers or third parties who can extensively go out, meet new customers, explain them as to how your product is different and better than competitors. Type of marketing channel entire depends on the size of your organization, nature of product or service and eventually budgets assigned for promotions.
Bigger players also organize press releases, launch parties or probably ask a celebrity to endorse their product or service. If Brad Pitt is shown using a particular product in advertisement, the same would certainly have more acceptance as compared to other products in the market.
Customer feedback is extremely crucial. Know what customers think about your product. It is imperative marketing professionals have their own database of potential clients whom they meet not only to promote new products but also for a cup of coffee occasionally. Trust me, such initiatives help strengthen relationship with end-users who eventually do not go anywhere else but your organization.

Comments

Post a Comment

Popular posts from this blog

Work certified and uncertified

Meaning of Work Certified  When contractor takes the contract to complete any construction work, it may complete in 4 or 5 years. but contractor has to pay different expenses for material, labor and others. So, it is very necessary to pay him some money of contract. This money is given on the basis of work done. So, any part of construction which is completed by contractor will be work certified if it is certified by an authority. Authority may be independent engineer or architect who can estimated the work. He will issue the certificate of work done after certifying the work of construction. On this work certified, contractor has right to get money of contract. Meaning of Work Uncertified Work uncertified means work done but not certified by authority. So, contractee will cut some money on the basis of work uncertified and will keep in his pocket. This will be retention money. Accounting Treatment of Work Certified and Work Uncertified  (I) Work  certified and work unce
Read more

factors influencing choice of advertising agency

The Advertiser looks for an advertising agency whose services and expertise meets his requirements. Following factors should be considered while selecting an advertising agency:- Services offered by Ad-agency  - There are different agencies provides different services, some provides all the services, some provide selected services, some provides only media services. It depends on the requirement of advertiser whether he need a fulls service agency, creative boutique, media buying service agency, or a  sweet shop . Experience of Agency  - An experienced agency performs better then a new agency  because it is familiar with different components of marketing environment like- competitors' policies, taste of consumer, income of consumer, consumer responses, fashions and trends, reputation of different media etc. Location  - A major factor to be considered while selecting ad-agency is location of office of agency. A considerable amount of communication is required at diffe
Read more

Sale of Goods Act- Conditions and Warranties

Image
The Sale of Goods Act, identifies the terms, ‘Conditions’ and ‘Warranties’ as being of a prime significance in a contract of sale. Both the terms imply a promise that is made by the seller. However, the difference between Conditions and Warranties arises due to the nature of the promise that is made in each case. In the case of ‘Condition’ the impact is on the very essence of the contract; whereas, in the case of ‘Warranty’, the promise is in the nature of a collateral to the main purpose of the contract. It is thus evident that if there is a breach of either, a condition or a warranty, the effects will be different. Illustration 1:   Sita bought a wet grinder from an electric shop. The purpose for which the grinder was to be used was known to the seller. The grinder was unfit for the purpose. In this case there is a breach of an express condition by the electric shop and Sita is entitled to return the grinder and be refunded the money paid. Illustration 2:   Varuna bought a
Read more