How to Introduce a New Product
in the Market
by
Marco Angelo J. Rasos
You have a great product in your hands, you know it is going to sell but you do not know how to introduce it…
here are some steps to get you to the profit line:
1.
Prepare for War
If you fail to prepare, you are preparing to fail. So prepare! And prepare to win! Just like how a soldier prepares before going to battle, in much the same way must you prepare yourself, your company and your product for the war in the marketplace. For the small business, the marketplace is more of a war zone, than a playground. This is where consumers either shoot you down or allow you to get their attention and their money. Here is the most crucial thing you need prepare before going to war:
Review your Marketing-Battle Plan. Your marketing plan is your battle plan on how your product will win. It must detail the following:
Who is your target market? Studies show that SMEs launch products without having a clear idea of whom they want to sell to. Even companies with mega-ton-marketing budgets do targeting.
Who are the people that should be on your team to make victory possible? You must identify specific people doing specific steps towards conditioning the target customer to like your product and eventually buy it.
Where will you engage target customers or where will they see your marketing efforts and buy your products (promotion and distribution points)?
When will you engage them or what is your timing strategy? Timing is a very crucial element in the plan. Many times product interest has been aroused through promotions but to the customer’s dismay it is not yet available in the stores. Your timing efforts should be contained in a schedule or calendar.
What tools of marketing and promotions are you going to use to inform, interest and persuade your target customer to buy your product?
2.
Choose the Tools for Marketing
My observation of SMEs with limited marketing budget shows that many small firms use only 5 to 10 of more than 100 promotional tools available to them at very low costs.
Here are some promotional tools you can choose from: Name, Product Niche, Color, Identity, Package, Size, Décor, Attire, Pricing, Business Card, Stationery, Order form, Inside signs, Outside signs, Hours of Operation, Days of Operation, Phone Demeanor, Consistency, Neatness, Location, Window Displays, Service, Community Involvement, Tie-ins with others, Special Events, Testimonials, Smiles, Greetings, Sales Presentation, Refreshments offered, Financing availability, Clubs, Samples, Demos, Seminars and lectures, Contests, Jingles, Booths for mall/streets, Roadside stands, Classified Ads, yellow pages ads, Direct mail postcards, Newsletter, and many more. (More tools from the Guerrilla Marketing Attack by J.C. Levinson) Whatever promotional tools you use, what is more important is the impact of your content or the power of the words of your marketing. Research shows some words to be effective in introducing new products.
3.
Use Effective words
What you say or do not say in your marketing can make or break your great product. Your message should explicitly say that what you are offering is NEW. If you do not say so, your target market will definitely not know. Your message should convey that you are EXCITED about your product, remember excitement is contagious. Also, you should explain why your product/service is new and why it is GOOD or why it is better than competition.
Your message is supposed to be directed to your target market not just to anyone. Construct your message as though you were speaking to just one of your prime targets. Use words and concepts that they use and that they understand in order to get their attention instantly and connect with them at once.
Here are some words you can use: new, original, latest, hottest, announcing, introducing, launching, first of its kind, and finally.
4.
Attack with Passion
After all the preparations, execute your marketing plan with strength and courage. Of course, be flexible. Be prepared to change your tactics on the battlefield in the light of real conditions but not your campaign. It might rain on your parade but that should not stop you from doing it again. Your family, your friends even your competitor might say that your marketing sucks – do not listen to them because they are not your hottest targets.
Stick to the battle plan. If you can’t, do not start. If you are already in battle, keep your patience, patience, and patience.
5.
Patience, Patience, Patience
According to a study, it takes around 9 promotion encounters before your target customer considers to buy your product or avail of your service. (This assumes that your product is of good quality, your promo contains juicy information and your marketing is at the right places.) But your target market will notice only 1 out of 3 of the promotions that you do. If you (do the math and) planned to release 1 promo per week, that would be 7-8 months. That is a long time for SMEs, but you have to continue releasing your promotion, because the day when you decide not to release any promo might be the day your target prospect would finally want to make a decision, but unfortunately your promo is not there to lead him/her to your product and eventually to the cash register.
It is during this waiting period when doubts and doubtful circumstances and future failure scenarios will emerge and challenge your faith in your plan and in your product. Do not slacken if you have done your research well. Consider the doubts but do not entertain them. To help you ignore the things that will derail you from your mission, you must prepare for the victory.
6.
Prepare for the Victory
Preparing for the victory does not just take you away from discouragement; it also helps you focus on the most important part of your business – your customer. Whether you like it or not, your business needs the customer. They have the power to make or break your business. Treat them well (some even treat them like royalty), make them your friend, even your partner and they will sustain with harvests for a lifetime. If you have done your marketing well, your customers are coming! So, here are some things that you need to prepare for the victory:
You and your employees should be prepared to face your customer. If you value your customer or not it will show, from the way you answer the phone, your smile, your attire, your greeting when they enter the store/building, everything in between until finally when you say thank you. Prepare your office/store too. Filipino consumer culture considers cleanliness a must for business establishments. If you are excited about your new product, and excited to meet new customers, then excitement should fill the air. Prepare your company through pep talks, demonstrations, role-playing exercises and practice.
Your customer list should be ready to be filled. The customer list should contain valuable information about your customer from his or her name (Of course!) to his/her favorite past time or pet or color. You have to decide what information you need for follow-up later, and the bases for your next marketing campaign.
An evaluation report should be in order during and after your campaign. This report is a chronicle of your activities, tools employed, schedules, digressions from the plan, manpower, man-hours, problems encountered, suggestions, comments, customer list, computations, expenses, revenues, and profits. A complete report of the campaign will provide valuable and indispensable insights into about your company, your product and your market.
Introducing a new product in the market is fighting a war, you need to prepare your marketing/battle plan, choose the tools you need, choose only the effective words/weapons, be passionate in your attack, be patient and consistent with your attack, and while waiting, prepare for the coming victory.
(For inquiries, please e-mail info.issi@up.edu.ph.)
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