Many entrepreneurs and business owners are looking for an effective answer to their common question of how to make marketing plan for new product.
For that, we will focus in this article on answering this important question and supporting you with the most important steps that help you market your product effectively and in an organized way to reach the best results.
How to Make Marketing Plan for New Product?
The way to make a marketing plan for a new product varies according to the target market and varies based on the audience’s need for one product to another. Despite this, there are five fixed steps in any marketing plan that you have to follow in creating your new product marketing plan.
Let’s start with the steps…
- Determine your product’s strengths (USP)
It is very important when making a marketing plan for a new product to identify the advantages of this product or the strengths that distinguish your product from any other company. These strengths can be pricing, after-sales service, quality, multicolor, and so on.
If you need help in this process, you can ask yourself: If I were a consumer, what would attract me to the product?
In this way, you can identify not only points and advantages but also weaknesses that make it easier for you to find solutions to cover them in the marketing plan, which takes us to the second step.
- Define target audience segments (Buyer Persona)
The target audience is the most important pillar of a new product marketing plan, whether you are developing a digital marketing plan or a regular plan, as without understanding the buyer or the target audience well, you may risk wasting your budget and effort.
The most successful strategies are strategies based on the smallest details about the target audience, starting with their age, jobs, and location, passing through their goals, priorities, and interests, which helps you to know the gaps on which a successful plan is built that increases your sales.
While making a marketing strategy for new product launch, note:
- All information must be based on realistic facts, not expectations, otherwise, the strategic directions will be in the wrong direction.
- The audience, its interests, and the data that you must collect differ from one field to another. If you are marketing a new product for a company, it differs completely from if you are marketing it to ordinary individuals.
Now we move on to the third step…
- Do a Market Research
Daily, companies manufacture different products that may be of no value to you, but no matter how simple the product is and its use is limited, you can create a market for it! If it does not already exist, then all you have to do to create a marketing plan for a new product is to analyze the market through five questions:
- What are the specific needs of the buyer who wants your product?
- How does your product help buyers’ needs?
- What distinguishes your product from any other product?
- What hinders the buyer from ordering the product?
Market analysis helps you to know the conditions that prepare buyers to order the product, and helps you to better understand the nature and behavior of buyers to use in developing your marketing plan.
The result of the market analysis will help you produce a list containing some competitors, some of which are direct competitors to your product, while others are indirect competitors.
Do you want to know the difference?
Here’s the answer.
- Competitor analysis
To get ahead of your competitors, you must monitor them closely, learn about the advantages of their products, what attracts customers to them from other companies, and what are their weaknesses and defects in their services, to provide unique solutions to your customers through them.
You don’t need to wait for your competitors to launch a new product or service to make a new marketing plan!
To make a marketing plan for a new product, here are the simplest 4 steps to accurately analyze your competitors:
- Identify competitors and categorize them into:
- Direct competitors: They are competitors who offer the same product as you and target the same audience as you.
- Indirect competitors: They are companies that offer products related to your product and are not the same, and do not target the same audience.
- Alternative competitors: They are competitors that offer the same products but target a different audience than you.
- Gather information about each competitor: details of product quality and features, pricing, and sales territories.
- Gather your team and analyze the above information, start by ranking them in order of preference from 1 to 10 based on the strengths and weaknesses of each competitor.
- After ranking competitors and analyzing their strengths and weaknesses, start making clear points about the advantages that make your product the best in the market in your target audience’s eyes.
- Select the right marketing platforms for you
Some entrepreneurs believe in the misconception that the more platforms they have, the more chances they have to sell, but the opposite is true!
You should only choose the platforms on which your audience resides. There is no objection to expanding after a while because the behavior and preferences of buyers are constantly changing.
Besides choosing the platform according to your target audience, it is also better to choose the platform that you can easily get ahead of your competitors, especially if you are at the beginning of marketing a new product.
Now that you know how to make marketing strategy for new product, you can start marketing your product on a solid base.
Marketing for new product requires a high level of focus and understanding, but if it seems difficult to you, you can use our services at Squid Nomad to conduct effective marketing strategies and plans through a group of our experienced and skilled marketing experts in conducting and implementing effective marketing plans, through which you can obtain the best results and profits.
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