Creating a marketing plan for a new product is one of the most important steps in the marketing process. You have already conducted marketing research and identified your target market; creating a marketing plan for a new product will help you reach that target market effectively. Once you have done this, the marketing world will be your oyster.
When creating a marketing plan for a new product, first create a SWOT analysis. Determine your company’s strengths and weaknesses and how you can play them to your advantage through your advertising efforts. If there are any interesting setbacks or triumphs your company made when developing your new project, you might include them in your press release to make it more dynamic.
You’ll want to determine what opportunities your company has as it pertains to releasing a new product on the market. Are you the only company that has the product in town? Are you creating a marketing plan for a new product that is extremely appealing to your target market? Decide what opportunities you have and move immediately to take advantage of them. In the same breath, identify your threats. Is your target market able to buy a similar product online or at a cheaper rate? Is your product the center of controversy or something totally new for your market? Address these issues right away by developing a strong counter-action plan or by using them as a part of your advertising strategy.
Steps to Success
Next, make a list of strategic steps towards success that align with your target market. This list should also align with your company and product identity. For example, if you are marketing a line of organic clothing, you might focus on individuals who are interested in green living and health. By creating a marketing plan for a new product, you would know to reflect this in your strategy by placing a display in a health food store, as opposed to a burger joint.
Once you have finished creating a marketing plan for a new product, set goals that can be measured. If your product is sold online, you might set a goal for your conversion rate. How many of the people coming to your website are reading the product description and how many of those people are actually purchasing this new product?
Use the Internet
Whether your product is available online or not, the Internet can be your friend. It is a great place to search for blogs or comments made about your product. You can do this by simply searching using preset keywords. You might also submit a press release and product description to bloggers or other websites to review your product. You can gauge how successful your sales are after each blog post and even determine what sites are sending you the most customers.
Once you have finished creating a marketing plan for a new product and set goals that you can measure, you need to get to work. Begin putting your marketing strategy into action and measuring how well you are meeting your goals. If your strategy works, that’s great. If you are not getting the desired results, tweet your marketing plan until you do.