Marketing Plan for New Product Development
Whenever a product is launched in the market with enhanced features, various marketing plans are in process. This includes market studying, budgeting, and choosing the target customers. When these plans and strategies are ready to execute, products are launched with great interest and excitement.
What Is Product Marketing?
Product marketing is a marketing process of transition of products or services from an idea to a customer. It relates to product management, sales, and marketing. The 4 elements of product marketing are the 4 P’s of marketing- Product identification, price, place of product distribution, and promotion strategies. All these elements of product marketing are managed by the team of Sales, Product Manager, and Product marketing manager.
Marketing Plans for Developing Your New Product
Your company’s marketing plans for developing new products should support all the strongpoints. This includes right from using customer information to target the products on the basis of their needs. The company should also build and support brand products from different dimensions. Moreover, the company’s marketing plans should be customer- friendly.
Your company should work hard on gaining customers’ interest. This is possible only if you are making good improvements to the products. Moreover, before you launch your new product on the market, you should make a study of your competitors’ products too. In this manner, you can produce better products than your competitors. While working on a marketing strategy, you should have skills in making the right monetary budget.
You must keep your customers hooked to your upcoming product through various traditional, electronic, and digital marketing methods. Your product will reach maximum customers if you market your new product on TV, Newspapers, magazines, broachers, radio, company websites, social media, and podcasting.
How to Create an Effective Product Enhancing Marketing Strategy?
Here are a few steps to follow while making an effective product enhancement marketing strategy. In simpler terms, this is also the marketing plan for new product development. This includes:
- Analyzing Product’s Place in Market: The first stage of a marketing plan is analyzing the new product’s place or position in the market. Here, you need to do market research about the product. This includes what type of products consumers are using now, and what are their requirements and expectations. After that, you need to study about the same products offered by your company’s competitors. This study makes you realize your products’ weak and strong points. It also includes studying competitor’s website traffic, product websites, social media, reviews, etc. In this manner, you will able to do a SWOT analysis, and position your new product in the market with developed features.
- Create Your Target Audience: The important job to make a good product development marketing plan is to determine the target audience. On the basis of market research, you can create an average potential buyers’ personality. For example, if your product is a tech-friendly affordable laptop, your customers will be mostly from age groups 15-25 years. Moreover, this age group will be students or young professionals who need an advanced computing device at cheap prices. As a result, when you work on creating a portrait of your consumers you should remember some characteristics. These are age, gender, location, education, income group, goals, challenges, customer requirements, and personality features.
- Early Marketing of New Products: Before launching the new advanced product in the market, your company needs to engage in doing pre-marketing of the product. This includes an attractive message, slogan, or positioning statement. Moreover, your marketing message should also include answers for – “This product is for whom?”, “What is the product’s job and importance?”, and “How and Why is this product special from others?”. Your slogan or message should be strong enough to discuss the product’s benefit within less time. Also, you need to use the right tone to deliver the marketing message to reflect the product’s brand.
- Create Budget Planning: The job of creating budget planning is to decide the product’s price. If your company is launching a newly developed product in the market for the first time, set a price lower than the usual market price. However, you can increase the price later once the product’s response is positive. Also in case of extra unique features, you can set the price a little higher than the similar products available in the market. Here, you need to justify the price increase by describing the product’s unique features.
- Promotion Planning: You need an effective plan to promote your product to enter the market. For this, you need a launch plan that includes launch events, traditional and online campaigning, sales guide and their training, etc. Promotion planning also requires a content marketing strategy for products online. This is done by creating website content for the product, landing pages, podcasts, videos, social media marketing, etc.
- Gathering Feedback for Product Success: In order to have a better analysis of the newly developed product, you need to gather customers’ feedback. This is to see if the product is performing better in the market or not. Moreover, it is the method to detect the consumers’ responses and reviews towards the new product. You can gather feedback via emails, customer support, website, surveys, social media, etc.
Importance of Product Managers & Product Marketing Managers in Products’ Marketing
Product Managers and Product Marketing Managers share responsibilities of early marketing plans of the product. They are involved in product development, budgeting, market research, and collecting feedback. A Product Manager makes the external and internal idea of market planning of the product. While a Product Marketing Manager is involved in mainly product marketing. Their job is to promote and sell the newly developed product to the target customer.
A strong marketing plan for new product development is the best strategy to unlock high peaks of product sales. It is a successful marketing plan to put the customers’ as the focal point. Therefore, if you want a create the best marketing plan to woo your target customers, you need to know 3 main things. These are knowledge of your target audience or customers, knowing your competitor’s product, and strong marketing promotion. Also, you need to have a good customer support team. This is to address the issues of customers and check customers’ feedback. In this manner, your marketing plan for new product development will be a great success.
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