How To Create Marketing Strategy For A New Product

Creating a marketing strategy is an important part of running any business, but it’s particularly crucial when you're launching a new product or service.

As the owner/operator of your own company, you should be thinking about how to spread the word about what you have to offer constantly!

Your marketing strategies will vary depending on whether your product is digital or physical, and if it's self-serve or professional grade, but no matter what, you must always keep one goal in mind - to make more money.

That may sound harsh, but I promise it'll work in your favor.

Business owners who don't focus on making money tend to run into issues later. They might even get forced out due to poor performance or lack of resources. It can destroy what little momentum they've got going on.

On the other hand, people who are focused only on making as much cash as possible usually burn out quickly. They may take unnecessary risks to achieve their goals, which could backfire badly.

A few wealthy individuals may succeed through pure luck, but most successful businessmen worked hard to earn their success.

It takes time to develop effective marketing strategies, so don't expect them to change overnight.

Brainstorm potential products

A new product means starting from scratch when it comes to marketing strategy! This is not only because you have no current strategies that work, but also due to the fact that there are never enough resources available to completely saturate all of the possible ways to market a product.

So how do you start creating your own? First, you need to brainstorm as many ideas as possible. You can use free templates or make your own to help organize your thoughts.

Next, determine which concepts seem most logical by comparing them with each other and determining which ones have been done before. If something has been done before, evaluate whether those tactics worked for that company and if they could be adapted to fit your business model and needs.

Last, implement these strategies in various mediums to see what works for your audience and your business.

Narrow down the list of products

how to create marketing strategy for a new product

After you have determined what your product is, you will want to narrow down the field as to which companies already have this product. Doing so will save you time in the long run by not having to search through different sites and sources to find out if their product has company branding or not.

By using source lists such as Google’s “Create a Listing” option or Amazon’s “Compare at Seller Name” feature, you can quickly scan through various listings to see just how successful other sellers are with their products.

You don’t need to buy these products, but going into each one and seeing whether they have any kind of marketing material or not can help determine if this product is worth investing in or not. If it is, great! But if it isn’t, you can move onto the next product on our list.

Create the website

how to create marketing strategy for a new product

After you have determined your product’s target audience, what services or products they are already using, and how much money you have to invest, then it is time to create your website!

If you are very organized, you can start by creating an online store via Amazon, eBay, or another well-known site that allows you to easily upload and edit your own content. Or you can use free web hosting sites like Google Drive or Dropbox where you can also add rich interactive features.

Whatever route you choose, make sure you pick a domain name that clearly describes your business and gives people some idea of what you sell (for example, rather than selling books, why not just call yourself “Bookseller”?). This will help establish your brand and give you a platform to build trust with potential customers.

In addition to having your own domain, you will want to pick either a paid WordPress account or a self-hosted website package such as Squarespace or Shopify. These offer more advanced functionality but may cost slightly more to maintain. It is best to know these basics so you do not need too much assistance from software or service providers.

Create the marketing plan

how to create marketing strategy for a new product

Creating a marketing strategy is also about defining what you want to achieve with your product. This can be through highlighting your products’ features, establishing target markets, or outlining some key messages and campaigns.

It is important to be clear about what you intend to do so that you don’t end up doing something that doesn’t work. For example, if your goal is to gain more sales then it may not make sense to focus only on motivating current customers to buy now.

You could try sending out discounts instead or offering freebies but these might backfire as people will feel overburdened by having to spend money too. Or worse still, they won’t purchase at all because they’ll get the same deal somewhere else!

Your marketing strategies should be linked together and focused on one main thing – whether it’s generating new business, improving customer relations, or both. It would be impossible to know where to start otherwise.

Distribute promotional materials

how to create marketing strategy for a new product

After you have done your market research, it is time to start distributing your promotional material. This can be an incredible way to gain exposure for your product!

As we mentioned before, starting off with a low budget is totally fine – you don’t need a fancy studio or expensive marketing tools to get started.

A great way to spread word about your product is by creating content using appropriate resources and posting them online. By sharing what you make using products you own, people will recognize you as someone who knows how to use fashion correctly and clearly you are passionate about clothes.

By producing your own clothing designs, you will not only enjoy doing so, but you will also generate revenue via sales of t-shirts, sweatshirts, and other merchandise.

There are many ways to share your creations online, such as blogging, Instagram, and YouTube. Starting out on the latter two would be our favorite recommendation since you can create free accounts easily and quickly.

On YouTube, you could create separate channels for each item type (leggings, dresses, etc.) or even one general channel that includes items in all categories. Either way, making videos featuring your new design and promoting their sale is a good idea.

Conduct market research

how to create marketing strategy for a new product

This is one of the most important steps in creating new product marketing strategies, as it determines how effective your campaign will be! Before you launch or test-run your product, you must do some preliminary work to determine if there are already alternatives out there that people seem to like and are successful with.

There are several ways to gather this information. You can do direct surveys or interviews, by talking to individuals about their experiences with similar products, or doing focus groups where people discuss the benefits and drawbacks of different types of products.

By diving into the pool of ideas that exist, you will find what type of approach is popular and well received, so you can create yours within those parameters. Your competitors’ strengths are valuable knowledge, even if you eventually choose not to copy them.

You can also talk to your friends and family to get input. While they might not necessarily agree that your idea is great, they can give you tips on how to improve it. By hearing all sides, you can figure out whether others think your concept has potential and learn from their mistakes or advices.

After collecting as much info as possible, it’s time to make your own internal assessment. Does everything make sense? Are there any holes in the logic? If yes, why would someone want to use that product instead of mine?

The more prepared you are before launching, the better chance you have of succeeding.

Identify your target market

how to create marketing strategy for a new product

As we mentioned before, defining your product is the first crucial step in marketing it. Now that you have found your product, you will need to figure out who your targeted audience is!

Your potential customers come from two main groups: Your existing supporters and new people looking to start supporting your brand.

The former are referred to as your current followers or fans. These are individuals who already recognize and like your style of art or fashion- they may even be directly invested in your company such as by investing in merchandise or donating money to help aid your business.

By creating an event organized by and catering to these individuals, you can invite them to join you in promoting your product. This is called promotional marketing.

For the latter group – those who know nothing about your company but want what you have – setting up a giveaway or sample sale is a great way to gain some initial exposure. By offering something free, they will be compelled to purchase your full line later on.

Create the launch

how to create marketing strategy for a new product

The launch is what brings your product or service into existence. You, as the entrepreneur, must clearly define what you are offering and how people can access it before you start marketing.

Your launch should include all of the products, services, supporting materials, and communications that make up your identity as an expert in your field.

It’s important to know that not everyone will like your product or be interested in trying it out, but there are ways to mitigate this risk. By creating a strong brand and marketing strategy, you’ll keep some of your potential customers happy and others engaged.

You can also use these strategies to draw new users to your product or service. Even if no one uses your product after its initial release, you'll still gain exposure and credibility.

About The Author

Juice Beta is ending July 1st! Subscribe before end of month to lock in Juice Plus for 50% off!
$49 $25
Sign up now
Juice Beta is ending soon! Subscribe now to lock in Juice Plus for $49 $25
Sign up now
cross