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Full Service Marketing Agency – Marketing Plan for a New Product

Well-known products and new products are in vastly different stages, so it makes perfect sense that marketing a new product requires distinctive tactics.

Marketing a new product can seem daunting, primarily because the product doesn’t yet exist to the public eye. To gain recognition, you must carefully craft a marketing plan that will promote your brand and build a strong customer base.

Developing a marketing plan to properly start marketing a new product can be an overwhelming task. To properly embark on this marketing journey, it is critical to evaluate your market and your competitors.

1. Perform Market Research.

Identify your market and get to know them. Consider creating a persona- write a description of your clientele. Who are they? Where do they work? Where do they live? What are their interests? Knowing these characteristics enables you to understand your customer’s wants and needs to properly start marketing a new product. Take this insight into account when building your marketing strategy.

2. Understand Competitors.

Our full service marketing agency will research and find what you are working against or at least those who serve the same customer base. Familiarize yourself with competitors to gain insight on which marketing tactics may or may not work. Our full service marketing agency will identify why customers purchase products elsewhere and pinpoint ways you can sway them to buy your product instead.

By gaining an understanding of your market and benchmarking competitors, you will gain a definite leg up in your marketing strategy. Next steps? Get your idea out there!

3. Determine Marketing Strategy.

Our full service marketing agency will utilize different forms of marketing, advertising, and media to reach your target market. Consider using online promotions, promo videos, print campaigns, radio/television ads, etc. Our full service marketing agency will track the response rates and results of all avenues, and then modify your strategies based on those results.

We have provided you with the insights on what type of marketing material you may want or need to have to start marketing a new product.

Sell sheets

Crafting your one-page sell sheet is a simple, inexpensive way to get people to pay attention to your idea. A strong sell sheet conveys information easily and quickly.

Though simple and direct, an effective sell sheet takes time:

  • Begin with a one-line benefit statement: a brief statement that explains why customers should care about your product.
  • Next, include a product rendering. Show the problem and solution. This can include imagery (maybe someone using your product), and explanatory bullet points.
  • Finally, include contact information and maybe a logo.

New Product Development Video

Sell sheets go a long way, but a new product development video is arguably the best way to convince people your idea is valuable.

A new product development video provides the unique opportunity to demonstrate your idea on an emotional level. It can convey factual information similar to a sell sheet while incorporating pathos- an appeal to emotion.

  • Follow the format of successful commercials. Point out the problem, then focus on the solution (your product). Highlight how your idea solves the problem presented.
  • Keep it brief. People have short attention spans. Convey the points that will make an impression – leave the nitty-gritty details for someone that cares.

Crowdfunding

Though it’s a lot of work, running an online campaign is a great way to fund your product or invention and start marketing a new product. The only way to know if your idea is a good one is by being assured people will pay for it!
A crowdfunding campaign reveals if people are interested and willing to pay for your idea. If your product doesn’t attract interest, you can reevaluate your idea and move forward from there.
The top 3 crowdfunding sites right now are GoFundMe, Kickstarter, and Indiegogo.

Master Social Media

Social media is one of the today’s best marketing tools to start marketing a new product, as it enables us to market directly to whoever we want to reach. That being said, every social media platform offers different services, so it’s important to evaluate which platforms are worth your time.

LinkedIn

LinkedIn can provide an upper hand to networking and even help you to license your idea.

For many inventors, LinkedIn is a one-stop-shop for connecting with companies to pitch their ideas.

  • When utilizing LinkedIn to contact companies, a well-formulated message goes a long way.
  • The subject line is important. Don’t make it a sales pitch – just something interesting and attention-grabbing.
  • Ask to be connected to the right person. The best people to initially contact are the product, marketing, and brand managers.
  • Appear professional. Make it clear that you are beyond merely having an idea – you are equipped with marketing materials.
  • As soon as you’ve received the okay, send your sell sheet! Now is the opportunity to make your idea known.
  • Don’t waste your time on inactive profiles

Facebook

Facebook has the largest demographic reach of all social platforms, so it is an amazing way to connect with your prospective customers.
  • Ads: Investing in ads can help garner traction, especially if you are a new business.
  • Engage with your community: Interacting with your FB community helps you foster relationships, trust, and loyalty. By doing so, you may gain repeat customers.
  • Curated content: Use images and videos on your posts. They will receive more engagement and interaction.

Instagram

The last but not least, Instagram has evolved into one of the most popular social media platforms. Attractive images and brief captions are a great way to build a following quickly.

  • Hashtags: Curate a list of relevant, trending hashtags and post them in the comments of every one of your posts. A well-chosen assortment of hashtags is a powerful way to gain more views, likes, and ultimately followers.
  • Cross-post: Consider sharing your Instagram posts to FB and LinkedIn. This is an excellent way to obtain more followers across all platforms.

Finally, successfully marketing your product, whether new or old, may seem daunting and at times impossible. If you pair the right tools with discipline and an entrepreneurial spirit, you can absolutely make your product known. Don’t wait. Developing a marketing plan for a new product never gets easier. Do it NOW!

Stay tuned to learn about marketing the existing product tips!

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