How to Market a Product in 7 Easy Steps
10 Steps to Bring a Product to Market Step 1: Idea Conception and Evaluation Step 2: Determine Your Target Market Step 3: Do Meaningful Market Research Step 4: Make a Looks-Like, Acts-Like Prototype Step 5: Intellectual Property Protection Step 6: Choose your Business Model Outsource Entrepreneur. Jan 14, · Clearly communicate your product's benefits In selling, it is generally considered best to sell to consumers on the basis of a product's benefits, rather than its features. While this still holds Author: Carol Sankar.
When it comes to launching a product, finding ways to stand out from the competition is essential. For many e-commerce platforms, differentiation comes from finding elements that make your product unique from others that are similar to it -- such as creating a "minimalist" wallet, for example.
But what if you are introducing a product that is truly new? That nobody else in your industry has attempted? In this case, the challenge isn't proving that your product is better than or different from your competitors'.
Instead, you have to give guitar lessons how to strum a compelling reason to try out something they've never considered before. By homing in on some marketing fundamentalsyou can get your product off to a quality start.
Some tips:. In selling, it is generally considered best to sell to consumers on the basis of a product's benefitsrather than its features.
While this still holds true with new products, you may have to make some slight concessions on this point. To familiarize your target audience with something that may be completely new to them, you will need to touch a bit more strongly on features when pitching your product. However, all mentions of features should always be couched in language that focuses on product benefits. McKee's company has experience successfully bringing a new product to market, working on luxury brands like Porsche, McLaren, and other major automotive manufacturers with their vehicle flashing suite.
In our conversation, McKee noted that even when dealing with tech-centric, "feature-heavy" products, the most important selling point will always be how the product makes the end users' lives easier.
While going into the technical details of how a feature works may be appealing for some, most customers are going to care more about how these features deliver real value in their day-to-day routine.
Storytelling has always been central to marketing, because it engages the senses and presents your product in compelling, emotionally relevant situations.
For brand-new product ideas, effective storytelling helps make the case for how your product fits into a how can i add minutes to my verizon prepaid phone daily life.
As The New York Times has reportedcognitive researchers have found that the brain stimulates the same neurological regions when reading about another's experiences as it does when a person encounters that same situation in real life. Stories for your first-of-its-kind product should focus on how it fits into a customer's routine. How does it make life easier for them? How does it help them accomplish their goals? Go beyond highly produced, scripted ads.
Get testimonials from early adopters and product testers that go into detail about how how to configure nic teaming use your product and benefit from it. This can be especially helpful for high-end products -- research from PowerReviews found that the mere presence of reviews and testimonials next to a more expensive item can increase conversions rates by percent.
It doesn't matter what kind of flashy benefits your brand-new product promises. If it fails to live up to them, it will be dead on arrival. As valuable as marketing will be in teaching customers the value of your new product, you should invest even more into ensuring that it is at the highest possible quality when it launches.
And you must continue to iterate and improve upon your initial launch. Even though there continue to be humorous stories about smart speakers misinterpreting spoken language, the reason more than million Amazon Alexa devices have been sold is because they largely deliver on the promises made by the brand. With over"skills" programmed in, they have helped homeowners around the world streamline a wide variety of daily tasks.
Customers are often willing to forgive a few bumps along the way when your product is brand new. But you must demonstrate a commitment to improving your product and making the end user's experience even better.
The work you put into your product ultimately reflects on your dedication to your customers, and greatly influences whether they'll keep buying from you. While launching a first-of-its-kind product may require that you make some extra explanations to your customers to help them understand its features and benefits, at the end of the day, your product needs to deliver real, lasting value.
The products that disrupt industries and make an impact are the ones that do more than line their creators' pockets -- they create meaningful change. Top Stories. Top Videos. Getty Images. Sponsored Business Content.
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And today, this company keeps a tight stranglehold on its market-leading position. You may not have billions of dollars to throw at advertising. Want even more more product marketing ideas? Get our free! All-Star Playbook to Online Advertising. No one wants any product. They want a solution to their problem. These areas simply decode words into meaning. Tell a story, and the game changes. When you do, and especially when your story features a character and intense emotions, you engage much more of the brain.
In fact, you can put the whole brain to work. For example, the limbic system bustles with activity when you describe emotions like love, hate, joy, anger, or sadness. When you discuss a lavender or cinnamon smell, the olfactory cortex goes to work. A New York Times article sums up research by cognitive scientist Veronique Boulenger and many others which concludes the brain:.
They ranked eighth among American brewers, and had little hope for growth. Stack agency. So, Schlitz gave him a tour of their brewery. He was shown plate-glass rooms that dripped beer over pipes, which filtered air to purify the beer. Every pump and pipe got cleaned twice daily. And Schlitz sterilized each beer bottle at least four times.
Finally, Hopkins saw 4,foot deep wow! Schlitz tried 1, experiments to produce the mother yeast cell used for brewing. They were right. But Hopkins strongly advised Schlitz to advertise stories about this because no other brewer did. Life Savers once marketed soda in the s. It actually did well in taste tests. Image source. But once sold nationally, it tanked. To cap it off, Clairol actually used some real yogurt not an artificial scent in this shampoo.
Being dairy, it rotted. And reeked. They aimed the burger at a more sophisticated customer — adults. But strangely enough, you can still get it in France and Russia. The takeaway: Consider your core audience carefully before you launch and promote a produc t that might really not resonate. They failed. Sometimes, in big ways. In the s, they attempted to enter the casual shoe market.
In the s and early s, they used a then-unknown, and sometimes scoffed at, marketing tactic: celebrity athlete endorsements. He ranked number one in the world in and Steve Prefontaine, a middle-distance track star, was another key signing in the mids. Fascinatingly, Jordan was a lifelong lover of Adidas. The takeaway: Try something new. Be willing to fail.
In the early s, Pepsi and Coke dominated the beverage market. At the same time, milk consumption was on the decline in California. And what was so special about milk anyway? It was white. Not much to say about milk. Through focus groups, they found consumers only drink milk with something else. Also, they never think about it until they run out of it. Though intended just for Californians, it became a cultural phenomenon.
And the campaign itself garnered three Gold Clios. You can increase demand even among your loyal fans. Think of the Life Savers soda again. They might think you rock at making the product but they might not either.
The takeaway: If you have multiple products, create a completely new brand. A Consumer Reports press release debunks myths about three high-priced ab muscle machines:. In all cases, each machine engaged ab muscles the same or less effectively than working your abs without the machine. But you must deliver on it. However, you do have to provide sensational value.
The takeaway: Product marketers have to make promises to get people excited about trying new things. Trying to find a market for your product, before you know the market exists, is a practically guaranteed recipe for failure. Many new product marketers fall for this because they believe their product rocks.
Unfortunately, they never checked with the market. One such product bombed in the national spotlight. He triumphantly predicted selling 10, units per week. Instead, the product horrified both consumers and investors. It sold about 24, units in its first five years. Or, about 38 units per week. Yes, Segway has been one of the most epic product marketing failures of our time. If you want to succeed as a product company, consider constructing your culture like 3M.
No one business owns a particular technology and it's natural to work across business lines in support of the broader 3M goal. The company also embraces failure. Employees do not get fired for failed product launches. In fact, they actually celebrate it. Kurt Beinlich, technical director at 3M, said this about a failed heat-repelling cover designed to protect car paint from welding sparks:.
But product companies that take risks not only recover, they often become enduring cultural icons. Home Blog. Last updated: August 1, Marketing Ideas. Figure out the company yet? Watch all 66 commercials from its historic campaign:. Find out if you're making mistakes with Google Ads. Sign up to get our top tips and tricks weekly! Sign Me Up! Related Content. View the discussion thread.