After one has done a thorough research of the market and identified a niche they would like to fill, the next thing is to develop a service package/product to meet this need. Having a product is just but the first step in reaching out to your target audience while marketing the said service/product a very important next step. Without marketing, it is hard to get your given product to your target audience or bring the same to their attention. This is especially if it is a totally new product in the market.
It is therefore important to identify ways /tactics that you can use to create awareness of your product, its benefits and the need it will meet. If this is done in the right way, you are assured of generating sales from your product which is a goal for any business person.
Below are some of the marketing tactics you can choose for your new product:
- Have a value proposition
A value proposition is something that will make your product stand apart from what your competitors are offering. It is important to establish this before you actually reach your target audience. What are the exact features or benefits does your product offer that clients will find useful? Why would they choose your product over what your competitors are offering? You should ensure that your product meets and fulfills a need in the market.
- Build your market base
The best way to introduce a product to the market is to sell it directly to your clients. This will help you get direct access to feedback from your clients. Direct sales can be conducted in the form of selling your product online, sales through recommendations, Exhibition Stands, email as well as tapping into your own network.
Direct selling helps you build on clientele who can give you instant feedback on your products; this will help you improve on your product features, packaging and even the pricing.
This also prepares you for what to expect when you expand your market from retail to wholesale.
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When approaching wholesalers, it is important to ensure that you get the right buyer for your product, be prepared to give a presentation that covers what you are offering, know your target in terms of what they are willing to stock. This will help you save on time and effort so that you do not end up pitching something that will not raise their interest.
While at it, remember that social media and online marketing make for a great way to build clients for your products. Work on selling your products through the channels available from your own websites, sites such as Shopify and Etsy as well as on Facebook.
Building a market is therefore very essential as this will determine if you can be able to convert this into sales or not. It will also determine the success of your product or its failure in the market.
- Create a sales plan
Once you have identified your value proposition to your clients, it is important to create a sales plan. You need to identify your target market and segment this accordingly. You can narrow this down using age, location, taste and preferences, and even their buying power. This will help you develop your target market accordingly so that you are able to sell your product to the right client.
This info will also help you come up with a great sales plan. You can break this down into goals, activities, and timelines.
Your goals should be smart and achievable, if you are looking to sell certain units of your product, you can break this down to achievable timelines to fit you.
Your selling activities would include activities such as exhibitions, direct sales, online sales or through retailers.
It is also important to also set up deadlines to achieve all of the above. This will not only put on course as you work on sales for your products, but it will also help you to re-evaluate any goals along the way.
Launching a new product in marketing can be a daunting task that requires a lot of marketing efforts. It is important to set out strategies and tactics to work with to ensure that your efforts are successful. Having a great value proposition for your target market is extremely important and a great way to set your product apart from your competition. Building a market base ensures that you are able to reach your target audience and this helps in converting to sales. You should also take the time to collect feedback from your very initial clients so that you can keep improving your product.
Sebastian Miller is a young writer and an SEO specialist. He also works with Thesis Rush as a writer. Miller is a renowned specialist in website design and search engine optimization.