If you’re starting to think about how you’d like to market your new product, first of all, congratulations!
Reaching the marketing stage in this process usually means you’ve worked incredibly hard over a long period of time…
You’ve imagined, researched, collaborated, been involved with product design, prototyping, development and manufacturing processes, and now the launch of your product is finally in sight!
All these steps are critically important to ensure your product is the best it can be and offers your buyers the functionality they need. Without great design, development and manufacturing techniques many products fail…
Check out our article on how to choose a product design firm so you can get your product idea off to the best start.
Like everything, marketing your product successfully requires research, analysis and a strong strategy.
Today, we are going to discuss the most important points you should keep in mind when considering the marketing plan for your product.
1. Have you finished product development?
We understand that the thought of having your product on the market is very exciting, so exciting that it might even make you consider skipping the final steps of product development and jump to manufacturing to get things moving. However, you want to ensure that the product you bring to market is the absolute best version possible.
To ensure quality product design and functionality, having an expert team with you every step of the way can put you at a distinct advantage. There are huge benefits to using a company that offers services from product concept and design right through to manufacture.
2. Let’s talk about marketing strategy!
Planning and strategy are crucial when it comes to effective marketing. While it may be easy to think that some posts on social media or some radio ads will be sufficient, this simply isn’t the case.
So what should you consider in your plan?
- Your goals
- Market Research
- Potential Customer Profile
- Competitor Analysis
- The 7 P’s (Product, Promotion, price, place, people, process, physical evidence)
3. Who is your target market?
Of course, you have considered this, and have created your product to solve a particular problem or pain point, but have you clearly defined who your target audience is?
Think about where they live, who they live with, what they do for a living, what their attitudes and beliefs are. Even what they read!
All of these are incredibly important to get to know your audience so you can begin to understand what will motivate your target market to purchase your product. This is also crucial to determine so you know where the best place to market your product is.
4. Where should you market your product?
Simply put, you want to bring your product to the people, not make the people try and find your product. This means that it is CRUCIAL you identify where your target audience is already spending time.
For example: If your target market is men, approximately 40+ years old, earning $70k p.a and living in the inner suburbs of a capital city, you would most likely find the most value in radio advertising and Facebook advertising. You would find the least value in TikTok and Snapchat. This is because research shows us that people of that demographic spend far more time on Facebook than any other social media. It also shows us they are significantly more likely to listen to the radio than other demographics
What if you were trying to reach 15-20 year olds?
In that case, it’s likely that you’d find the most value in social media advertising, particularly Instagram and TikTok as well as YouTube as these are channels that young people engage with at an incredibly high rate.
5. Branding
Branding for your product gives you the opportunity to give your product some personality and a voice. While it can be a very fun and creative process, it’s important to keep your target audience in mind at all stages of the branding process. Remember, you are ultimately trying to appeal to their unmet needs and motivations.
6. Budget
Chances are your resources and capital are limited and as a result, it’s important to keep your budget in mind. Marketing can get expensive, even if you don’t consult with professionals and agencies. Remember to keep value in mind at all times.
Of course, like any area of specialisation, we could discuss the specifics of marketing theory for days on end; however, these are the main points you will need to be ready to market your new product.
We cannot stress enough how important it is to ensure that all product design and development and manufacturing specifications are met before you even begin considering how you will market your new product.
If you need some help with the design, development or manufacturing of your product or product components, Dienamics is more than happy to assist.
Our team has over 30 years of experience in Industrial Design, Tool Making and Manufacturing. With our in-house designers and engineers, we offer the solutions to meet all your requirements.
Get in contact today to start the conversation.
If you’d like, our NDA is available to download. We take the confidentiality of your project very seriously.
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