1.

Know your market — and your competitors

Market research often reveals counter intuitive facts about your market, even if you think you are
already well acquainted with it. For example, research has shown that ‘snacks’ are often used as a
meal substitute, and that therefore successful confectionery-type snack products tend to be more
‘foody’ than one might expect: ingredients like cereal, peanuts, biscuits, and fruit which help break
up the overall chocolate are very well received by customers.

Similarly, the beginning of a product launch also means understanding your competitors, and what
products and services they have on offer. Though you might believe there’s currently no competition
for your new product, put yourself in the shoes of your customers and consider what they could buy
instead of what you’re planning to offer. Review those competitors’ marketing materials, and
evaluate how your new offering will stand up against what’s available. Where will you excel? Which
companies or products are the greatest threat to a successful launch?

2. Target your customer

In order to get maximum results form your marketing with minimal cost, it’s crucial to focus on those
prospects most likely to buy from you. Perhaps they are currently buying a similar product and will
appreciate your new offering’s added features. The best customers perceive they have a need for
your product, have the ability to buy it, and have already demonstrated a willingness to make the
purchase (perhaps by buying from the competition). In general, it’s much easier to fill an existing
need than it is to create a new one.

3. Devise your Unique Value Proposition

Why will customers want to purchase from you, compared with the competition? What are you
offering that makes you stand out? Not only does your new product or service have to be unique and
meet your customers’ desires and needs, but you must be able to communicate why and how it does
so. This is your Unique Value Proposition, and an excellent way to come up with one is by speaking
with customers to see what they value

4. Determine your marketing strategy

At this point you will have enough information on your market to understand how to best market
and sell your product. What channels should you use — via retailers? Catalogues? Online? Using
multiple channels is, as most marketers are aware, an excellent idea. Also remember to consider
direct response marketing, which can offer extreme levels of ROI.

5. Test your product and overall approach

How will your product fly when your customers have it in their hands? Ultimately the customer’s
response will determine which features to emphasise and which marketing approach to use, so
product testing is crucial. Product testing can be as simple as having a research participant test a
single product (monadic testing) and fill out a survey on the “key performance indicators” like
likelihood of purchase. Or, it can go into the various sensory qualities (appearance, flavour, etc) and
make use of sophisticated video recording and observational techniques.

You should also test your marketing message and marketing materials. With all the money you’ll be
spending on advertising, it’s worth making sure your ads and graphics and packaging will be well-
received by the customers. Testing here might range from traditional focus groups to mall intercept
studies and online research. Whatever methods you use, you should not finalise your marketing
materials until testing is complete.

6. Roll out your marketing campaign

Once it comes time to launch, you’ll want to employ both advertising and public relations to
maximise the impact of your new product launch. Media relations, for example, can help you get
articles and press coverage on the new product, or build buzz that drives interest in the new item.
Whichever you choose, of course, be sure the product is completely available for purchase — if the
product is not yet in stock when the coverage hits, consumers may be disappointed.

Market research plays a role here too, of course: especially in the first few weeks, you’ll want to
monitor the results of your campaign and adjust your techniques to focus on those that work best.

7. Monitor your product lifecycle

Finally, as your product matures you’ll start to see points of diminishing return that mean it’s time to
alter your marketing message, revise the packaging, alter the product itself, or even start to phase it
out to make room for your next big idea.