Market Planning for New Product
It has been seen most of the time when you are launching new products; it fails to impress the target audience. People usually search the reasons for product failure.
There are usually many reasons behind that. But the most essential reason is amateurish market planning.
Companies sometimes are so casual of their new product ideas that they forget to do their proper market research before launching.
It is also a fact that most of the companies ignore the research statistics as well. Even the pricing or the distribution channels go wrong sometimes. The advertising doesn’t happen to be communicating enough.
A successful product launch requires going through an integrated process that relies heavily on research and solving up-front issues.
Today, in this article we will discuss how a strategically market planning works before launching a new product?
Market Research
Researching market is the most important thing to gain idea about market and about the other leading products.
If you really win the battle, you should know the positive and negative points of your competitors.
It requires an efficient market research team who will do the proper homework about the same category products available in the market.
By knowing the negative points of others you can make stronger your positivity. Precisely, one has to be unique by its quality, promotion and look.
Timing
Timing is another most important thing to be taken care of. While you start the promotion, you should be confident enough that your product is ready to launch and come in front of your target audience.
The promotion and the availability should go hand by hand. If people are asking for your product after seeing the advertisement, at that time your product should be present at the market.
So, taking care of time is very much required as each and every step should be done within proper timing.
Capacity
Some products fates are really different. There are some instances like a product get famous within few days of advertisement and people goes gaga over it to experience.
One has to be sure at this kind of situation that the production capacity should match up the demand of customers.
If the supply is less and the demand suffers, it would be the bad reputation for the product. So the capacity of fulfilling the demand of the product should be there.
Testing
Be sure, your product provides all the facilities or has all the features customer wants. There should be something new to offer.
The qualities already existing can’t be the choice of a customer.
Apart from the quality, be sure about the price being asked for the product. One has to be sure that the distributors or the sales organization whether comfortable selling it or not.
These are the test one should have gone through before launching a new product. These are the ,most essential things to take care of.
Distribution
Distribution of your product, keeping your target audience in mind is required. Your product should be available where ir should be. It requires a proper planning to reach to the zone or area of the demand of your product.
While distributing one has to be planned properly where to actual distribute or who are my target audience?
For this thing the distribution team should be strong enough to surpass the product demands in various places. Make your product reach at the proper place on proper time.
Promotion
Now days it is important to make your product come into the glare of target audience. There are so many media mediums to promote your product.
One has to be very strategically choosy while selecting the media. Approach the correct medium to promote your product.
Thus you need a good media planner and when where at what time your product will be displayed should be plan based.
Promotion is one of the most important part marketing products. So reach to your target audience through proper media management.
