It is very important to spend time on market research, because it’s the key to a successful product creation. It provides critical information, direction and identifies the needs and expectations of the customer. Give a customer what he needs rather than what you want to sell them. The company should base the product feature, pricing, distribution channels, and motivation to buy based on the findings of the market research.
When introducing a new product, keep in mind the profiles of three types of buyers. First, is the Early Adopter. They are a small fraction of customers who purchase your product simply because it’s new. They buy out of sheer curiosity. Second, are the Late Adopters. These types of customers pick up a product only at the mature or late stage of the products life cycle. They too represent a small segment of the market. Together they compromise of just 20% of the customers and are not worth pursuing. The third and most important buyer is the Middle Buyer. They purchase the product not because it’s new, but because it’s better than what is currently offered. They represent more than 80% of potential customers, and should be targeted diligently.
You have to convince this large segment of potential buyers how your product is better with all resources at command. Be passionate of your product, patient, and consistent with an effective marketing plan and tools.
The Right Product
Do extensive market research to determine why a customer would want your product over your competitor’s product. You will find opportunities in the market where unmet needs of customers can be addressed more effectively with your new product.
The Right Timing
After extensive market research on market needs and manufacturing, introduce your product at the right time. The promotion schedule and period of the rollout is very critical. The product should be ready for sale simultaneously. Product lags in manufacture will result in low sales and loss of credibility.
Test your new product with the features required by customers. Check the price and comfort level of subsidiary sales organizations like distributors, promoters, etc., for the right message to customers.
There are significant up-front selling costs in introducing new products. Good sales potential of the product assures distribution channel of profitable recovery on their investment.
Train the first line of employees or sales people effectively before the product launch as they face the potential customers.
A well-timed promotion program to include, advertising, seminars, trade shows, samples and literature will help in marketing your product successfully.