Introducing a product to the market - where to start?

There are many myths around introducing products to the market that do not facilitate a successful debut. Movies about inventors or sensational articles often use abbreviations. If you want to know what a step-by-step introduction to the market looks like in practice, based on the experience of professionals, read on. 

What will you learn from the article?

Introducing a new product to the market is a task that requires not only excellent preparation. You also need a strategy that takes into account the numerous variables and potential challenges. Understanding the process of the first impression that the product is supposed to make on the customer and identifying typical mistakes - these are key elements that can determine success or failure. In this entry, we will look at the stages of introducing a product to the market, providing practical examples and advice on how to avoid the most common pitfalls. This reading is intended to build solid foundations for your marketing activities, facilitating the effective introduction of the product and its long-term maintenance on the market.

What are the stages of introducing a product to the market?

Depending on the source, you can read about 5-10 steps that make up a product launch campaign. Most of them repeat the following elements: 

• building a customer persona - Often times when you bring a product to the market you can lose track of the basics. In the end, you start to wonder who this product is for, and when you do not know it, the offer ceases to be transparent. That is why it is worth creating and then always having a customer persona at hand. This will make the task easier for you at later stages, because it will be clear what price your ideal client is willing to pay, and what his or her looks like client path etc. 
• think about what makes the product different - USP is a unique product distinguishing feature. This will help you in creating marketing based on what is most important. 
• Plan your marketing strategy - at the stage of introducing the product to the market, there is nothing strange about the calendar of content and activity in social media, which covers many months of daily activities. Activities related to the premiere cannot be ruled by chance. 
• Test the idea on a small group. 
• Schedule a release date. 
• Launch a marketing campaign. 

As you can see product launch it's a process. Therefore, you must consider all these elements before the premiere.  

The most common mistakes when introducing a product to the market 

Did you know that, according to Harvard Business School, 30,000 new products are introduced to stores each year, 95% of which are does not stay on the market? It may seem that the step-by-step launch of a product begins several months or weeks before launch. This assumption causes many failures!

Marketing Research Association sensitizes that only 40 percent of the designed products. goes to the market, and of those 40 percent. only 60 percent will bring any profit. Why is this happening? Usually it's about building on defective foundations, that is, bringing to the market a product that ... no one needs.  

Therefore, before you even start thinking about the premiere, conduct: 

• competition analysis - maybe something similar already exists in other countries or cities, is just entering your market, and you will unnecessarily force the door open? 
• Opinion research - check what customers need. They will be helpful quantitative and qualitative research.  
• Tests - many people skip the testing phase - it takes time, but you and your loved ones have already tested the solution and know that it works. However, your impressions are anecdotal evidence. You need specifics (if only to be able to post opinions, statistics and materials collected during tests on the product page). Don't be afraid of the testing phase. Contrary to appearances, you don't have to spend millions on it. Testing the product on a group of a few or a dozen people is a mine of knowledge for you, and it may cost practically nothing. Creating a prototype often leads to surprising discoveries and key modifications that later determine success. 
• Price analysis - Before developing your own pricing policy, do a market query and think about what is missing. 

Introducing the product to the market on an example 

A good example that allows you to follow a product launch step by step is the sale of online courses. Additionally, it gives you an insight into how to proceed with virtual products. There is no premiere to which celebrities are invited. The newspapers don't write about it. Customers do not wait for packages with the order. And yet online marketers earn a lot from such products. It's probably enough to mention that Amy Porterfield earned 30,000 in her first online course. dollars, and on all eight - 40 million. hole. Joanna Wiebe and Denise Duffield-Thomas boast similar results.  

So what is their strategy? This can be checked very easily, because each of these people shares their ideas step by step. It starts, of course, with market research. At this stage, consultations take place and users can share their comments and needs.

Most of these types of online marketing stars started with a cheap or free product. Users received a not yet fully complete product on preferential terms, and in return they provided: feedback, references and product testing. Each of these people informs about the premiere many months before the start via social media channels, in interviews and blog entries.

It is not uncommon to have a social media presence, including broadcasting live, even daily. Everyone uses the newsletter to build their customer base, allows them to subscribe to the waiting list and build their e-mail base for years. The very premiere of the product is really just the icing on the cake. If you are inspired by this example, feel free to build your own communication strategy and sales support with our help. 

Summary

Introducing new products to the market is one of the biggest challenges companies face. To increase the chances of success, it is crucial to develop a well-thought-out introduction strategy, which will include market analysis, identification of the target group and effective promotion methods.

Effective implementation of a new product requires not only an innovative idea, but also understanding the needs and expectations of customers. In this context, strategic planning, from market research to marketing campaign, plays an essential role in selling a new product. Carrying out these stages with appropriate care can significantly increase the likelihood of a positive market reception of the product and contribute to the long-term success of the company.