Taking the right steps: introducing a new product on the market

While introducing a brand-new product into an ocean of similar products can be daunting, you can make your life so much easier with these easy-to-follow steps that will help you to give consumers something new to think about when they see your products.

1. Know your target market. There are millions of products available around the world, but that doesn’t necessarily mean that there are people who will buy the products. If you know who you are selling to, you can tailor your sales strategy to maximise your client base.

2. It’s all in the blueprints. Plans can be as simple or complex as you want. It’s there for you to understand how you are going to sell your product, where and when. It will also help you to identify and target any obstacles, as well as maximise efficiency in implementing your plan.

3. Research and adapt. Take a proven strategy and customise it to suit your company and your product. A proven track record is just that: proven, tried and tested and often successful. This will give you an easier way into the business environment for your company and product, while at the same time giving you a fairly stable platform to work from. The business world is a ruthless and lethal environment, so cover your company and product by making use of legal measures such as trademarks, copyrights and other steps that will provide protection. This can also include contracts with partners and/or investors to protect yourself should there be a dispute.

4. Invest yourself in the product. If you find yourself with a product that sells itself, you’re lucky. This doesn’t always happen though, so expect to put a lot of hard work into marketing and selling your product and getting the word out about it. The more you put in, the more you will get out.

5. Promoting really works. It’s all good and well getting your product listed by large chain stores, but these warehouse-like shops have thousands of products on their shelves. Hire a promotion agency that will install in-store promoters who will get invaluable access to clients and assist in getting your company name and product into the market through interaction and in-store promotions. This can also be adapted for intersection promotions and other events such as trade shows and expos.

At the end of the day, introducing new products into the marketplace is a tricky business and you can burn your fingers. But if you plan ahead and know what you’re getting yourself into, you will be making giant strides towards the success of your company, products and yourself as a businessperson.

By Craig Falck for Africa Report

Advertisements

About Rietmark

Rietmark was established in 1997 to assist small and home businesses with the marketing of their business or service. Every month 80 000 advertising booklets are printed and distributed in Pretoria Moot, North, East and Centurion. We also offer design and printing services - business cards, flyers, car magnets, banners, chromadek sign boards, posters, vinyl stickers and more! www.rietmark.co.za.
This entry was posted in Your Business. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s