13+ Sample New Product Marketing Plan
What is a New Product Marketing Plan?
A new product marketing plan is a marketing plan that has meant to promote the new product of a company. It is a document that has the advertising strategy and strategic plan that a company should do to introduce the new product to the market. Every new product needs development. There should be a process to be done so that the public will know that this product exists and they will be encouraged to buy it. The flow of the market is a constant flow that needs a planning process and launch marketing so that products will find their way in the market. That is why a company should make a product launch strategy. Launching a new product marketing plan will ensure that your new product will have the best opportunity to be sold in the market. Introducing a new product marketing plan makes entrepreneurs be careful in advertising their products and set the right prices for them. In creating a plan, you may find yourself making a product launch plan checklist. You need to list many things that can make your product attractive to the market. You also have to create a product development plan so that you will know that each month, your product will have progress. Whatever marketing mix you are handling, whether you are in digital marketing or other fields, you should ensure that you will have a marketing strategy that can make your business grow by making your products popular with people. A launch campaign is needed so that your new product will be known by many. Through it, you can have a chance for them to patronize your product.
Tips on New Product Marketing Plan
Maybe you need a new product marketing plan template or a new product marketing plan example. You need them because you are going to create a marketing plan and you want some basis so that you can create a better plan. Well, maybe tips are what you need. Read the following and consider these tips that we have prepared for you:
Distribute Giveaways: One of the good techniques that you can use as a marketing strategy is giving giveaways. The public will learn about your product if you will let them take giveaways. They will experience your product free, but they might be encouraged to try more and buy from you next time. Letting them have a taste of your product will introduce your product to them in the best way. They can try the goodness of your product. They will know if it is good enough or not. Through giveaways, you can get loyal customers if they can just only see that your product is great. Unless you distribute giveaways, you may not have the chance of having prospective regular consumers.Increase Visibility: Of course, unless customers see your product, they will not have the chance to buy it. You have to think of ways so that many or all people will see and learn about your product. To do this, you must increase its visibility. The best way is by advertising it online. You need to have the best website that has advanced organic traffic. Be sure that you will have the ace in search engine optimization (SEO). All people should know your product. That is how you are going to get regular consumers. So, you need to make an SEO strategy work for your website. Use the best keywords that will enhance user search and make the best meta descriptions. More people should see your product, and you can only ensure it if your website will have the best SEO.Create Blogs: Blogs can drive organic traffic to your website. Through blogs, you can also make the public learn about your product by telling them the greatness of your product in the blog content. You can hire a great writer that can write good blogs for you. Blogs are informative and they can make people know what they can benefit from your product. Make the content shareable so that more people could see it. Making blogs is one strategy that you can apply that will make customers know your product.Use Remarketing: If people will not buy your product the first time you use marketing techniques to them, you must not lose hope. You can always do remarketing. Make remarketing tactics because consumers can buy to you the second time you offer them your products. People change minds. You might never know. They might not have considered your product the first time, but they consider it through second thoughts. You need to be persistent in marketing and not give up. Remarketing is also good for existing customers. You should advertise your products to them always. This way, they might not forget your product or they might always remember to buy from you.Use Referral Program: If customers will spread the news that you have a great product, you can gain more customers. You can use a referral program so that you will have the chance to have more customers through the help of your existing customers. You can give freebies to them in exchange for referring your products to the people they know. You can also offer discounts so that they will be encouraged to participate in the referral program. Through these benefits, your customers will help you to have a wider network for your product. Your rewards will pay off if what you can get in exchange is more customers that will patronize your products. Your customers will surely multiply through the referral program.Deal with Influencers: You can use influencers to have better social media marketing. Bloggers are skilled in getting loyal audiences and you can use this talent to introduce your product and to make it popular with many people. Ask the help of influencers to advertise your product. Because they are good at social media marketing, they can give a good image to your product. Their followers can learn about your product and they can be potential customers. A strategy that you can use to get influencers is by organizing events. You should also give a sample to them so that they will have the initial interest in your product.Good Customer Service: You might not know it, but a customer service is a marketing tool. Through customer service, your staff can introduce your new product to existing and new customers. It is a marketing chance that you should not waste. Grab the opportunity to promote your new product each time that your staff deal with customers. Encourage them to buy your new product. You can make your staff tell the good things about your new product. Conduct a short meeting with them to tell how they can introduce the new product better. Let them use the opportunity that they have with the customers to let them know that you have a new product in the market, and they should try it.Prepare FAQs for Customers: To be informative to customers, you should prepare something that can answer all their questions. You can prepare FAQs. Through it, the customers will know everything that they want to know about your products. You can save time if you can provide them with FAQs. They do not need to ask you anymore. The answers will be promptly given to them. FAQs can also contain details that they should know. By reading it, they will be informed about everything that is important. It will be easier for them to buy from you because of FAQs.Use Email Marketing: Email marketing is a good tool that you can have in your marketing plan. Make a database that has information about your clients. Know their location, age, and their past purchases. Know how you can deal with them better through email. Use a good messaging strategy. You can use marketing automation to manage your emails better.Exclusive Preview: You can offer an exclusive preview of your product. This is to be specially given to loyal customers. You can meet them in person, make an online tour, or conduct a demo. They can honor your special invitation and can become more loyal to your products. They might become a regular customer of your new product. They will be loyal to your brand if you will show them that you appreciate their loyalty and you value them.Give an Introductory Discount: If a product is new, we still do not know if the public will patronize it. To start with customers, we can offer them discounts on buying our new product. Offer an introductory price that can encourage customers to buy. If they will see that they can have discounts, they can buy our product even if it is just new in the market. They will be the first to try our product because of the discount. These people can be your potential loyal customers for the product. You should offer them something so that they can be persuaded to buy from you.Conduct an Event: One way to launch your new product is by hosting events. Through the event, many will see your products. You can find prospective customers. Invite as many people as possible. You can have an open house where you can have a sidewalk sale. Having an event will surely introduce and promote your product to many. You can gain customers that can patronize your product in the future.
How to Create a New Product Marketing Plan
Do you need to refer to any product marketing strategy example because you are about to create a marketing plan? Maybe you have a new product marketing plan assignment. Or you have a new product marketing plan case study to make. If you are about to make a report on a new product marketing plan, you can refer to the following steps in creating a new product marketing plan:
Step 1: Familiarize with the Product
The first thing that you need to do is to familiarize yourself with the new product. You have to know what is good in your product so that you will have an idea of how to market it. Research so that you will know the problems that your product can solve. Know how you can differentiate your product from other products. You should find reasons why will someone buy your product. As you will find these ideas, you will know how you can create the marketing plan.
Step 2: Make a Market Analysis
The next thing that you have to do is to conduct a market analysis. You have to know how your product will sell in the market. You need to make market research so that you will know how you can place your product in the market. Because your product is new, you can interview a certain number of people so that you will know how your product will fit the market. You should know the market trend and the potential market size for your product.
Step 3: Identify Your Audience
Then, you should know your audience. Set a target audience that you want to have for your product. Choose a demographic that you want to patronize your product. You can adjust the marketing plan according to the demographic that you have chosen. You should know all the potential audience that might be interested in your product. Through this, you can get a new demographic whom you can tailor to.
Step 4: Analyze Competition
Marketing will not work if you will not take notice of your competitors. Remember that you are making a place for your product in the market. Your competitors are also present in the same market. You have to think of ways on how your product can excel over their products. You should know your competitors so that you will know what to do to not be left out with their techniques. You need to make your product ahead.
Step 5: Set Goals
A Marketing plan will be better if you will set goals. Goals can direct you to have the best marketing strategy. You will have something to reach for. Thus, you can achieve success. You can use SMART goals (Smart, Measurable, Achievable, Relevant, Time-Bound) to set better goals. It can help you sort everything important.
Step 6: Use Marketing Strategy
Tactics and techniques are important. You need to create a marketing strategy that will work for your business. These strategies should be effective in promoting your product to the public. You should gain regular customers through the marketing strategy.
Step 7: Monitor Your Progress
To be sure that your marketing plan will be effective, you have to track your progress every time. Know how you are improving each month. Do you get additional customers? Are your strategies working? If not, you need to amend your plan or continue to be doing your marketing strategy. Remember, you have made the plan for results. So, you have to see results on sales through the marketing plan.
The best way to promote a product is to have the best advertising strategy. If you can be good at advertising your product, the public will learn about your new product and they might be encouraged to buy it.
Is a New Product Marketing Plan Necessary?
Yes, it is necessary. Every new product should be given attention so that customers will find your product. You should introduce the new product to the market and it is only possible through a new product marketing plan.
It is always god to have a new product in our business. We will have a new means to get profits. But we have to promote our products to gain customers. We have to make a new product marketing plan that can ensure that our product will find a good place in the market. Do you need a template for a new product marketing plan? This post has 13+ SAMPLE New Product Marketing Plan in PDF | MS Word. Choose one so that you can have something as a guide. Download now!