Marketing Plan for a New Product Launch

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Marketing Plan for a New Product Launch

1. Conduct market research. Learn who is using the product, who will buy it and to whom is it beneficial?

2. Investigate the competition. Evaluate how your product differs or compares to current product offerings and determine the ways in which your product/company excels. Identify the reasons customers purchase elsewhere and the ways that you can entice them to purchase your new product instead.

3. Determine your marketing strategy and test it with focus groups to determine their response to your promotions. Most successful product launches involve marketing of many types. Online promotions, radio/television spots, and email solicitations can all lead a visitor to your website to learn more about the new product and other product offerings.

4. Create a public relations program. Ideas include allowing the press to review your product, writing articles to send to public media, giving interviews, and holding a launch event. The more opportunities you have to present your product to the target market, the more people will know the product and become interested in purchasing it.

5. Evaluate the readiness of the launch to make sure the overall timing is coordinated and the product is absolutely ready when it is announced.

6. Create a timeline in the marketing plan and follow up regularly to ensure that everyone involved is on schedule.

7. Train your customer service department fully so that employees can effectively sell the product. The minute the product is available for purchase, your sales staff should be fully knowledgeable about the product and ready to sell it.


Source: http://smallbusiness.chron.com/marketing-plan-new-product-launch-1475.html