A product that is implemented technically correct is one component of your success. The project will really pay off and become profitable only when it is adopted by the target audience. In history, there have been many examples of the failure of promising startups who have fallen victim to bad marketing.
There is no one ideal marketing algorithm that would guarantee success for any product. However, you can highlight a few essential steps that are necessary for successful implementation. They have long been used by large companies and have proved their worth.
Step 1. Idea and market research
You will not be able to create a successful startup without analysing the market, assessing the demand, the needs of the target audience and the number of competitors. When developing such a product, you should focus on:
- Market development trends at the moment.
- Characteristics and characteristics of the target audience.
- Ways to obtain information on goods and services used by potential consumers.
- The ability of a new product to solve consumer problems.
- A range of prices, within which the buyer is ready to purchase a new product.
Many manufacturers start a new product by satisfying their own needs when they do not find or cannot purchase the right product in sufficient quantities. Often this method proves to be effective because even Facebook appeared in this way.
Step 2. Definition of basic characteristics and its implementation
You should find out what features your product should have so that you can get all the benefits. So you should create feedback to your target audience and find out your consumer’s needs. If your product is secondary, you can analyse the performance of your competitors and the behaviour of customers in the event that it is unique to your region. Here, your intuition and the experience of companies in other countries will help you.
After you decide what you will produce, you will need to figure out how to implement it:
- Build a team. So you will have the necessary resources and your product will have no analogues.
- Cooperation with specialists who have already worked on the release of similar products.
TIP! You can make the process of selling the goods cheaper by hiring distant contract employees. You can then form a permanent team.
Step 3. Market promotion
When your product is created and tested, you should direct your money to promotion such as advertising on TV channels and social networks, using search engine algorithms, billboard advertising or email.
TIP! If your product is still in the development stage, you should not spend a lot of money on a full-fledged advertising campaign. We advise you to focus on your customers.
Step 4. Focusing on the global level
There is one common error in which you will focus on working within a particular market or region. Sooner or later, even the best selling and successful product will bore your customers and your sales will be small. Accordingly, the best way to improve the situation is to move to the global market. Any company can do this through internet advertising and logistics development.
Mistakes that will spoil your business
A novice entrepreneur must learn from competitors’ failures so that he does not lose his profits. There are several typical mistakes:
- Insufficient analysis. You should not underestimate the research that needs to be done in full. You should not only learn the prices of a similar product, but also analyse the entire path of competitors in the market and find out all the obstacles they faced. On the Internet, you can find almost any data for analysis.
- Incorrect budget calculation. Often, the financial plan of the startup takes into account only the cost of creating a product and its releasing in the market. This is what you need to attract the first customers. In the future, you should maintain the interest of the target audience and make sure that the product is not forgotten in a few days. Therefore, an important factor is to invest in advertising. If you forget about this, you will not be able to calculate the cost of production and get the corresponding profit from the goods correctly.
- Continuity of strategy. You should take advantage of existing solutions that have helped other entrepreneurs for years. However, you should not forget that progress is a dynamic process that obliges you to choose a flexible business strategy and make adjustments based on prevailing market trends in a timely manner.
Interesting Fact! Gerber is an example of an unsuccessful product launch into a new market without full research. It’s a baby food manufacturer in the United States that started selling in Africa and couldn’t avoid losses because it decided not to change the appearance of the packaging. Later, Gerber discovered that many Africans could not read, so they understood the product’s trough ingredients pictures.
Putting a new product on the market is a complex and multi-stage process that requires investment of money and time. You should do a full market analysis and account for competitors’ mistakes to avoid them.