If you’re excited for 2020 and the opportunities to start fresh projects, launch new products and drive your business to new successes, the good news is, you can start planning now!
Today we’re taking a look at the possibilities and challenges that come with a product launch, so you can make better decisions and stand a better chance of success!
Research is one of the most important things you can do to improve your chances of success with a new product. A good market research programme ensures that everything about your product design and marketing process is based on data and centred on the customer: you’re making decisions based on how the people you’re selling actually think, react and make their decisions, not on your best guess about them.
If you can, start your market research early. Testing the concepts of potential new products with your customers before beginning to create prototypes could save money and prevent embarrassing failures. If your customers can’t grasp the very concept of the product you’re developing, can’t see how it would help them or be valuable to them, then you’re going to have an uphill struggle convincing them to buy it on launch day.
Even if your design process is complete, testing the product with audiences can help you to develop angles for marketing, or reveal which segment of your market is most likely to be an enthusiastic early adopter.
Marketing and Targeting
One of the most important things market research can do for you is help you target your adverts. If you don’t know who your market is you can’t target them effectively, and there’s no guarantee they’ll see your ads. You could create one of the most inspiring, creative ad campaigns possible, but if you serve those ads on a social network your customers don’t use, or pin them to keywords they don’t search for, it’s not going to generate a big audience for your new product’s launch day.
Market research, combined with a data-driven digital marketing agency can get you a digital profile of your audience, demographic information about age, income, gender, class and location turned into predictions of the social networks they share content on, where they go online when they’re looking for news, new shoes or an emergency plumber.
Targeting your adverts to find your customers where they spend their time online and off means your investment both in marketing and in creating your new product is more likely to be repaid, and you are more likely to enjoy a successful and profitable 2020.