Introduction Of New Product In The Market
Every day new ideas are conceived for products and services — yet many of them fail because they were not properly introduced to the market. Market research helps ensure that the product launch hits the right buttons and addresses the (unsaid) desires of the customer and ensures success.
In general, we can speak of seven different steps in the pre-launch research
1. Understanding the market and the competition,
2. Targeting the customer,
3. Devising a unique value proposition,
4. Determining marketing strategy,
5. Testing the product and overall approach,
6. Rolling out the campaign,
7. And keeping track of the overall lifecycle.
Market research plays a vital role in all steps of the product launch and adjusts your techniques to focus on those that work best.
Finally, as your product matures you’ll start to see points of diminishing return that means it’s time to alter your marketing message, revise the packaging, alter the product itself, or even start to phase it out to make room for your next big idea.
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