Marketing strategy is an essential part of any new product’s success. Clayton Christensen, a professor at Harvard Business School, says that there are approximately 30,000 new products launched every year. Of these, around 95% will fail. Part of the reason for these failures is marketing strategy. There are multiple stages between coming up with an idea for a new product and beginning to sell that product. Pre-launch marketing is a vital aspect of the process. More information about marketing can be found on my Ahmed Dahab Twitter page.
The embedded infographic looks at some of the most popular marketing theories of today.
Market research is the first stage of pre-launch marketing – the success of a product depends not only on its technical merit, but also on how good a fit it is for the target demographic. In-depth market research can determine demand for a particular product and discover the best ways of ensuring the target audience will want to engage with it, using techniques such as competitor analysis and target audience analysis.
A good pre-launch marketing strategy builds curiosity about an upcoming product launch without giving away too many details. Social media is an excellent tool for building buzz about a product that has not yet been launched. A pre-launch social media marketing campaign might include sneak peeks of products, snippets of an upcoming website, or behind the scenes videos. The short video attachment looks at the importance of social media influencers for modern marketing.
One way to generate excitement about a product that has not yet hit the market is to provide people with incentives to check it out. This might include a competition to win the product, or the opportunity to access the product before it is launched to the general public. These types of competition can help spread the word further if they rely on people sharing posts on social media to be in with a chance of winning. Hosting an event, whether physically or online, can also be a great way to draw people in and share information about a new business or product. This event can include giveaways or competitions as part of the attractions.
The PDF attachment looks at how to host a successful social media giveaway.