Ways to introduce a New Product in the Market and Attract More Customers

Ways to introduce a new product in the market

The aim of every producer is for his goods to get to the targeted audience or consumers. Therefore, it is necessary for him to sought the ways to introduce a new product in the market. This is very necessary because such a product may already be existing in his targeted market. The aim is to beat other competitors which he has to achieve by convincing his intending customers on the reason(s) why they need to patronize his brand. It shouldn’t only end there, he needs to also develop strategies that will keep his products afloat and evergreen in the mind of his customers. It will be a disaster for the producer to bring into the market products that are of low quality and therefore of poor demand. Having good knowledge of what is obtainable in the real market will equip the producer with the required information that will help improve his products to meet up with the market demands.

Thus, the following questions should be answered by the producer before bringing his products to the market. (a). Who are you? (b). What are you into? (c). Why should we patronize you? (d). How can we get at your products? After answering these and other similar questions, the producer should get ready to face the real market.

Ways to introduce a new product in the market

1. Carry Out a Proper Market Research

Knowing fully well that there are similar products existing in the market should prompt you to conduct a proper market research or survey. Before proceeding to do this, know the areas that you want to research on. Parameters such as price, packaging, where to reach your targeted audience should be considered.

Price; You need to check whether the prices of the goods already in the market and your cost of production will align. It will be highly laborious bringing in a new product that will have a wide price margin compared to the prices of the existing similar products in the market. In other words, bringing in products with a high price tag will require great effort from you to convince your intending customers on the reason(s) why the need to abandon the existing products in the market despite the differences in the market and patronize your product.

Packaging; Customers tends to be attracted more to well packaged goods. Check the packaging methods of the existing products in the market and know what to improve in your own design. No matter what, always choose a packaging method that will not work against your cost of production.

Where to reach your target audience; Every product has its own target audience, knowing where to reach the target audience for your goods is very necessary. Analyze the the various areas that you wants to market your goods and always go for the area with the highest concentration of your target audience to boost your sales. Equally consider other factors that may be inherent there.

2. Have a Unique Brand name

The name of your product makes it easier for people to relate with your product. Having a brand name which will be easy to remember and only associated with your brand will be a great boost to your business. For a more identifiable and easy to remember brand name, you can attach your product name to your original brand name. This is recommended because you can decide to add other products to your business in future. For instance, Your brand name may be “Shaky” you can have your product names as “Shaky Flour” and “Shaky Spice”. Let your brand name be easy to interpret and also pronounce.

3. Distribute a Sample of Your Product to some of your intending customers

Getting feedback from your intending customers about your product prior to the main entry of your product into the market is necessary. A good way to achieve this is to distribute a sample of your products to them and ask for their feedback so as to know if there is any needed improvement.

4. Do an extensive advertisement of your product

Advertisement is very necessary for producers and sellers of various products these days. It is a good way to make people aware of your products and services. To achieve a better result, use the combination of different advertisement methods. Some popular methods of advertisement that you can use includes; social media advert, radio and television advert, billboard advert, newspaper or magazine advert and other methods. Be ready to communicate the location of your business, what makes your product unique among other necessary information.

5. Offer Promotional Sales

Offering discounts and bonuses on the new products that you are bringing into the market is a good way of getting the attention of people to notice your brand and also patronize it. When you have succeeded in making your products go viral through this process, you can gradually switch to selling your products the actual price you intended.

6. Set Your Products at an affordable Price

After offering your promotional sales, ensure that you get a continued patronage of your product by your new customers through that you set your product price at an affordable rate. Setting the price of your product so high may scare your new customers away. Check on the price of similar products from your competitors and know where to set yours.

7. Ensure that your product is always available for those who needs it

Having a short supply of your product in the market can be a turn off for some of your customers. To get your customers more conversant with your product, as soon as your product enters into the market, make sure that it is always available. Don’t create any gap that will make them to go back to their previous option.

Do not be discouraged, most great achievements had insignificant begining. If any of your strategies do not work as you expected, you can switch to another strategy. Always know what to improve on at every point in time to build trust for your product. I hope you found our article on “Ways to introduce a new product in the market” insightful. Keep visiting for more updates!

Also Read; 10 Amazing Ways to Boost Your Small Business

10 Factors to Consider When Choosing a Small Business Location