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Marketing Strategy for New Product Launch
Every business is profit motivated and any business that is not geared towards this must be
engaged in some form of transforms payments or relief aid, as it is commonly known. If your
business always makes loses, you are certainly on the wrong path and no sooner than later,
you will be edged out of competition. It is admissible that competition in business is rife
with challenges; however, there are means and ways to overcome the same. In this article,
we take a look a product launch and how you ought to partake on a new product launch
into a market that is largely competitive.
Well, brand activation and launching a new product are closely related except that the
former focuses on renewing the mindset of consumers and their perception as well as
attitude change towards an existing product which has presumably been performing poorly
in the market. As for the case of new product launch, it points towards introducing a new
untried and perhaps previously unknown product into the market. This is the subject of our
emphasis in this article. Many at times, consumers are evidently sceptical towards a new
product which has just been introduced into the market. The level of scepticism gets even
worse when someone starts peddling rumours around the new product that are
propaganda in nature. This way, it will certainly perform dismally. However, with the right
and professionally done launching of the product, you can be sure of making profits from
day one. As discussed hereafter is how to do it.
First and foremost, it is important to identify your target market which should be carried
alongside identification of other related or competing products. This will help you locate and
take advantage in its full potential, a profitable market gap.
Secondly, an event management Dubai can help you with a great product launch strategy in
which case, you can conduct a pilot study of the market by letting prospective consumers
have a taste of the product. In brand activation, this falls under below the line marketing
where consumers interact with the product.
The next stage is to sample views of clients who have tested the product. The sample should
be representative of the whole population within your target market so that their views are
able to help you know whether it is time to use mainstream media commercials or
exhibition kind of event to launch your new product.