New products and services come into the market every day; however, the percentage of these products and services which actually survive in the market and go on to be successful is very low. Introducing a new product to the market is always risky, but, if successful, the returns can be very lucrative. Here are a few tips on how to ensure that your new product succeeds in the market.
Identifying the Needs of Your Target Market
A basic necessity for the success of a product is for the product to be effective in meeting some need or solving a problem faced by its target market. Therefore, before you begin to develop your new product or service, it is necessary to determine your target market and to identify any unfulfilled needs or unsolved problems they might have. These are often referred to as “market gaps”; through the successful identification of a market gap, you can begin to develop a product to close the gap, see this fantastic Hong Kong branding agency.
Establish a Unique Selling Point
A Unique Selling Point (USP) is a term in marketing that is used to describe the key feature of your product or service that sets it apart from its competitors in the market. For your new product to be successful, it is necessary for it to have some characteristic that users perceive as being different and value-adding. If the product is too similar to its competing products, then users will have no reason to choose your product over competing products.
Create Awareness about Your Product
Once your product or service is complete and ready to be released into the market, it is necessary to market your product and spread awareness about it among your target market. If your organization does not have a marketing department you may recruit the services of a marketing agency. A marketing agency will aid you in many aspects such as brand identity design, selection of the most appropriate distribution channels, creation of advertisements and much more. To fully benefit from their services, it would be advisable to involve the marketing agency from the very beginning of the new product development process.
Perhaps you are releasing your product into a foreign market, of which you have little knowledge. In such cases also you would benefit from hiring a marketing agency in the foreign country. For example, you may be a French organization that seeks to introduce your product into Hong Kong. As such, you could hire a marketing agency in Hong Kong to help ensure that your business venture is a success.
In creating awareness about your product, you must make sure that all advertisements and any promotional material created are in line with the brand image of your product. The brand identity itself should be designed in a way that appeals to the target market; in other words, the brand should reflect the values and aspirations of the target market, so that the target market identifies with the product.