How To Launch Your New Product And Make Super Sales In A Crowed Market

                                    

#Business

Hey!

In my last post, I discussed how an entrepreneur can adopt certain strategies to win big corporate accounts. I hope you enjoyed that particular blog post.

In furtherance to the DISCUSSION on how to overcome fears and beat competitors in their own game in business, today on the blog, I’m going to take you through on how to launch new products in the saturated market and still hit big sales .

Recently, I came to realization that a lot of new products fail not necessarily that they are not good or meet the needs of the customer, but they fail because of the problems I’m going to delve into in this post.

Products or services supposed to be the live wire of any organization or firm. If these products fail in the market, it can cause a lot of damages and if care is not taken, sooner or later, the firm will go out of production if they continue to experience rejection of the products. This is simple fact.

However, to forestall this, here are some of the major keys that can influence the adoption of your products in the market. 

THE ABILITY OF YOUR NEW PRODUCTS TO BENEFIT CONSUMERS MORE THAN EXISTING PRODUCTS:

Your new products must have a relative benefit that other products do not offer; this makes it superior to existing ones. This is very important aspect a producer should bear in mind because, if a new can’t solve more problem than the existing one, it will be very hard to break consumer’s current habit and buying decision.

    THE PRODUCT MUST HARMONIZE WITH CONSUMER’S HABIT AND EXPERIENCE:

This has to do with the existing values, past experiences, and needs. These factors form the basis of consumer’s security, because a consumer that has developed a habit and has a rewarding experience from other products will first of all consider these two factors.

if he’s satisfied with it, then he can consider other benefit that this new product will provide, which other existing products lack, before he can make his decision of adopting your new product (good or service).

If you want to promote your new product, try as much as possible to select the medium that serves your line of products or services .Click to tweet.

PRICE SKIMMING:

This is a system of using a high initial price for a new product. There are a lot of benefits that price skimming can provide in influencing the adoption of the new product.

High price can be used to communicate high quality; this can attract response from consumers; especially if the product has distinctive features strongly desired by consumers.

Another advantage of price skimming is that a price can lower the price of its new product to harmonize with the target market price, this in turn will lead to wide acceptance of product because of its newness, distinctive features and drop in price which consumer always want.

Also read:How To Successfully Launch New Product Into Market

   PENETRATION PRICES:

It is the opposite of price skimming; its method of penetrating the market with a lower price in relation to the target market’s range of price expectations. One of the benefits of this policy is that, it helps the firm to take over the large market share and in turn discourage other competitors from entering the market.

Another benefit of this policy is that, because of the low price, consumers are easily attracted by it especially if it is capable of meeting their desires.

   PACKAGING:

A preacher once told a story of how he asked a fellow preacher to represent him in a programme as a guest speaker; but was so surprised at the kind of feedback he got from the organizers of the programme.

They said “your man has the word but lacked the personality” that is to say he had a good message but his package was poor. This applies to our products also, because, many products fail, not because they lack the ability to meet their purpose, but as a result of poor packaging.

Other primary function of packaging is that, it protects the product or maintains its functional form which consumers considers very important before making their purchase.

MONEY BACK GUARANTEE:

This is another method that can influence the adoption of new product in the market; if you can assure your consumers of the safety of their money and that they are free to collect it back if your product fails to meet their desires and needs, then you have set the pace for your new product to be adopted.

This method will also increase consumer’s confidence on your product and your firm, if you don’t go against your promise.

 POSITION YOUR PRODUCT AS A PROBLEM SOLVER:

I want to let you know something here, understand that the consumer has a problem as to what to buy and your product is the solution to that problem and in a situation your product fails, they will look for another products  until they find the right product.

This is why you must study the market carefully before coming out with a product. Study other related, existing product performance. Ask question and know where they failed, then design your product to solve this problem which other were unable to solve.

Position your product as the last hope of consumers and you will discover their positive response.

  FREE SAMPLES:

This is another method of influencing the market for the adoption of your product. It has to do with a situation whereby you send the sample of your new product to your buyers, freely and if they find it useful, they can start doing business with you.

TEST DRIVE

It has to do with those that are interested in your new product but they will want to test to see if the product has the ability of satisfying their purpose and desire. This is related to free samples, in that they have to use the goods or enjoy the service, freely first for them to decide whether to buy or not.

LET IT BE SIMPLE TO UNDERSTAND AND USE:

A product that is too complex to understand and use will fail in the market because consumers are not ready to strain themselves before they can understand and use a product. When designing your product, make it simple enough so that it can be easily understood and use.

MEDIUM SELECTION:

This is very important aspect that we need to give serious attention because it is area where many producers miss the mark. Just for the fact that promotion is part of selling a product, many just use all kinds of medium to promote their product and at the end they will discover that their purpose is defeated.

If you want to promote new product try as much as possible to select the medium that serve your line of products or services and promote through this medium. Let’s say for instance, you are into the production of sport equipment, you must find sport publication to promote your product.

 The reason is simple, you discover that your target prospect are readers of this publication, and with this medium, you can reach them with your new products.

QUALITY CONTROL AND MAINTENANCE:

The quality of your initial and subsequent product has to be the same or better still, that of subsequent product, offer for sale in the market has to be even better.

By doing so, this will not only attract loyal and dedicated customers but also potential advertisers of your product. Basically, you have succeeded in reinforced their confidence in your products through quality maintenance.

So far, let me stop here. If you have any comment to make, kindly do so in the comment box below. Please help me in sharing this post. Thanks!