- by Rory Ramsden
The challenge of launching a new product into a crowded market and competing against the big established players faces us all. Losing faith in yourself when faced with such seemingly overwhelming odds is common enough.
After all your competitors have bigger advertising budgets than you. They have an established profitable business with apparently faithful customers by the truck load. The odds are stacked against you and yet, there is a way your ‘David’ can bring these ‘Goliaths’ to their knees. You can break into a competitive market
Here are the 8 Secrets of Success…
#1.Know Your Market – That is know their pain points and ensure that your offer is tightly focused on solving these challenges.
#2. Competition Analysis – Find the weakest point in the your major competitors’ product marketing strategies and attack that point with your product launch
#3. Disrupt the Market – Ensure that your product is innovative and original. Disrupting the market by introducing new technology or a cutting edge approach is crucial
#4. Provide Proof – Proof that you are an expert in your field… Proof that your product works… Proof that others have achieved amazing success with it… People are not convinced by what you say – you would say that anyway wouldn’t you – what they want is third party case studies and references but most of all they want to prove to themselves that it works before they buy. Your product launch sequence has to be geared to giving them these ‘Results-in-Advance’.
#5. Focus on your core audience – Your product may work like gang busters in several niche markets. Great ! Then focus on one product launch at a time and attack each niche with a custom made offer that is adapted specifically to appeal to each core audience
#6. Build Pre-launch Sequence Momentum – Use every lever at your disposal to build momentum before you go into your product launch sequence. Build an email list. Hang out where the ‘in-crowd’ hang out whether that be on Facebook, Linkedin, Twitter or specialist niche forum. Answer questions. Become part of the community.
#7. Add a personal touch – Survey your list. Dig deep for the fundamental challenges that face them. If the opportunity arises, don’t hesitate to get on the phone with your prospects and chat. This personal touch will build a core group of raving fans who will help you spread the word.
#8. Play to your strengths – Your business has certain core strengths. If you haven’t identified these yet, do so now. Make sure that your product or service leverages these to the maximum.
Always remember that your customers have only one interest at heart. Their own. They won’t stop looking if even they are happy with the products they’re using. If they can find something better, they will. This sword of opportunity cuts both ways.
It will give you the opportunity to break into a new market. But you will have to work hard to keep them by continually re-investing in product development.
That’s why you have to have a medium and a long term product marketing strategy that includes not just one product launch but a whole series.
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