The failure of your product launch is not an option. It’s one of the things that can easily put you out of business. As a result, new product market research is one of the most important prelaunch activities that a business owner can engage in. It’s also one of the areas that can often be [...]
Early adopters embrace new products, services and technology before most other people do. From being the first to buy a 3D HDTV, to having that brand new app for their phone, they enjoy using new products sooner than their peers. Statistician Everett Rogers developed a theory called the Diffusion of Innovations that stated early adopters [...]
A well defined target audience for your new product launch has never been more important. You can’t possibly speak to everyone. By targeting a specific group, you’re not excluding those who don’t fit in that group; you’re just focusing your efforts (whether that’s dollars or branding) on those most likely to buy from you. It’s a more efficient way to reach your clientele.
Identify your average buyer and mold your marketing accordingly, this allows you to build a solid foundation for your launch. Say that you’re a car company preparing to launch a new crossover. You can choose to target those who are age 30-65 with household incomes of $90,000+. To further refine your market, you might want to target people with families or young children. It can be also broken down a step further by singling out women. By clearly focusing on your audience, it becomes much easier to market your product.
You’re eager to get your target audience to purchase your new product and have it become a success… but so is the competition. They want your business. They want your product or service to fail. They will offer whatever they can to take customers away from you. There is a never-ending struggle between businesses to [...]