How to develop marketing for new products

What are the key marketing elements you need to do when introducing a new product to your range?

What is the ‘ Marketing Mix’ and how can understanding it help your business?

Often referred to as the marketing mix, “The Four Ps” is a popular classification used by marketing companies and branding agencies throughout the world. Sound complicated? Well keep reading and we will break it down into bite sized completely understandable pieces.

The 4 Ps used to help define a product’s key internal and external influences that will differentiate it from its competitors.

The 4 P’s consist of: Product, Placement, Price and Promotion.

Product:

Ideally your product should meet a certain consumer demand, or at least be compelling enough for consumers to believe that they need to buy it. Whether you sell accommodation or jewellery, its imperative that you know exactly what makes your product unique before you can start selling it successfully.

Placement:

Good marketing is about putting your product in the right place at the right time. So it’s critical to know which locations are ideally suited to your target market and where it’s most likely to get your potential customers engaged enough to convert into sales. Placement includes not only where you will sell it, but also how it is delivered, store placement or online product placement on TV shows, the list goes on.

Price:

This will be determined by profit margin, supply & demand and your competitors. You must balance your price between the real and perceived value of your product, while in some cases, business’ will manipulate the price depending on the brand value or luxury they want to associate with the product. Focus groups can also be a good way to get an unbiased opinion on perceived value.

Read our article on MARKET RESEARCH and integrate it with your 4 P’s strategy.

Promotion:

Now you have all your other P’s in order, you can concentrate on promoting your product. There are many ways to communicate to your potential customers. Your marketing strategy may include methods such as, print advertising, social media, email marketing, search engine or public relations. With the right strategy promoting your product it will show customers why they should buy your product and be willing to pay your price for it.

We hope this helps give you a decent starting point to structure your initial product development around. Clearly defining your new product and the 4 P’s is essential in developing a strong marketing strategy. By practising the marketing mix and 4 P’s, you can avoid some typical mistakes business’ make and have yourself a successful product and business