3 Tips for Selling a New Product in the IndustryBy: phase1
When you stop to think about it, even large corporations have experienced failure when they’ve attempted to launch new products over the years. Do you remember when “Cosmopolitan” magazine tried to launch a brand of yogurt back in 1999? What about when McDonald’s spent $100 million to entice urban sophisticates to try the Arch Deluxe, a sandwich made specifically for them?
Even Google and Apple have experienced product failures. Google pulled the plug on its virtual world, “Lively,” in 2008 and Apple’s Newton was an epic flop in the early ‘90s.
What You Can Do to Sell a New Product Successfully
From marketing problems to product flaws, issues with sales, economic downturns and more, products can fail for a wide variety of reasons. Luckily, there are some things you can do to sell a new product successfully in your industry.
Here are three tips that will help you sell a new product in your industry even if the shelves are already crowded with similar goods:
Conduct Market Research
To launch a new product successfully, you must conduct in-depth market research before you bring your product to market. You need to know the people who’ll have an interest in your product and you need to be intimately familiar with what motivates them to buy.
You need to figure out the demographics of your target market before you can even develop your sales plan. You need to know how old your ideal consumers are, where they live, how much money they earn and whether they’re married or single. You also need to learn about their interests and whether they have kids.
In general, the better you get to know your target market, the better prepared you’ll be to market your new product effectively, because you’ll be able to create advertisements that speak directly to the members of your target market.
It’s important for you to remember that market research is an ongoing activity. It’s likely that your target market will change over time in response to new trends, technology and innovations. By constantly researching your target market, you’ll be able to adjust your marketing efforts appropriately and identify opportunities to introduce more new products down the line.
Develop a Product That Stands Out
Consumers typically buy things to satisfy a need or solve a problem. Once you’re familiar with your target market, you’ll know what they need and the problems they’re grappling with. This knowledge will prepare you to develop a product that stands out for its superior ability to satisfy a need or resolve a problem.
Make Your Packaging Count
In many instances, packaging is the first interaction that consumers will have with your product. Because packaging is often what informs the first impression of your product, it’s critical that you make your packaging count.
While it’s vital that your packaging is consistent with your overall brand, it’s just as important for your packaging to relay information about what’s inside. Your packaging needs to identify your product and explain how it can satisfy a need or solve a problem better than alternative products. Depending on what you’re selling, your packaging may also have to share detailed information about your products, such as nutrition information. Finally, your packaging must grab the attention of shoppers.
At Phase 1 Prototypes, our motto is: “Your vision, realized.” We work with many types of materials, textures, colors and varnishes to bring our clients’ packaging ideas to life. If you’re experimenting with packaging for a new product, give us a call or contact us online. Even if it’s never been done before, we’re up to the challenge when it comes to creating a package mockup that will help you sell a new product successfully.