Infotipsnews.com – Market Development for New Product and the Example Strategies. Doing a business, you will have to make numerous decisions in order to keep your business afloat. Because you have to make sure that your product or service is accepted by the market. Therefore, it’s important to formulate a market development strategy to attract new customers.
To do that, you have to carry out by keeping the current customer you have to stay loyal. On the other hand, you also have to charm new customers to use your product or service.
But what if you are trying to create a new product. Because market development for a new product surely will be different from the remarket product. For that reason, if you are trying to introduce a new product, then here are the stages that you have to do:
First thing first, you have to know what problems that customer has and decide which problems that you can help with your products or services. Coming from there, you should try to gather ideas to solve the problem. Also, in gathering these ideas, you should come up with as many ideas as possible.
That way, you can brainstorm the ideas that your business has. But remember that you should not present ready to implement ideas. Because the purpose of this ideas generation is to shortlist through discussion with your team.
After generating ideas, then you have to screen and shortlist the gathered ideas. What you have to choose is the one that will work best to solve the problems. Yet at the same time, you also have to consider if the ideas that your team comes up with are feasible or not.
Analyze the problems and ideas while considering the production factors. Thus, although the best idea is perfect to solve the problem, it also has to be feasible. Also, to help you with the process, you can utilize analysis methods such as SWOT.
Once you get what ideas are best for each problem, then you can formulate the concepts and test them. You can also say that these concepts are the answer for the customer problems. Then, weigh each problem with the answer and choose which one is the best.
To get this result, you have to test them to decide the most possible one to produce. Also, consider if consumen will accept the product or not. Thus, you have to check on every possible aspect to make sure whether you can check the product or not.
Formulating market development means that you have to analyze your business. To do that, you can follow the 4Ps formula by McCarthy, that stands for product, price, promotion, and placement.
One thing that you have to remember, when you are already in this step, then it means that you have the final product to produce. Therefore, you can analyze how detailizing the product, what price you are going to put, how to promote it, and how to deliver the product to your customers.
When you finish with the business analysis stage, the next one is to develop the product. For short, you can start to physically create the product. Thus, you can visualize the product and there is a prototype to present it to your team.
Also, do not forget to run several tests on the product as well, to make sure it is safe and on its best function. Then, if your business is a service basis, you have to demonstrate that your plan is possible to follow.
The next stage, you can drop your product by the market. Therefore, you have already run several tests to make sure that your product is safe and your service is applicable. By dropping your product in the market, it means that you publicize your product. That way, people can find your product or use your service.
For safety reasons, some corporations usually launch several staging products until reaching the final version. In this case, food and medicine products will distribute the testing version to several customers to make sure everything is safe. Meanwhile, digital product like applications will run for alpha and beta testing before launching the final version.
Finally, the last stage is to commercialize your product and mass distribution. This means, you can promote your product to make sure all your target market knows it and is willing to use your product.
Then, you should also create your brand voice and color. Here, you have to match it according to your target market. Further, you can script your marketing plan based on this brand voice and color. That way, there will be no misunderstanding on who is your actual target market.
In creating a market development strategy, you have to get back on what product you are trying to sell for your customer. From there, you can take a step at a time and make it bigger and bigger. Also, never give up and keep trying to materialize your purpose.
Almost everyone in this globe has a Facebook account or at least knows about it. But it did not start as big, instead only a campus circle. Their main strategy is to keep as many users as possible and utilize the ads for revenue. Also, Facebook kept close eyes on users’ behavior to develop new strategies.
Just like Facebook, Nike and Adidas also keep on expanding their global market. These sport footwears’ product focus on attracting a new demographic of customers on different sides of the globe. Hence, the Nike Run Club and Adidas Runners are appealing for people who love to run.
To create a new market development strategy for a new product, it would be best to start with throughout stages. That way, even if you do not have a foolproof strategy, you can still minimize the margin error. Thus, the probability of making your strategy successful will be getting higher.