Questions Sales and Marketing

How to make a marketing plan for a new product?

Airtract

Nilima Maheshwar

Lost in reality

Marketing is undoubtedly one of the vital activities for any type of small business, but when it is the launching of a new product, marketing turns out to be even more important. Whatever be the quality of your product, none are aware of what exactly is the product till the time you let them know. They are not going to buy your product without knowing about it. 

A Marketing Plan can be defined as a form of the job description of your company. The fact is that almost all businesses have this but the majority among them actually don’t fit the purpose or are out of date which is reviewed occasionally.

Research done on this topic revealed the fact that businesses having solid and well-developed plans generally create success stories, give strong competition to their competitors, and maintain staff satisfaction, much better than those having no such plan. 

Without a concrete marketing plan, there will be no direction for the success of the company or even its employees. Even the decisions taken will remain uninformed and opportunities will be badly missed and threats will damage the reputation of the business. In short, the lack of proper SWOT analysis is alarming for product success. 

A marketing plan needs to be a well-drafted plan which will display the complete marketing strategy for the current financial year. It needs to include whom to market, how the process of marketing will go for them, and also the strategies that you may use to connect with your customers to attract sales. 

Here is a list that you can follow for the product launch marketing plan.

• Recognizing the Target Audiences: While planning for launch strategy, it’s vital to be sure about the target audiences are, what they desire and what they don’t like and how your product is useful for them.

• A brief about your current marketing pros and challenges: What will actually attract the customers towards your business?   What is the attractive feature of your competitor's business?  Knowing your strengths and weakness and your competitor’s strength and weaknesses will provide a clear idea about your scope and challenges in the market.

• Prepare the list of media people and product influencers: Once you are aware of your advantages, challenges and targeted customers you need to decide the reporters, media agencies and industry bloggers to target for promoting your product.

• Training to a spokesperson: Create a team of experts with proper training to face media interviews and to develop power-packed content for promotion. 

• Plan for the budget: It needs some investment for promoting your product and so fix the budget before you finally start the marketing of the new product.

Read more: How to start a product-based business?

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