Your company or business has just successfully researched and developed a product, that's great. However, these products won't sell themselves – we need to create a marketing plan to introduce them to potential customers. In this article, DPS will share and guide you on how to create a marketing plan for a new product through detailed steps with illustrative examples; evaluate effectiveness through digital marketing, follow along now!
What is marketing planning for a new product?
Steps to create a marketing plan for a product
Step 1: Understand the product thoroughly
- What needs does your product meet?
- What makes it different and outstanding?
- Why should customers buy them?
- Where should you sell your product?
- Is the market price reasonable and does it meet cost-profit requirements?
- What environment should the product be used/stored in?
- …
Step 2: Conduct market research for the product that needs a marketing plan
Step 3: Identify the target customer group
Step 4: Analyze competitors
An easy way to categorize competitors into 3 groups is
- Primary competitors: These are the companies you are directly competing with. They are selling similar products to similar audiences as you. (Example: BMW and Volvo) .
- Secondary competitors: These are companies selling similar products as you but to a different audience (example: a branded clothing store versus a general store that also sells clothes but at different quality and price levels) .
- Tertiary competitors: These are companies that do not sell similar products as you, but they market to similar audiences.
Step 5: Set objectives when creating a marketing plan for the product
Your marketing goals will set the tone for your marketing message, strategy, and budget. The most common method for setting marketing goals is to use the SMART system.
For example, when planning marketing for a hand sanitizer product. Instead of setting a broad goal, you can give a specific number as follows:
- We want to increase monthly sales revenue by __%
- We want to rank 3rd on Google for the keyword “best hand sanitizer”, which will bring us about 1500 new visitors each month
- We want to increase website traffic by 100 customers per month
Step 6: Develop the core marketing message
Now that you have set your goals, identify the core marketing message you will use in your marketing strategies.
The core marketing message helps set the framework for your strategies, whether it's social media advertising, Google Ads, video marketing, etc. Every piece of content you produce must align with the core message you are aiming for.
Illustrative example: Omo is a detergent brand that is familiar to everyone. Although there are many different product lines, all are positioned with a single philosophy: ”Dirt is good.” This “dirt” value has caused OMO's revenue to skyrocket 10 times in Asia in 2020.
Step 7: Build a marketing strategy
With a pre-drafted plan, we need to come up with solutions to bring the product into circulation and reach potential customers.
There are many ways for you to achieve your goals. You can list your ideas such as:
- Participate in various local events;
- Create pop-up store in shopping malls or places with high foot traffic;
- Write press releases, content marketing.
- List your products on Amazon or e-commerce sites
- Run digital marketing campaigns to sell your products. (Facebook ADS, Google ADS)
Step 8: Budgeting when creating a marketing plan for the product
With all the above steps, an important thing is that you need to estimate the budget for your marketing plan. The relationship between the costs spent and the profits earned will help assess the feasibility of the campaign.
At the same time, with many strategies, immediate profits may not be apparent but you will gain benefits over a long process such as building a brand, company image, etc. This is also something that helps you consider your plan more carefully.
Step 9: Monitor and evaluate effectiveness
Step 10: Set a timeline
Finally, set a timeline for each task. What will be the roadmap you want for achieving your goals, implementing strategies, or conducting evaluations.
Remember, marketing is all about experimenting and finding the right combinations for your new product. DPS is confident to be a professional partner implementing marketing solution projects including website design, overall SEO, Fanpage management, etc. to help your business effectively execute any marketing plan.
Contact us for immediate consultation!
