7 steps to build an effective marketing plan for a new product

Marketing plan for new product

Developing a marketing plan for a new product to bring a new product, service or solution to the market is an extremely important step in determining the success or failure of the sale of that product. So how to build a successful product advertising plan? Here are 7 steps to build an effective new product marketing plan for you.

What is a Marketing Plan?

It can be understood that a marketing plan is the transmission of information and benefits of products that businesses provide to customers through advertising tools and social networks, newspapers, etc. to sell. A marketing plan usually includes main content such as goals, tasks, situation analysis, development of companies, businesses, target markets, advertising programs for Marketing activities, budget, cost, implementation time.

The marketing plan for a new product is crucial to the success or failure of the product itself.

Some problems of marketing planning for new products

When planning marketing, every manager wants their campaign to be successful. However, if you come up with a wrong strategic plan, the business could very well have to receive the worst. Let’s take a look at some of the major challenges that businesses need to overcome in the marketing planning process:

  • Management does not support and work together.
  • Confusion between strategic and tactical marketing plan
  • Lack of human and financial resources.
  • Lack of assumptions about customer change
  • Set expectations that are too high to be realistic.
  • Lack of focus on a single goal or implementing multiple goals at once.
Marketing plan for new product
Marketing plan for new product

Why do you need a marketing plan?

Understand the basic concept of marketing plan for new products? Let’s find out why you need a detailed marketing plan for your business.

Some reasons that you need a marketing plan:

  • Everyone in the company will follow a certain direction in the marketing plan.
  • Helps clearly see the goal and the process to achieve it.
  • Help identify and meet customer needs with the right product.
  • Manage budget spending, avoid investment risks in marketing activities.
  • Kind of control the marketing execution process, handle changing situations.
  • Allows small companies to follow the niche market or compete directly with large companies thanks to bold ideas and clear plans.
  • In short, making a marketing plan for your business is very necessary and extremely important. It can determine the success, create breakthroughs for businesses.

The importance of strategic marketing plan for new products

A perfect marketing strategy will bring businesses great benefits and importance such as:

– If your business product meets all the expectations of users, brand reputation will be enhanced thereby bringing sustainable profits for the business in the future.

A proper marketing plan will ensure that your new product will reach a large target audience.

Detailed marketing strategies for upcoming new products will minimize product defects, helping to attract customers from the very beginning.

A successful new product launch will help drive new leads as well as loyal followers.

6 reasons businesses develop marketing plans for new products

  • Every employee in the company acts in the same direction of marketing efforts.
  • A clear description of the performance objective and how it will be achieved.
  • Identify and satisfy consumer needs with the right products in the right places.
  • Know what the budget costs are spent on and what it means, thereby reducing the risk of investing in marketing activities.
  • Take good control of your marketing execution so you can maximize your response to changing circumstances.
  • Smaller companies and businesses have the opportunity to compete with larger companies through differentiation with innovative, unique ideas described in detail.

Therefore, making a product marketing plan on google is very important for your company or business.

Marketing plan for new product
Marketing plan for new product

Build a marketing plan for a new product in 7 easy steps

1. Understanding new products

Understanding the product is a prerequisite in every marketing strategy. Enterprises cannot introduce products to customers; in a situation of not knowing anything about the product. This is a violation of business ethics.

Advertising is the bridge between the product and the customer. The main purpose is: make customers know the product more. Motivate customers to make purchasing decisions.

Advertising no matter how fancy-glossy it is; must also be based on factual factors. That is: uses, features, ingredients, benefits, … of the product. Without knowing these properties well, you cannot advertise the product.

Create a marketing plan based on product knowledge. The more you understand the product; the higher the success rate. Will be empty; if the marketer does not know the product. Customers never buy a product – even the seller doesn’t know about it.

Marketing plan for new product
Marketing plan for new product

2. Identify the target customer

This is a very important step in building a marketing plan, because businesses cannot market products to a chaotic market. You must define your target market (or who your customers are). Any product is customer-oriented. Who is it produced for, for whom? Businesses must understand this.

When making a marketing plan for a new product; You must localize the object. Outline the main ideas of your target market (target audience). What characteristics do they have (age, occupation, income level); how is the psychology; living habits;… Marketing strategy will be more specific; if you know this information.

3. Competitor Analysis

You should analyze your competitors’ marketing strategies. See how they do Marketing; advantages and limitations. Thereby, draw experience for yourself in building a Marketing plan for your business.

You cannot imitate what is already there. Because Marketing is creativity; is unique to each business. You need to find your own path. Your Marketing Strategy is only successful; when it’s new. Set yourself apart from your competitors. Only then will new customers notice you; consider buying your product.

4. Define specific goals

Every human action has a purpose. The same goes for marketing strategy. You cannot make a marketing plan for the product; without knowing what the end goal is.

You have to define what is the ambition of the business? Then orient Marketing according to those ambitions. How many customers do you want to know about your product? What were the sales in the first quarter? How popular is the product across the country (or only in a certain locality)? Make sure to understand these things before proceeding with product marketing.

5. Decide on Marketing tools

Marketing tools are diverse. Businesses can use 1 or more marketing tools at the same time. In the past, businesses tended to Marketing on TV, radio, newspapers, seminars, or events… However, the actual effect was not very good. Few people know about the company’s new product.

The development of the Internet has opened a new era for Marketing. Online marketing makes hundreds, thousands, even millions of people know about your products. The coverage of online marketing worldwide. Online marketing tools include:

  • Website Marketing
  • Social Networking
  • Search engine Marketing (including 2 tools, Adword and SEO)
  • Email Marketing
  • Mobile Marketing
  • Viral Marketing

It will take quite a while to learn these tools. You just need to know: it’s incredibly effective. Marketing strategy for new products cannot be without online tools. Especially in this day and age, when everyone’s family uses the Internet.

6. Determine the budget for Marketing

Budget is always an important factor in determining how you build a marketing plan. You cannot execute the Marketing plan; if you don’t have money. Before making a marketing plan for a new product; You need to specify: how much is the allotted budget? Accordingly, you build a budget for Marketing activities.

The more elaborate the marketing, the more expensive it is. Of course, the marketing effect is huge. Do you want more people to know about your product? Don’t be afraid to invest effort and money. Everything has its own value. You will get better things than that.

Marketing plan for new product
Marketing plan for new product

7. Deploy marketing plan for new products

After taking the steps to make a Marketing plan; Get to work right away. Some businesses have a specialized Marketing department; they can do everything themselves. In this case, the business does not have online marketing personnel. How in this situation? It’s very simple, hire a separate online Marketing unit.

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By Nguyen Manh Cuong

Nguyen Manh Cuong is the author and founder of the nguyendiep blog. With over 14 years of experience in Online Marketing, he now runs a number of successful websites, and occasionally shares his experience & knowledge on this blog.

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