The product will not sell itself. Marketers exist to help promote a product, find customers, and increase profits. 40% of new products have problems when they enter the market despite quality development and deep testing. Only one in seven new product concepts has commercial success. Only 13% of companies report that new product launches are reaching their annual targets. 80% of new products fail mainly due to “bad” marketing:
- Incorrect positioning of a new product,
- Errors in advertising campaign budgeting,
- False urgency. Untimely launch time,
- Wrong priorities. Post-launch marketing.
Therefore, it is important to think over an advertising campaign for launching a new product or project to the market. Here is a rough outline of the main points of an advertising campaign plan:
- Competitor Analysis and Market Segmentation
- Development of a marketing strategy
- Comprehensive Product Testing
- Product concept development
- Product sale
- Efficiency monitoring
The Product sale stage usually includes:
- Trade marketing
- Promotion planning
- Promotion Budgeting
- Promotion
In fact, there can be many more stages. Here we have described the main ones. Be careful when launching a new product on the market.
1Cooper R.G., The drivers of success in new-product development. J. of Indaustril Marketing Management, 2018