What is a marketing plan? Developing a marketing plan for a new product
What is the perfect marketing idea for a new product?? Steps to make a Marketing plan for a new product What is that? Let’s find out with CleverAds in the following article!
Marketing plans play a particularly important role in businesses. A marketing plan helps businesses have a better overview of the current market situation. From there, discover your competitors, and find out your strengths to make important decisions for your business.
Especially, for a new product, which has never had a name in the market: how the product can make a mark in the minds of consumers is something that many businesses are interested in.
1. What is a marketing plan? Developing a marketing plan for a new product
Marketing plan or product marketing plan, the English name is the marketing plan. This is understood as a map outlining the advertising strategy an organization/business implements, to bring the product to the target market and potential customers.
Normally, Developing marketing strategies for new products include:
- Learn the market and competitors.
- Identify your target audience and understand their psychology.
- Build the message for the marketing plan.
- Select a form of communication.
- Set goals and sales.
- Prepare a projected budget.
2. The importance of building a marketing plan for a new product
The important thing when building a marketing plan in general and a marketing idea for a new product, in particular, is that you must have specific goals and a complete plan to achieve those goals.
For a new product, the first important thing you have to do is: do market research and define the customer persona. Then propose an appropriate strategy to reach that customer group. Many small businesses and individuals often run ads for their own campaigns. However, this option sometimes causes a waste of budget.
Currently, the option used by many businesses is to hire agency service packages.
With inherent experience in many fields, the Agency proposes and deploys the campaign with the most economical cost for businesses. The services that the Agency provides are diverse such as consulting on marketing strategies for new products, brand development, campaign management, TVC production, and many other fields.
In addition, there are many special benefits when choosing to hire agency advertising services. You can find strategic consulting services here.
3. Steps to develop a marketing strategy for a new product
3.1. Know the product
Let’s start by answering these questions:
- What problem does your product solve for your customers?
- What makes your product different?
- Why should customers choose your product?
When you answer these questions, you will find out the USP (Unique Selling Point) of the product. From there, your product stands out among thousands of other competitors.
3.2. Identify target customers
Target customers are groups of people with similar interests, behaviors, and specific demographics. Target customers have an important role in increasing marketing ideas, customer acquisition, and product development.
Your target customers can be identified by some of the following characteristics:
- Age
- Sex
- Geographical location
- Income
- Habits and preferences of individuals
Read more: What is the target customer? The most effective ways to identify
3.3. Competitor analysis
Understanding competitors, and analyzing their marketing strategies is a very important step to survive in this market. Marketing is creativity, it is creating the essence of the business. Therefore, it is impossible to imitate what previous competitors have done.
Marketing ideas for new products must create a difference compared to their old products and compared to competitors’ products so that new customers pay attention and consider choosing your product.
Competitors can be classified into four categories:
- Direct competitor
- Indirect competitors
- Subconscious competitor
- Competitors are partners
3.4. Define specific goals
After you’ve analyzed your new product, and done some research on the market and your competitors, it’s time to define the goals you want to achieve through your new product’s marketing plan.
The campaign objective will have to be aligned with the strategy, idea, and budget.
The most common method of setting marketing goals is to use the SMART system, which means your goals must be: S-Specific, M-Measurable, A-Attainable, R-Realistic, and T-Time-bound.
3.5. Choosing a marketing planning tool for a new product
Choose and use the right marketing tools to help the campaign reach the right target audience.
Therefore, before making a marketing plan for a new product, it is necessary to understand the important and necessary marketing tools:
- Social Marketing (Social Network Marketing)
- Trade marketing (Marketing at the point of sale)
- AdvertisingÂ
- Direct MarketingÂ
- Public Relations
3.6. Determine the budget
The budget is listed below, but it is a very important factor in determining whether your marketing plan for your new product is successful or not.
Usually, the determination of the marketing budget for the new product will include the following items:
- Budget to pay commissions for advertising agencies, agencies.
- Human resource training budget
- Online marketing budget
- Sales budget
4. Example of developing a marketing plan for a new product
One example of serious product research is planning Marketing for a new product: lipstick M.O.I by Ho Ngoc Ha. Thorough research is evident. Ha Ho realizes that the domestic market is under the dominance of mid-range lipsticks such as 3CE, Bonjours…
The psychology of domestic goods is the first plus point in the strategy of M.O.I.
The company positioned itself as the first professional makeup brand from Vietnam: meeting international standards, and suitable for Asian women.
- M.O.I emphasizes reasonable prices in the mid-range segment.
- M.O.I competes directly with brands from Korea.
- M.O.I’s target customers are young women, business people, and office workers aged 22-30 years old.
High effect in the mid-range cosmetics segmentÂ
The campaign features successful and financially independent female KOLs in various fields. This is a very good message to the psychology of modern women.
This strategy is considered a pretty good debut when the company. Thanks to that, it has both raised the brand and positioned in the customer’s mind as the professional cosmetic brand of the Vietnamese people.
What ultimately makes your marketing strategy successful? M.O.I Cosmetics The main thing is: that this brand chooses the direction of social networks to set up its distribution channels. In addition, she often uses the M.O.I brand image in her music videos such as Destiny, Girl’s Night, Keep Me in Love, My Baby, and What is Love.
6. Conclusion
Remember, the plan is marketing for new products Proposing and testing all the alternatives, and finding the final fit for your new product.
CleverAds Hopefully, the above useful information will help you better understand and take the right step for your business in the next new product promotion campaigns. Good luck with your business setting up a Marketing plan for a new product of mine!
